Swiss National Bank Trims Position in Agnico Eagle Mines Limited $AEM

Swiss National Bank lessened its holdings in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 5.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,447,858 shares of the mining company’s stock after selling 81,400 shares during the quarter. Swiss National Bank owned approximately 0.29% of Agnico Eagle Mines worth $243,964,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AEM. Vanguard Group Inc. boosted its holdings in Agnico Eagle Mines by 1.2% in the third quarter. Vanguard Group Inc. now owns 20,669,949 shares of the mining company’s stock valued at $3,481,382,000 after acquiring an additional 252,043 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Agnico Eagle Mines by 5.4% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 11,712,397 shares of the mining company’s stock worth $1,974,242,000 after purchasing an additional 602,489 shares in the last quarter. TD Asset Management Inc raised its holdings in Agnico Eagle Mines by 1.5% in the 3rd quarter. TD Asset Management Inc now owns 9,500,193 shares of the mining company’s stock worth $1,600,436,000 after purchasing an additional 143,645 shares in the last quarter. Mackenzie Financial Corp lifted its position in shares of Agnico Eagle Mines by 1.9% in the 2nd quarter. Mackenzie Financial Corp now owns 8,778,276 shares of the mining company’s stock worth $1,046,468,000 after purchasing an additional 160,650 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Agnico Eagle Mines by 38.8% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 8,296,796 shares of the mining company’s stock worth $987,398,000 after purchasing an additional 2,319,131 shares during the period. Hedge funds and other institutional investors own 68.34% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on AEM shares. TD Securities boosted their price target on shares of Agnico Eagle Mines from $241.00 to $251.00 and gave the company a “buy” rating in a research report on Tuesday, March 3rd. JPMorgan Chase & Co. lowered their price objective on shares of Agnico Eagle Mines from $248.00 to $235.00 and set a “neutral” rating for the company in a report on Wednesday, February 18th. Zacks Research raised Agnico Eagle Mines from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 27th. Scotiabank reiterated an “outperform” rating and set a $280.00 target price on shares of Agnico Eagle Mines in a report on Tuesday, February 17th. Finally, Citigroup increased their target price on Agnico Eagle Mines from $198.00 to $256.00 and gave the stock a “buy” rating in a research report on Thursday, January 15th. Four research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $234.91.

Agnico Eagle Mines Stock Up 1.9%

Shares of Agnico Eagle Mines stock opened at $225.28 on Tuesday. Agnico Eagle Mines Limited has a 1 year low of $94.77 and a 1 year high of $255.24. The firm has a market cap of $112.87 billion, a price-to-earnings ratio of 25.37 and a beta of 0.61. The company has a 50-day moving average of $208.61 and a 200 day moving average of $179.31. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.02 and a quick ratio of 1.33.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its quarterly earnings data on Thursday, February 12th. The mining company reported $2.69 earnings per share for the quarter, topping analysts’ consensus estimates of $2.56 by $0.13. Agnico Eagle Mines had a net margin of 37.47% and a return on equity of 18.09%. The business had revenue of $3.53 billion for the quarter, compared to analysts’ expectations of $3.40 billion. During the same quarter in the prior year, the company earned $1.26 earnings per share. The business’s revenue was up 60.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current fiscal year.

Agnico Eagle Mines Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Monday, March 2nd. This is an increase from Agnico Eagle Mines’s previous quarterly dividend of $0.40. Agnico Eagle Mines’s dividend payout ratio (DPR) is currently 20.27%.

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.