Parvin Asset Management LLC Takes Position in Agnico Eagle Mines Limited $AEM

Parvin Asset Management LLC bought a new position in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 19,855 shares of the mining company’s stock, valued at approximately $3,080,000. Agnico Eagle Mines makes up about 2.4% of Parvin Asset Management LLC’s portfolio, making the stock its 3rd largest holding.

Other hedge funds have also made changes to their positions in the company. Acumen Wealth Advisors LLC acquired a new position in Agnico Eagle Mines during the fourth quarter valued at $26,000. Dunhill Financial LLC acquired a new position in shares of Agnico Eagle Mines in the 2nd quarter valued at about $31,000. Jessup Wealth Management Inc acquired a new position in shares of Agnico Eagle Mines in the 4th quarter valued at about $35,000. Fiduciary Financial Advisors purchased a new stake in shares of Agnico Eagle Mines in the second quarter worth approximately $32,000. Finally, University of Texas Texas AM Investment Management Co. boosted its holdings in shares of Agnico Eagle Mines by 64.7% during the fourth quarter. University of Texas Texas AM Investment Management Co. now owns 229 shares of the mining company’s stock worth $39,000 after purchasing an additional 90 shares during the period. Hedge funds and other institutional investors own 68.34% of the company’s stock.

Agnico Eagle Mines Stock Performance

AEM opened at $213.84 on Thursday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.02 and a current ratio of 2.86. The company has a market cap of $108.40 billion, a PE ratio of 18.29, a price-to-earnings-growth ratio of 2.79 and a beta of 0.60. The stock has a 50-day moving average of $163.73 and a 200-day moving average of $187.18. Agnico Eagle Mines Limited has a 52-week low of $134.38 and a 52-week high of $255.24.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last issued its quarterly earnings data 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 business had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $3.78 billion. Agnico Eagle Mines had a return on equity of 22.04% and a net margin of 40.44%.The firm’s revenue was up 35.0% compared to the same quarter last year. During the same period last year, the business earned $1.94 EPS. As a group, equities research analysts forecast that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Jefferies Financial Group upgraded shares of Agnico Eagle Mines from a “hold” rating to a “buy” rating and boosted their price target for the company from $187.00 to $200.00 in a report on Monday, July 6th. Zacks Research lowered Agnico Eagle Mines from a “hold” rating to a “strong sell” rating in a research report on Friday, July 17th. Canadian Imperial Bank of Commerce set a $285.00 price target on Agnico Eagle Mines in a research note on Thursday, July 16th. Scotiabank reduced their price target on Agnico Eagle Mines from $278.00 to $260.00 and set a “sector outperform” rating for the company in a report on Tuesday, July 14th. Finally, Barclays lowered their price target on Agnico Eagle Mines from $210.00 to $188.00 and set an “overweight” rating for the company in a research note on Wednesday, July 15th. 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 stock. Based on data from MarketBeat, Agnico Eagle Mines has a consensus rating of “Moderate Buy” and a consensus target price of $226.00.

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.