Bank of America Corp DE reduced its holdings in shares of Agnico Eagle Mines Ltd (NYSE:AEM) (TSE:AEM) by 28.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 633,297 shares of the mining company’s stock after selling 251,251 shares during the quarter. Bank of America Corp DE owned 0.26% of Agnico Eagle Mines worth $40,570,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Massachusetts Financial Services Co. MA lifted its position in shares of Agnico Eagle Mines by 16.9% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 8,730,722 shares of the mining company’s stock worth $347,395,000 after buying an additional 1,259,084 shares during the last quarter. First Eagle Investment Management LLC raised its position in Agnico Eagle Mines by 3.4% in the first quarter. First Eagle Investment Management LLC now owns 8,269,390 shares of the mining company’s stock valued at $330,117,000 after purchasing an additional 273,845 shares during the last quarter. FIL Ltd raised its position in Agnico Eagle Mines by 50.2% in the second quarter. FIL Ltd now owns 7,222,282 shares of the mining company’s stock valued at $462,466,000 after purchasing an additional 2,415,006 shares during the last quarter. TD Asset Management Inc. raised its position in Agnico Eagle Mines by 1.2% in the second quarter. TD Asset Management Inc. now owns 3,566,371 shares of the mining company’s stock valued at $227,625,000 after purchasing an additional 42,617 shares during the last quarter. Finally, FMR LLC raised its position in Agnico Eagle Mines by 31.5% in the second quarter. FMR LLC now owns 3,343,945 shares of the mining company’s stock valued at $214,119,000 after purchasing an additional 801,403 shares during the last quarter. Institutional investors and hedge funds own 59.43% of the company’s stock.

Shares of NYSE AEM opened at $85.85 on Wednesday. Agnico Eagle Mines Ltd has a fifty-two week low of $31.00 and a fifty-two week high of $89.23. The stock has a fifty day moving average of $80.21 and a 200-day moving average of $62.71. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.80 and a current ratio of 3.27. The stock has a market cap of $20.97 billion, a PE ratio of 42.08, a price-to-earnings-growth ratio of 51.78 and a beta of 0.87.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last released its earnings results on Wednesday, July 29th. The mining company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.01. Agnico Eagle Mines had a return on equity of 5.46% and a net margin of 18.46%. The company had revenue of $557.18 million during the quarter, compared to analyst estimates of $545.82 million. During the same quarter in the previous year, the company posted $0.12 EPS. Agnico Eagle Mines’s revenue for the quarter was up 5.8% on a year-over-year basis. On average, sell-side analysts predict that Agnico Eagle Mines Ltd will post 1.67 EPS for the current year.

Several research firms have commented on AEM. Royal Bank of Canada reiterated a “hold” rating and issued a $85.00 target price on shares of Agnico Eagle Mines in a research report on Tuesday, August 11th. Barclays increased their price target on Agnico Eagle Mines from $68.00 to $71.00 and gave the company an “overweight” rating in a research note on Monday, July 20th. Scotiabank raised Agnico Eagle Mines from a “sector perform” rating to a “sector outperform” rating and increased their price target for the company from $65.00 to $72.00 in a research note on Thursday, July 30th. Raymond James raised their target price on Agnico Eagle Mines from $76.00 to $82.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Finally, TD Securities raised their target price on Agnico Eagle Mines from $77.00 to $91.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $78.70.

About Agnico Eagle Mines

Agnico Eagle Mines Limited engages in the exploration, development, and production of mineral properties in Canada, Mexico, and Finland. The company operates through Northern Business and Southern Business segments. It primarily produces and sells gold deposit, as well as explores for silver, zinc, and copper deposits.

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Institutional Ownership by Quarter for Agnico Eagle Mines (NYSE:AEM)

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