Hillsdale Investment Management Inc. Sells 31,734 Shares of Agnico Eagle Mines Limited $AEM

Hillsdale Investment Management Inc. decreased its stake in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 7.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 383,209 shares of the mining company’s stock after selling 31,734 shares during the period. Agnico Eagle Mines accounts for 2.1% of Hillsdale Investment Management Inc.’s investment portfolio, making the stock its 6th biggest position. Hillsdale Investment Management Inc. owned approximately 0.08% of Agnico Eagle Mines worth $77,766,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Norges Bank purchased a new stake in Agnico Eagle Mines during the 4th quarter worth about $1,367,783,000. Van ECK Associates Corp raised its stake in 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 during the last quarter. Alberta Investment Management Corp purchased a new position in Agnico Eagle Mines in the 4th quarter valued at about $194,195,000. Employees Provident Fund Board purchased a new position in Agnico Eagle Mines in the 4th quarter valued at about $183,341,000. Finally, Auto Owners Insurance Co lifted its holdings in Agnico Eagle Mines by 16,853.0% in the 4th 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 in the last quarter. 68.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on AEM shares. Wall Street Zen downgraded shares of Agnico Eagle Mines from a “buy” rating to a “hold” rating in a research note on Sunday. Barclays cut their price target on Agnico Eagle Mines from $213.00 to $210.00 and set an “overweight” rating for the company in a report on Monday, July 6th. Weiss Ratings lowered Agnico Eagle Mines from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, July 2nd. Zacks Research cut Agnico Eagle Mines from a “strong-buy” rating to a “hold” rating in a report on Monday, March 30th. Finally, TD lifted their price objective on Agnico Eagle Mines from $251.00 to $252.00 and gave the company a “buy” rating in a research report on Tuesday, April 21st. Twelve investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $238.31.

Agnico Eagle Mines Price Performance

AEM opened at $143.47 on Tuesday. Agnico Eagle Mines Limited has a 1 year low of $116.83 and a 1 year high of $255.24. The company’s 50 day simple moving average is $169.18 and its 200 day simple moving average is $192.66. The stock has a market capitalization of $72.82 billion, a PE ratio of 13.48, a P/E/G ratio of 1.93 and a beta of 0.60. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.18 and a current ratio of 3.15.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last issued its quarterly earnings results on Thursday, April 30th. The mining company reported $3.40 EPS for the quarter, topping the consensus estimate of $3.19 by $0.21. The firm had revenue of $4 billion during the quarter, compared to analyst estimates of $3.96 billion. Agnico Eagle Mines had a net margin of 39.46% and a return on equity of 21.09%. Agnico Eagle Mines’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, sell-side analysts expect that Agnico Eagle Mines Limited will post 12.44 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.