Agnico Eagle Mines Limited $AEM Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia lessened its stake in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 4.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,069,884 shares of the mining company’s stock after selling 98,496 shares during the quarter. Agnico Eagle Mines comprises approximately 0.6% of Bank of Nova Scotia’s portfolio, making the stock its 24th biggest position. Bank of Nova Scotia owned about 0.41% of Agnico Eagle Mines worth $348,545,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Norges Bank acquired a new position in Agnico Eagle Mines in the 2nd quarter valued at $938,644,000. Capital World Investors lifted its stake 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 worth $3,497,470,000 after acquiring an additional 3,462,968 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake 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 acquiring an additional 2,319,131 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in shares of Agnico Eagle Mines by 48.3% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,528,022 shares of the mining company’s stock valued at $538,506,000 after acquiring an additional 1,474,385 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Agnico Eagle Mines by 53.1% in the second quarter. Invesco Ltd. now owns 4,164,046 shares of the mining company’s stock valued at $495,230,000 after acquiring an additional 1,444,746 shares in the last quarter. 68.34% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Wall Street Zen cut shares of Agnico Eagle Mines from a “strong-buy” rating to a “buy” rating in a report on Saturday, January 31st. Scotiabank reaffirmed an “outperform” rating and issued a $280.00 price objective on shares of Agnico Eagle Mines in a report on Tuesday, February 17th. Raymond James Financial reiterated an “outperform” rating and set a $225.00 target price on shares of Agnico Eagle Mines in a research report on Wednesday, January 14th. JPMorgan Chase & Co. cut their target price on Agnico Eagle Mines from $248.00 to $235.00 and set a “neutral” rating for the company in a research note on Wednesday, February 18th. Finally, Jefferies Financial Group set a $189.00 price target on Agnico Eagle Mines in a report on Sunday, December 7th. Four research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $234.91.

Agnico Eagle Mines Stock Down 5.0%

Shares of NYSE AEM opened at $207.39 on Friday. The stock has a market capitalization of $103.91 billion, a price-to-earnings ratio of 23.36 and a beta of 0.61. Agnico Eagle Mines Limited has a 52 week low of $94.77 and a 52 week high of $255.24. The firm has a 50-day moving average price of $212.49 and a 200 day moving average price of $181.29. The company has a quick ratio of 1.33, a current ratio of 2.02 and a debt-to-equity ratio of 0.01.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last issued its earnings results on Thursday, February 12th. The mining company reported $2.69 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $3.53 billion for the quarter, compared to analyst estimates of $3.40 billion. During the same period in the prior year, the business posted $1.26 earnings per share. The firm’s revenue for the quarter was up 60.3% compared to the same quarter last year. Equities research analysts anticipate that Agnico Eagle Mines Limited will post 4.63 EPS for the current fiscal year.

Agnico Eagle Mines Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be issued a $0.45 dividend. The ex-dividend date is Monday, March 2nd. This represents a $1.80 dividend on an annualized basis and a dividend yield of 0.9%. This is an increase from Agnico Eagle Mines’s previous quarterly dividend of $0.40. Agnico Eagle Mines’s payout ratio is currently 20.27%.

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.