Agnico Eagle Mines Limited $AEM Stock Position Reduced by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio decreased its position in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 5.7% in the 1st quarter, Holdings Channel.com reports. The fund owned 654,890 shares of the mining company’s stock after selling 39,623 shares during the period. Public Employees Retirement System of Ohio’s holdings in Agnico Eagle Mines were worth $132,749,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new stake in shares of Agnico Eagle Mines during the 4th quarter valued at approximately $1,367,783,000. Van ECK Associates Corp boosted its holdings 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 purchasing an additional 3,062,705 shares during the period. Alberta Investment Management Corp acquired a new position in Agnico Eagle Mines in the fourth quarter worth $194,195,000. Employees Provident Fund Board bought a new stake in Agnico Eagle Mines during the fourth quarter valued at $183,341,000. Finally, Auto Owners Insurance Co increased its stake in Agnico Eagle Mines by 16,853.0% during the fourth quarter. Auto Owners Insurance Co now owns 915,462 shares of the mining company’s stock valued at $15,520,000 after purchasing an additional 910,062 shares during the last quarter. 68.34% of the stock is currently owned by institutional investors.

Key Stories Impacting Agnico Eagle Mines

Here are the key news stories impacting Agnico Eagle Mines this week:

• Negative Sentiment: Zacks labeled AEM a “Bear of the Day,” saying earnings estimates have been cut as gold retreats, which weighs on near-term sentiment for the miner. Bear of the Day: Agnico Eagle Mines (AEM)
• Negative Sentiment: Another Zacks note said Agnico Eagle does not have the right setup for a likely earnings beat ahead of next week’s report, reinforcing caution around the upcoming results. Agnico Eagle Mines (AEM) Reports Next Week: Wall Street Expects Earnings Growth
• Negative Sentiment: JPMorgan reportedly lowered expectations for Agnico Eagle Mines, adding to the day’s bearish analyst tone. JPMorgan Chase & Co. Has Lowered Expectations for Agnico Eagle Mines (NYSE:AEM) Stock Price
• Negative Sentiment: A separate market wrap noted AEM fell more than the broader market, signaling selling pressure alongside the weaker sector backdrop. Agnico Eagle Mines (AEM) Dips More Than Broader Market: What You Should Know

Agnico Eagle Mines Stock Performance

Shares of AEM stock opened at $144.43 on Friday. Agnico Eagle Mines Limited has a 12-month low of $122.32 and a 12-month high of $255.24. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.15 and a quick ratio of 2.18. The firm has a market capitalization of $73.31 billion, a price-to-earnings ratio of 13.57, a price-to-earnings-growth ratio of 2.20 and a beta of 0.60. The business has a 50 day simple moving average of $161.15 and a 200 day simple moving average of $190.77.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its earnings results on Thursday, April 30th. The mining company reported $3.40 earnings per share for the quarter, beating the consensus estimate of $3.19 by $0.21. Agnico Eagle Mines had a return on equity of 21.09% and a net margin of 39.46%.The firm had revenue of $4 billion for the quarter, compared to the consensus estimate of $3.96 billion. During the same quarter in the previous year, the business earned $1.53 EPS. The firm’s revenue for the quarter was up 66.1% on a year-over-year basis. On average, equities research analysts anticipate that Agnico Eagle Mines Limited will post 12.09 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on AEM shares. ATB Cormark Capital Markets raised shares of Agnico Eagle Mines from a “hold” rating to an “outperform” rating in a report on Monday, May 4th. Jefferies Financial Group raised shares of Agnico Eagle Mines from a “hold” rating to a “buy” rating and lifted their price target for the company from $187.00 to $200.00 in a report on Monday, July 6th. Scotiabank lowered their price objective on shares of Agnico Eagle Mines from $278.00 to $260.00 and set a “sector outperform” rating for the company in a research report on Tuesday, July 14th. Citigroup reiterated a “positive” rating on shares of Agnico Eagle Mines in a research note on Wednesday, July 15th. Finally, UBS Group cut 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. Twelve investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $230.00.

Agnico Eagle Mines 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.