Agnico Eagle Mines Limited (NYSE:AEM) is Van ECK Associates Corp’s 4th Largest Position

Van ECK Associates Corp increased its stake in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 9.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,059,010 shares of the mining company’s stock after buying an additional 1,995,127 shares during the quarter. Agnico Eagle Mines comprises approximately 2.3% of Van ECK Associates Corp’s investment portfolio, making the stock its 4th biggest holding. Van ECK Associates Corp’s holdings in Agnico Eagle Mines were worth $1,264,791,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in AEM. Vanguard Group Inc. grew its stake in Agnico Eagle Mines by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 17,224,538 shares of the mining company’s stock valued at $782,855,000 after purchasing an additional 278,647 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Agnico Eagle Mines by 1.1% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 13,794,968 shares of the mining company’s stock worth $626,981,000 after buying an additional 152,166 shares during the period. Mackenzie Financial Corp raised its position in Agnico Eagle Mines by 0.4% during the 4th quarter. Mackenzie Financial Corp now owns 9,811,207 shares of the mining company’s stock worth $538,193,000 after buying an additional 41,068 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Agnico Eagle Mines by 8.6% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 8,380,993 shares of the mining company’s stock valued at $383,555,000 after acquiring an additional 665,356 shares during the period. Finally, Flossbach Von Storch AG boosted its holdings in shares of Agnico Eagle Mines by 0.4% in the 3rd quarter. Flossbach Von Storch AG now owns 5,666,972 shares of the mining company’s stock valued at $257,564,000 after acquiring an additional 21,766 shares during the last quarter. 68.34% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently issued reports on AEM. CIBC decreased their target price on shares of Agnico Eagle Mines from $72.00 to $69.00 and set an “outperform” rating for the company in a research report on Wednesday, February 7th. National Bank Financial reissued an “outperform overweight” rating on shares of Agnico Eagle Mines in a report on Monday, April 8th. TD Securities dropped their target price on Agnico Eagle Mines from $64.00 to $62.00 and set a “buy” rating on the stock in a report on Wednesday, February 21st. Raymond James lifted their price target on Agnico Eagle Mines from $66.00 to $71.00 and gave the company an “outperform” rating in a research report on Friday, January 12th. Finally, Jefferies Financial Group upped their price objective on Agnico Eagle Mines from $54.00 to $57.00 and gave the stock a “hold” rating in a research report on Monday, April 22nd. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $64.14.

Agnico Eagle Mines Price Performance

NYSE AEM traded up $0.30 during trading hours on Monday, reaching $65.82. The company’s stock had a trading volume of 2,212,898 shares, compared to its average volume of 3,312,240. The firm has a market capitalization of $32.82 billion, a price-to-earnings ratio of 69.28, a P/E/G ratio of 0.89 and a beta of 1.06. The company’s 50-day moving average is $57.26 and its two-hundred day moving average is $52.80. 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 Limited has a 1-year low of $43.22 and a 1-year high of $67.80.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its 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 return on equity of 6.09% and a net margin of 6.79%. 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 prior year, the company posted $0.57 EPS. The business’s quarterly revenue was up 21.2% on a year-over-year basis. On average, equities analysts predict that Agnico Eagle Mines Limited will post 2.77 EPS for the current year.

Agnico Eagle Mines Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 31st will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.43%. The ex-dividend date is Friday, May 31st. Agnico Eagle Mines’s payout ratio is 168.42%.

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.