Caisse de depot et placement du Quebec Invests $87.03 Million in Agnico Eagle Mines Limited $AEM

Caisse de depot et placement du Quebec bought a new position in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 560,311 shares of the mining company’s stock, valued at approximately $87,027,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Capital World Investors lifted its stake in Agnico Eagle Mines by 2.8% in the fourth quarter. Capital World Investors now owns 21,338,277 shares of the mining company’s stock worth $3,618,730,000 after acquiring an additional 572,473 shares during the period. Van ECK Associates Corp lifted its holdings in Agnico Eagle Mines by 21.6% in the fourth quarter. Van ECK Associates Corp now owns 17,225,477 shares of the mining company’s stock worth $2,920,258,000 after buying an additional 3,062,705 shares during the period. TD Asset Management Inc lifted its holdings in Agnico Eagle Mines by 1.7% in the fourth quarter. TD Asset Management Inc now owns 9,665,456 shares of the mining company’s stock worth $1,641,239,000 after buying an additional 165,263 shares during the period. Deutsche Bank AG bought a new position in Agnico Eagle Mines in the second quarter worth $1,362,158,000. Finally, Mackenzie Financial Corp boosted its holdings in shares of Agnico Eagle Mines by 4.0% during the 4th quarter. Mackenzie Financial Corp now owns 8,687,624 shares of the mining company’s stock valued at $1,489,509,000 after buying an additional 332,797 shares in the last quarter. 68.34% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

AEM has been the topic of a number of recent analyst reports. UBS Group cut their price target on shares of Agnico Eagle Mines from $210.00 to $170.00 and set a “neutral” rating on the stock in a report on Tuesday, June 30th. Jefferies Financial Group raised Agnico Eagle Mines from a “hold” rating to a “buy” rating and increased their price objective for the company from $187.00 to $200.00 in a research report on Monday, July 6th. Weiss Ratings lowered shares of Agnico Eagle Mines from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, July 2nd. Wall Street Zen cut shares of Agnico Eagle Mines from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. Finally, Scotiabank decreased their target price on shares of 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 equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $226.00.

Agnico Eagle Mines Stock Up 0.6%

AEM opened at $215.35 on Friday. The stock has a market cap of $109.16 billion, a price-to-earnings ratio of 18.42, a price-to-earnings-growth ratio of 2.66 and a beta of 0.60. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.02 and a current ratio of 2.86. The firm’s fifty day moving average is $164.70 and its 200 day moving average is $187.31. Agnico Eagle Mines Limited has a fifty-two week low of $134.38 and a fifty-two week high of $255.24.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last issued its quarterly earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.89 by $0.16. Agnico Eagle Mines had a return on equity of 22.04% and a net margin of 40.44%.The business had revenue of $3.77 billion during the quarter, compared to analyst estimates of $3.78 billion. During the same quarter in the prior year, the business posted $1.94 EPS. Agnico Eagle Mines’s revenue for the quarter was up 35.0% compared to the same quarter last year. On average, sell-side analysts forecast that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current fiscal year.

Agnico Eagle Mines 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.