Agnico Eagle Mines Limited $AEM Stake Boosted by Ritholtz Wealth Management

Ritholtz Wealth Management lifted its stake in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 47.6% during the first quarter, Holdings Channel reports. The firm owned 29,684 shares of the mining company’s stock after buying an additional 9,579 shares during the period. Ritholtz Wealth Management’s holdings in Agnico Eagle Mines were worth $6,025,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. Norges Bank acquired a new position in Agnico Eagle Mines during the 4th quarter valued at approximately $1,367,783,000. Capital World Investors increased its position in Agnico Eagle Mines by 20.0% in the third quarter. Capital World Investors now owns 20,765,804 shares of the mining company’s stock worth $3,497,470,000 after buying an additional 3,462,968 shares during the period. Van ECK Associates Corp increased its position in Agnico Eagle Mines by 21.6% in the fourth quarter. Van ECK Associates Corp now owns 17,225,477 shares of the mining company’s stock worth $2,920,258,000 after buying an additional 3,062,705 shares during the period. Alberta Investment Management Corp bought a new stake in Agnico Eagle Mines in the fourth quarter valued at $194,195,000. Finally, Employees Provident Fund Board bought a new stake in Agnico Eagle Mines in the fourth quarter valued at $183,341,000. Institutional investors own 68.34% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Zacks Research lowered shares of Agnico Eagle Mines from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th. JPMorgan Chase & Co. lifted their price objective on shares of Agnico Eagle Mines from $220.00 to $222.00 and gave the company a “neutral” rating in a research report on Monday, May 4th. Canadian Imperial Bank of Commerce lifted their price objective on shares of Agnico Eagle Mines from C$304.00 to C$310.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. UBS Group reduced their target price on shares of Agnico Eagle Mines from $240.00 to $210.00 and set a “neutral” rating for the company in a research note on Friday, March 27th. Finally, Barclays initiated coverage on shares of Agnico Eagle Mines in a research report on Thursday, May 21st. They issued an “overweight” rating and a $213.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $236.08.

Agnico Eagle Mines Stock Down 4.3%

Shares of Agnico Eagle Mines stock opened at $153.20 on Thursday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.15 and a quick ratio of 2.18. Agnico Eagle Mines Limited has a 1-year low of $114.60 and a 1-year high of $255.24. The business’s fifty day moving average price is $182.71 and its two-hundred day moving average price is $194.32. The company has a market capitalization of $77.76 billion, a P/E ratio of 14.40, a PEG ratio of 3.52 and a beta of 0.56.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last released its quarterly earnings results on Thursday, April 30th. The mining company reported $3.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.19 by $0.21. The company had revenue of $4 billion during the quarter, compared to analysts’ expectations of $3.96 billion. Agnico Eagle Mines had a return on equity of 21.09% and a net margin of 39.46%.The company’s revenue for the quarter was up 66.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.53 earnings per share. As a group, research analysts forecast that Agnico Eagle Mines Limited will post 13.2 EPS for the current year.

Agnico Eagle Mines Company Profile

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.