Ninepoint Partners LP Acquires New Position in Agnico Eagle Mines Limited $AEM

Ninepoint Partners LP bought a new stake in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 59,850 shares of the mining company’s stock, valued at approximately $9,285,000. Agnico Eagle Mines makes up approximately 0.7% of Ninepoint Partners LP’s holdings, making the stock its 22nd largest holding.

Other institutional investors have also modified their holdings of the company. Acumen Wealth Advisors LLC acquired a new stake in shares of Agnico Eagle Mines in the 4th quarter worth approximately $26,000. Dunhill Financial LLC acquired a new stake in Agnico Eagle Mines in the 2nd quarter valued at about $31,000. Jessup Wealth Management Inc acquired a new stake in Agnico Eagle Mines in the 4th quarter valued at about $35,000. Allied Private Wealth LLC purchased a new position in Agnico Eagle Mines during the 2nd quarter valued at about $36,000. Finally, Banque Cantonale Vaudoise acquired a new position in Agnico Eagle Mines during the fourth quarter worth about $39,000. Hedge funds and other institutional investors own 68.34% of the company’s stock.

Agnico Eagle Mines Stock Performance

Shares of AEM opened at $211.40 on Friday. Agnico Eagle Mines Limited has a 1 year low of $133.80 and a 1 year high of $255.24. The company’s 50 day simple moving average is $159.95 and its 200 day simple moving average is $186.50. The company has a market capitalization of $107.16 billion, a price-to-earnings ratio of 18.08, a PEG ratio of 2.58 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.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last released its earnings results on Wednesday, July 29th. The mining company reported $3.05 EPS for the quarter, topping the consensus estimate of $2.89 by $0.16. The firm had revenue of $3.77 billion during the quarter, compared to analysts’ expectations of $3.78 billion. Agnico Eagle Mines had a net margin of 40.44% and a return on equity of 22.04%. Agnico Eagle Mines’s revenue for the quarter was up 35.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.94 EPS. On average, sell-side analysts predict that Agnico Eagle Mines Limited will post 11.56 EPS for the current year.

Analyst Ratings Changes

Several analysts have recently commented on AEM shares. JPMorgan Chase & Co. increased their price target on shares of Agnico Eagle Mines from $175.00 to $179.00 and gave the company a “neutral” rating in a research report on Monday, August 3rd. Citigroup reduced their target price on Agnico Eagle Mines from $256.00 to $200.00 and set a “buy” rating on the stock in a research note on Monday, July 27th. Weiss Ratings cut Agnico Eagle Mines from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, July 2nd. ATB Cormark Capital Markets raised Agnico Eagle Mines from a “hold” rating to an “outperform” rating in a research report on Monday, May 4th. Finally, Canadian Imperial Bank of Commerce set a $285.00 price target on Agnico Eagle Mines in a report on Thursday, July 16th. Twelve investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Agnico Eagle Mines presently has an average rating of “Moderate Buy” and an average target price of $226.00.

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.