Canada Pension Plan Investment Board Invests $533.75 Million in Agnico Eagle Mines Limited $AEM

Canada Pension Plan Investment Board purchased a new position in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 3,438,692 shares of the mining company’s stock, valued at approximately $533,750,000. Canada Pension Plan Investment Board owned about 0.68% of Agnico Eagle Mines at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. K.J. Harrison & Partners Inc acquired a new position in Agnico Eagle Mines in the 2nd quarter worth about $6,923,000. BIP Wealth LLC acquired a new stake in Agnico Eagle Mines in the second quarter valued at approximately $1,167,000. Annex Advisory Services LLC increased its position in shares of Agnico Eagle Mines by 70.5% in the second quarter. Annex Advisory Services LLC now owns 29,007 shares of the mining company’s stock valued at $4,500,000 after buying an additional 11,995 shares in the last quarter. RFG Advisory LLC purchased a new stake in shares of Agnico Eagle Mines in the fourth quarter valued at approximately $1,122,000. Finally, Harvest Portfolios Group Inc. increased its holdings in Agnico Eagle Mines by 45.7% in the 4th quarter. Harvest Portfolios Group Inc. now owns 137,292 shares of the mining company’s stock worth $23,282,000 after acquiring an additional 43,051 shares in the last quarter. 68.34% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Bank of America reduced their price target on shares of Agnico Eagle Mines from $302.00 to $240.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. JPMorgan Chase & Co. boosted their price objective on Agnico Eagle Mines from $175.00 to $179.00 and gave the stock a “neutral” rating in a research note on Monday, August 3rd. Scotia reduced their price objective on Agnico Eagle Mines from $280.00 to $278.00 and set a “sector outperform” rating for the company in a research note on Friday, July 3rd. UBS Group lowered 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 research note on Tuesday, June 30th. Finally, Jefferies Financial Group raised shares of Agnico Eagle Mines from a “hold” rating to a “buy” rating and upped their target price for the stock from $187.00 to $200.00 in a report on Monday, July 6th. Twelve equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Agnico Eagle Mines currently has an average rating of “Moderate Buy” and an average target price of $226.00.

Agnico Eagle Mines Trading Up 2.8%

Shares of AEM stock opened at $224.04 on Wednesday. The company has a current ratio of 2.86, a quick ratio of 2.02 and a debt-to-equity ratio of 0.01. Agnico Eagle Mines Limited has a twelve month low of $134.38 and a twelve month high of $255.24. The company’s 50-day moving average price is $162.91 and its 200-day moving average price is $187.00. The stock has a market cap of $113.57 billion, a price-to-earnings ratio of 19.17, a PEG ratio of 2.71 and a beta of 0.60.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last issued its earnings results on Wednesday, July 29th. The mining company reported $3.05 EPS for the quarter, topping analysts’ consensus estimates of $2.89 by $0.16. Agnico Eagle Mines had a net margin of 40.44% and a return on equity of 22.04%. The company had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $3.78 billion. During the same period in the previous year, the firm earned $1.94 earnings per share. Agnico Eagle Mines’s quarterly revenue was up 35.0% compared to the same quarter last year. As a group, equities analysts predict that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current year.

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.