Carmignac Gestion Makes New $17.62 Million Investment in Agnico Eagle Mines Limited $AEM

Carmignac Gestion acquired a new stake in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) in the second quarter, Holdings Channel reports. The fund acquired 113,584 shares of the mining company’s stock, valued at approximately $17,620,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. BIP Wealth LLC acquired a new stake in Agnico Eagle Mines during the second quarter worth approximately $1,167,000. Annex Advisory Services LLC raised its holdings in Agnico Eagle Mines by 70.5% in the 2nd quarter. Annex Advisory Services LLC now owns 29,007 shares of the mining company’s stock valued at $4,500,000 after acquiring an additional 11,995 shares in the last quarter. K.J. Harrison & Partners Inc bought a new stake in shares of Agnico Eagle Mines during the 2nd quarter valued at $6,923,000. PensionDanmark Pensionsforsikringsaktieselskab grew its holdings in shares of Agnico Eagle Mines by 12.0% during the 2nd quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 103,312 shares of the mining company’s stock worth $16,046,000 after purchasing an additional 11,100 shares in the last quarter. Finally, Harvest Portfolios Group Inc. grew its holdings in shares of Agnico Eagle Mines by 45.7% during the 4th quarter. Harvest Portfolios Group Inc. now owns 137,292 shares of the mining company’s stock worth $23,282,000 after purchasing an additional 43,051 shares in the last quarter. Institutional investors and hedge funds own 68.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on AEM shares. Wall Street Zen downgraded Agnico Eagle Mines from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. UBS Group decreased their target price on shares of Agnico Eagle Mines from $210.00 to $170.00 and set a “neutral” rating on the stock in a report on Tuesday, June 30th. Barclays dropped their target price on shares of Agnico Eagle Mines from $210.00 to $188.00 and set an “overweight” rating for the company in a research report on Wednesday, July 15th. Scotia reduced their price target on shares of Agnico Eagle Mines from $280.00 to $278.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 3rd. Finally, Weiss Ratings cut shares of Agnico Eagle Mines from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, July 2nd. Twelve analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $226.00.

Agnico Eagle Mines Price Performance

NYSE AEM traded down $2.99 during trading on Tuesday, hitting $201.74. 1,249,409 shares of the company’s stock were exchanged, compared to its average volume of 2,801,394. The company has a market cap of $102.26 billion, a PE ratio of 17.26, a P/E/G ratio of 2.55 and a beta of 0.67. The company has a current ratio of 2.86, a quick ratio of 2.02 and a debt-to-equity ratio of 0.01. Agnico Eagle Mines Limited has a fifty-two week low of $134.38 and a fifty-two week high of $255.24. The stock’s 50 day moving average price is $170.74 and its two-hundred day moving average price is $186.78.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its quarterly earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share for the quarter, beating analysts’ consensus estimates of $2.89 by $0.16. The company had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $3.78 billion. Agnico Eagle Mines had a net margin of 40.44% and a return on equity of 22.04%. The firm’s quarterly revenue was up 35.0% compared to the same quarter last year. During the same period last year, the company posted $1.94 EPS. Research analysts expect that Agnico Eagle Mines Limited will post 11.56 EPS for the current year.

About Agnico Eagle Mines

Agnico Eagle Mines Limited (NYSE: AEM) is a Canadian-based senior gold producer headquartered in Toronto, Ontario. The company is principally engaged in the exploration, development, production and reclamation of gold-bearing properties. Agnico Eagle pursues both greenfield and brownfield exploration to expand its resource base and operates a portfolio of producing mines and development projects to generate long-life gold production.

Its core business activities span the full mining lifecycle: grassroots and advanced-stage exploration, prefeasibility and feasibility studies, mine construction, underground and open-pit mining, ore processing and metal recovery, and post-mining reclamation and closure.