Connor Clark & Lunn Investment Management Ltd. Cuts Stock Position in Agnico Eagle Mines Limited $AEM

Connor Clark & Lunn Investment Management Ltd. reduced its position in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 5.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,347,823 shares of the mining company’s stock after selling 372,478 shares during the quarter. Agnico Eagle Mines accounts for approximately 2.7% of Connor Clark & Lunn Investment Management Ltd.’s holdings, making the stock its 2nd biggest holding. Connor Clark & Lunn Investment Management Ltd. owned approximately 1.26% of Agnico Eagle Mines worth $756,769,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Massachusetts Financial Services Co. MA raised its holdings in shares of Agnico Eagle Mines by 3.9% in the first quarter. Massachusetts Financial Services Co. MA now owns 13,441,198 shares of the mining company’s stock worth $1,457,160,000 after buying an additional 499,362 shares during the period. TD Asset Management Inc boosted its holdings in Agnico Eagle Mines by 3.6% during the 2nd quarter. TD Asset Management Inc now owns 9,356,548 shares of the mining company’s stock valued at $1,112,500,000 after acquiring an additional 323,252 shares during the period. Canada Pension Plan Investment Board grew its position in Agnico Eagle Mines by 57.4% in the 1st quarter. Canada Pension Plan Investment Board now owns 2,344,302 shares of the mining company’s stock valued at $254,029,000 after acquiring an additional 854,924 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Agnico Eagle Mines by 10.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,977,395 shares of the mining company’s stock worth $214,361,000 after purchasing an additional 189,935 shares during the period. Finally, DekaBank Deutsche Girozentrale increased its stake in Agnico Eagle Mines by 0.7% in the second quarter. DekaBank Deutsche Girozentrale now owns 1,317,039 shares of the mining company’s stock worth $153,556,000 after purchasing an additional 9,323 shares during the period. Hedge funds and other institutional investors own 68.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Bank of America upped their price target on shares of Agnico Eagle Mines from $209.00 to $226.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Citigroup boosted their price objective on shares of Agnico Eagle Mines from $140.00 to $198.00 and gave the company a “buy” rating in a research report on Wednesday, October 15th. Raymond James Financial upped their target price on shares of Agnico Eagle Mines from $155.00 to $182.00 and gave the stock an “outperform” rating in a research note on Friday, October 10th. UBS Group lifted their price target on shares of Agnico Eagle Mines from $160.00 to $180.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Finally, Zacks Research lowered Agnico Eagle Mines from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Four equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $184.50.

Agnico Eagle Mines Trading Up 1.2%

NYSE AEM opened at $161.28 on Friday. Agnico Eagle Mines Limited has a one year low of $75.17 and a one year high of $187.50. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.16 and a current ratio of 2.03. The company has a market capitalization of $81.04 billion, a price-to-earnings ratio of 23.54, a price-to-earnings-growth ratio of 0.70 and a beta of 0.45. The company’s 50-day simple moving average is $161.41 and its two-hundred day simple moving average is $136.04.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its quarterly earnings results on Wednesday, October 29th. The mining company reported $2.16 earnings per share for the quarter, topping the consensus estimate of $1.76 by $0.40. The firm had revenue of $3.07 billion during the quarter, compared to analysts’ expectations of $2.93 billion. Agnico Eagle Mines had a net margin of 32.62% and a return on equity of 15.97%. During the same quarter in the prior year, the company earned $1.14 EPS. Equities analysts forecast that Agnico Eagle Mines Limited will post 4.63 EPS for the current fiscal year.

About Agnico Eagle Mines

Agnico Eagle Mines Limited, a gold mining company, exploration, development, and production of precious metals. It explores for gold. The company's mines are located in Canada, Australia, Finland and Mexico, with exploration and development activities in Canada, Australia, Europe, Latin America, and the United States.