Agnico Eagle Mines Limited $AEM Shares Sold by Canoe Financial LP

Canoe Financial LP lessened its position in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 49.9% during the first quarter, HoldingsChannel reports. The institutional investor owned 356,830 shares of the mining company’s stock after selling 354,774 shares during the quarter. Canoe Financial LP’s holdings in Agnico Eagle Mines were worth $72,405,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Agnico Eagle Mines in the fourth quarter valued at $1,367,783,000. Capital World Investors increased its holdings in shares of Agnico Eagle Mines by 20.0% in the 3rd quarter. Capital World Investors now owns 20,765,804 shares of the mining company’s stock valued at $3,497,470,000 after purchasing an additional 3,462,968 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Agnico Eagle Mines by 21.6% in the 4th quarter. Van ECK Associates Corp now owns 17,225,477 shares of the mining company’s stock valued at $2,920,258,000 after purchasing an additional 3,062,705 shares in the last quarter. Alberta Investment Management Corp purchased a new position in shares of Agnico Eagle Mines in the 4th quarter valued at about $194,195,000. Finally, Employees Provident Fund Board acquired a new stake in shares of Agnico Eagle Mines in the fourth quarter valued at about $183,341,000. Hedge funds and other institutional investors own 68.34% of the company’s stock.

Agnico Eagle Mines Stock Performance

NYSE:AEM opened at $157.24 on Monday. The company has a current ratio of 3.15, a quick ratio of 2.18 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $79.81 billion, a P/E ratio of 14.78, a price-to-earnings-growth ratio of 3.45 and a beta of 0.56. The firm has a 50-day moving average price of $180.30 and a two-hundred day moving average price of $194.18. Agnico Eagle Mines Limited has a twelve month low of $114.60 and a twelve month high of $255.24.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its quarterly earnings results on Thursday, April 30th. The mining company reported $3.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.19 by $0.21. The company had revenue of $4 billion for the quarter, compared to the consensus estimate of $3.96 billion. Agnico Eagle Mines had a net margin of 39.46% and a return on equity of 21.09%. 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 firm earned $1.53 earnings per share. As a group, research analysts expect that Agnico Eagle Mines Limited will post 13.2 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on AEM. Erste Group Bank downgraded shares of Agnico Eagle Mines from a “buy” rating to a “hold” rating in a report on Tuesday, March 24th. UBS Group dropped 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 report on Friday, March 27th. TD Securities boosted their price target on Agnico Eagle Mines from $241.00 to $251.00 and gave the stock a “buy” rating in a research note on Tuesday, March 3rd. Weiss Ratings cut Agnico Eagle Mines from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, May 13th. Finally, Canadian Imperial Bank of Commerce lifted their price objective on Agnico Eagle Mines from C$304.00 to C$310.00 and gave the stock an “outperform” rating in a report on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $236.08.

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.