Avalon Capital Management Sells 2,649 Shares of Agnico Eagle Mines Limited (NYSE:AEM)

Avalon Capital Management lessened its position in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 29.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,371 shares of the mining company’s stock after selling 2,649 shares during the period. Avalon Capital Management’s holdings in Agnico Eagle Mines were worth $380,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Agnico Eagle Mines during the fourth quarter worth $325,327,000. FIL Ltd boosted its stake in Agnico Eagle Mines by 16.4% in the 4th quarter. FIL Ltd now owns 20,107,126 shares of the mining company’s stock worth $1,102,481,000 after purchasing an additional 2,831,794 shares during the period. Clearbridge Investments LLC bought a new position in Agnico Eagle Mines in the 4th quarter worth about $132,257,000. Van ECK Associates Corp increased its position in shares of Agnico Eagle Mines by 9.5% during the fourth quarter. Van ECK Associates Corp now owns 23,059,010 shares of the mining company’s stock valued at $1,264,791,000 after buying an additional 1,995,127 shares during the period. Finally, Capital Wealth Planning LLC purchased a new stake in shares of Agnico Eagle Mines in the fourth quarter worth about $88,547,000. Institutional investors own 68.34% of the company’s stock.

Agnico Eagle Mines Price Performance

NYSE AEM traded down $0.98 on Friday, reaching $65.40. 1,645,484 shares of the company’s stock traded hands, compared to its average volume of 2,293,912. The stock has a market cap of $32.72 billion, a PE ratio of 68.84, a P/E/G ratio of 0.72 and a beta of 1.11. Agnico Eagle Mines Limited has a 12 month low of $43.22 and a 12 month high of $71.50. The stock has a 50-day simple moving average of $66.31 and a 200 day simple moving average of $58.01. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.21 and a quick ratio of 0.88.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its quarterly earnings results on Thursday, April 25th. The mining company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.16. Agnico Eagle Mines had a net margin of 6.79% and a return on equity of 6.09%. The business had revenue of $1.83 billion during the quarter, compared to the consensus estimate of $1.78 billion. During the same period in the previous year, the firm posted $0.57 earnings per share. The firm’s revenue for the quarter was up 21.2% on a year-over-year basis. As a group, research analysts predict that Agnico Eagle Mines Limited will post 3.16 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on AEM. National Bank Financial reaffirmed an “outperform overweight” rating on shares of Agnico Eagle Mines in a report on Monday, April 8th. Citigroup lifted their price objective on Agnico Eagle Mines from $65.00 to $80.00 and gave the company a “buy” rating in a research note on Tuesday, April 30th. StockNews.com upgraded Agnico Eagle Mines from a “hold” rating to a “buy” rating in a research note on Thursday. CIBC lifted their price target on Agnico Eagle Mines from $80.00 to $81.00 and gave the company an “outperform” rating in a research report on Tuesday, April 30th. Finally, TD Securities upped their price objective on shares of Agnico Eagle Mines from $74.00 to $78.00 and gave the stock a “buy” rating in a research report on Tuesday, April 30th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Agnico Eagle Mines has an average rating of “Moderate Buy” and a consensus target price of $72.22.

About Agnico Eagle Mines

Agnico Eagle Mines Limited, a gold mining company, exploration, development, and production of precious metals. It explores for gold. The company's mines are located in Canada, Australia, Finland and Mexico, with exploration and development activities in Canada, Australia, Europe, Latin America, and the United States.