M&G Plc Makes New Investment in Agnico Eagle Mines Limited (NYSE:AEM)

M&G Plc bought a new stake in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 27,702 shares of the mining company’s stock, valued at approximately $1,802,000.

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

Agnico Eagle Mines Stock Up 1.0 %

AEM traded up $0.78 on Tuesday, hitting $77.51. 1,563,109 shares of the company were exchanged, compared to its average volume of 2,811,085. The stock’s fifty day moving average is $70.19 and its 200-day moving average is $62.51. Agnico Eagle Mines Limited has a 12 month low of $43.22 and a 12 month high of $78.16. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.88 and a current ratio of 1.51. The company has a market cap of $38.78 billion, a PE ratio of 81.59, a PEG ratio of 0.77 and a beta of 1.06.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its quarterly earnings data on Wednesday, July 31st. The mining company reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.14. Agnico Eagle Mines had a return on equity of 7.16% and a net margin of 8.44%. The company had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same quarter in the prior year, the business posted $0.65 EPS. The business’s revenue was up 20.9% compared to the same quarter last year. Equities research analysts predict that Agnico Eagle Mines Limited will post 3.52 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently commented on AEM shares. Citigroup upped their price objective on shares of Agnico Eagle Mines from $65.00 to $80.00 and gave the company a “buy” rating in a research report on Tuesday, April 30th. BMO Capital Markets decreased their price objective on Agnico Eagle Mines from $79.00 to $77.00 and set an “outperform” rating for the company in a research report on Thursday, June 20th. CIBC raised their target price on shares of Agnico Eagle Mines from $81.00 to $101.00 and gave the stock an “outperformer” rating in a report on Wednesday, July 10th. TD Securities increased their price objective on shares of Agnico Eagle Mines from $90.00 to $91.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Finally, Scotiabank boosted their price objective on shares of Agnico Eagle Mines from $71.00 to $81.00 and gave the company a “sector outperform” rating in a research report on Thursday, May 23rd. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $78.50.

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.