Agnico Eagle Mines Limited $AEM Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp reduced its stake in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 26.9% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 14,162,772 shares of the mining company’s stock after selling 5,212,049 shares during the quarter. Agnico Eagle Mines makes up 2.2% of Van ECK Associates Corp’s investment portfolio, making the stock its 5th largest holding. Van ECK Associates Corp owned approximately 2.82% of Agnico Eagle Mines worth $2,387,229,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. True Wealth Design LLC boosted its holdings in Agnico Eagle Mines by 381.3% during the third quarter. True Wealth Design LLC now owns 154 shares of the mining company’s stock valued at $26,000 after acquiring an additional 122 shares during the period. Blue Bell Private Wealth Management LLC raised its position in shares of Agnico Eagle Mines by 59.7% during the third quarter. Blue Bell Private Wealth Management LLC now owns 198 shares of the mining company’s stock valued at $33,000 after buying an additional 74 shares during the last quarter. MCF Advisors LLC acquired a new position in Agnico Eagle Mines in the 3rd quarter valued at approximately $34,000. Caitlin John LLC bought a new position in Agnico Eagle Mines in the third quarter worth $36,000. Finally, Addison Advisors LLC lifted its holdings in shares of Agnico Eagle Mines by 94.1% during the 3rd quarter. Addison Advisors LLC now owns 229 shares of the mining company’s stock worth $39,000 after acquiring an additional 111 shares during the period. 68.34% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on AEM. Weiss Ratings downgraded shares of Agnico Eagle Mines from a “buy (a-)” rating to a “buy (b)” rating in a research note on Monday, January 12th. Raymond James Financial restated an “outperform” rating and set a $225.00 target price on shares of Agnico Eagle Mines in a research report on Wednesday, January 14th. UBS Group reissued a “neutral” rating and set a $240.00 price target on shares of Agnico Eagle Mines in a research note on Friday, January 30th. Canadian Imperial Bank of Commerce set a $296.00 target price on Agnico Eagle Mines and gave the stock an “outperform” rating in a report on Wednesday, February 4th. Finally, Jefferies Financial Group set a $189.00 target price on shares of Agnico Eagle Mines in a report on Sunday, December 7th. Four research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $234.91.

Agnico Eagle Mines Stock Up 1.9%

Agnico Eagle Mines stock opened at $225.28 on Tuesday. The company has a current ratio of 2.02, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. Agnico Eagle Mines Limited has a 1-year low of $94.77 and a 1-year high of $255.24. The company has a fifty day simple moving average of $208.61 and a 200 day simple moving average of $179.31. The company has a market cap of $112.87 billion, a P/E ratio of 25.37 and a beta of 0.61.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its quarterly earnings data on Thursday, February 12th. The mining company reported $2.69 EPS for the quarter, topping analysts’ consensus estimates of $2.56 by $0.13. The company had revenue of $3.53 billion during the quarter, compared to the consensus estimate of $3.40 billion. Agnico Eagle Mines had a net margin of 37.47% and a return on equity of 18.09%. The company’s quarterly revenue was up 60.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.26 EPS. Research analysts anticipate that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current fiscal year.

Agnico Eagle Mines Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 0.8%. This is a boost from Agnico Eagle Mines’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Monday, March 2nd. Agnico Eagle Mines’s payout ratio is currently 20.27%.

About Agnico Eagle Mines

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.