Munich Reinsurance Co Stock Corp in Munich Acquires New Position in Agnico Eagle Mines Limited $AEM

Munich Reinsurance Co Stock Corp in Munich bought a new position in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) in the 2nd quarter, HoldingsChannel reports. The fund bought 14,587 shares of the mining company’s stock, valued at approximately $2,266,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in Agnico Eagle Mines by 1.1% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,266 shares of the mining company’s stock worth $893,000 after purchasing an additional 59 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of Agnico Eagle Mines by 0.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 14,284 shares of the mining company’s stock worth $2,422,000 after purchasing an additional 63 shares during the period. Syon Capital LLC raised its holdings in shares of Agnico Eagle Mines by 1.8% during the fourth quarter. Syon Capital LLC now owns 3,675 shares of the mining company’s stock worth $623,000 after purchasing an additional 65 shares during the period. CIBC Private Wealth Group LLC lifted its position in shares of Agnico Eagle Mines by 1.6% in the 4th quarter. CIBC Private Wealth Group LLC now owns 4,289 shares of the mining company’s stock worth $728,000 after buying an additional 67 shares during the last quarter. Finally, Rossby Financial LCC boosted its holdings in shares of Agnico Eagle Mines by 1.1% in the 4th quarter. Rossby Financial LCC now owns 7,061 shares of the mining company’s stock valued at $1,197,000 after buying an additional 74 shares during the period. 68.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

AEM has been the topic of several research reports. Scotia dropped their price objective on shares of Agnico Eagle Mines from $280.00 to $278.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 3rd. JPMorgan Chase & Co. upped their target price on Agnico Eagle Mines from $175.00 to $179.00 and gave the company a “neutral” rating in a report on Monday, August 3rd. Barclays cut their price target on Agnico Eagle Mines from $210.00 to $188.00 and set an “overweight” rating on the stock in a report on Wednesday, July 15th. Jefferies Financial Group upgraded Agnico Eagle Mines from a “hold” rating to a “buy” rating and boosted their price objective for the company from $187.00 to $200.00 in a research report on Monday, July 6th. Finally, Scotiabank lowered their price objective on Agnico Eagle Mines from $278.00 to $260.00 and set a “sector outperform” rating for the company in a research note on Tuesday, July 14th. Twelve 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 company. According to data from MarketBeat.com, Agnico Eagle Mines presently has a consensus rating of “Moderate Buy” and an average price target of $226.00.

Agnico Eagle Mines Stock Performance

AEM opened at $204.75 on Friday. The business’s 50 day moving average is $169.72 and its 200-day moving average is $187.05. The stock has a market cap of $103.79 billion, a PE ratio of 17.51, a price-to-earnings-growth ratio of 2.58 and a beta of 0.67. 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.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its earnings results on Wednesday, July 29th. The mining company reported $3.05 EPS for the quarter, beating the consensus estimate of $2.89 by $0.16. The firm had revenue of $3.77 billion for the quarter, compared to analysts’ expectations of $3.78 billion. Agnico Eagle Mines had a return on equity of 22.04% and a net margin of 40.44%.The firm’s revenue was up 35.0% compared to the same quarter last year. During the same period last year, the firm earned $1.94 EPS. On average, 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.