CIBC Asset Management Inc Reduces Stock Holdings in Agnico Eagle Mines Limited $AEM

CIBC Asset Management Inc reduced its position in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 3.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,838,011 shares of the mining company’s stock after selling 173,111 shares during the period. Agnico Eagle Mines accounts for about 2.0% of CIBC Asset Management Inc’s holdings, making the stock its 9th biggest position. CIBC Asset Management Inc owned approximately 0.97% of Agnico Eagle Mines worth $822,797,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of AEM. MCF Advisors LLC bought a new stake in Agnico Eagle Mines during the third quarter worth $34,000. Abound Wealth Management lifted its holdings in Agnico Eagle Mines by 99.0% during the fourth quarter. Abound Wealth Management now owns 209 shares of the mining company’s stock worth $35,000 after acquiring an additional 104 shares during the period. Lodestone Wealth Management LLC bought a new stake in Agnico Eagle Mines in the fourth quarter worth about $35,000. Caitlin John LLC bought a new stake in Agnico Eagle Mines in the third quarter worth about $36,000. Finally, Bangor Savings Bank bought a new stake in Agnico Eagle Mines in the fourth quarter worth about $37,000. 68.34% of the stock is currently owned by institutional investors.

Agnico Eagle Mines Stock Performance

Agnico Eagle Mines stock opened at $178.79 on Wednesday. The firm’s 50 day simple moving average is $194.84 and its 200 day simple moving average is $194.63. 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 firm has a market capitalization of $89.48 billion, a PE ratio of 16.80, a price-to-earnings-growth ratio of 3.84 and a beta of 0.56. Agnico Eagle Mines Limited has a 1-year low of $114.60 and a 1-year high of $255.24.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its earnings results on Thursday, April 30th. The mining company reported $3.40 earnings per share for the quarter, topping analysts’ consensus estimates of $3.19 by $0.21. The business had revenue of $4 billion for 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 was up 66.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.53 EPS. As a group, analysts expect that Agnico Eagle Mines Limited will post 13.18 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have commented on AEM. Barclays began coverage on shares of Agnico Eagle Mines in a research report on Thursday, May 21st. They issued an “overweight” rating and a $213.00 price objective on the stock. Wall Street Zen lowered shares of Agnico Eagle Mines from a “strong-buy” rating to a “buy” rating in a research report on Saturday, April 11th. JPMorgan Chase & Co. lifted their price objective on shares of Agnico Eagle Mines from $220.00 to $222.00 and gave the stock a “neutral” rating in a research report on Monday, May 4th. UBS Group lowered their target price on Agnico Eagle Mines from $240.00 to $210.00 and set a “neutral” rating on the stock in a research note on Friday, March 27th. Finally, Canadian Imperial Bank of Commerce boosted their target price on Agnico Eagle Mines from C$304.00 to C$310.00 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Agnico Eagle Mines has an average rating of “Moderate Buy” and an average price target of $236.08.

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.