12,409 Shares in Agnico Eagle Mines Limited $AEM Acquired by Saranac Partners Ltd

Saranac Partners Ltd purchased a new position in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) in the second quarter, HoldingsChannel.com reports. The firm purchased 12,409 shares of the mining company’s stock, valued at approximately $1,927,000.

A number of other hedge funds also recently made changes to their positions in AEM. K.J. Harrison & Partners Inc acquired a new position in shares of Agnico Eagle Mines in the second quarter worth about $6,923,000. BIP Wealth LLC acquired a new stake in Agnico Eagle Mines during the 2nd quarter valued at approximately $1,167,000. Annex Advisory Services LLC increased its holdings in Agnico Eagle Mines by 70.5% during the 2nd quarter. Annex Advisory Services LLC now owns 29,007 shares of the mining company’s stock worth $4,500,000 after purchasing an additional 11,995 shares during the last quarter. RFG Advisory LLC acquired a new position in shares of Agnico Eagle Mines in the 4th quarter valued at approximately $1,122,000. Finally, Harvest Portfolios Group Inc. boosted its stake in shares of Agnico Eagle Mines by 45.7% during the 4th quarter. Harvest Portfolios Group Inc. now owns 137,292 shares of the mining company’s stock valued at $23,282,000 after buying an additional 43,051 shares during the last quarter. Hedge funds and other institutional investors own 68.34% of the company’s stock.

Agnico Eagle Mines Stock Up 0.4%

Shares of Agnico Eagle Mines stock opened at $217.02 on Monday. Agnico Eagle Mines Limited has a twelve month low of $133.80 and a twelve month high of $255.24. The stock has a market capitalization of $110.01 billion, a price-to-earnings ratio of 18.56, a PEG ratio of 2.69 and a beta of 0.61. The company has a current ratio of 2.86, a quick ratio of 2.02 and a debt-to-equity ratio of 0.01. The business’s 50 day simple moving average is $161.03 and its 200-day simple moving average is $186.68.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last issued its earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share for the quarter, topping the consensus estimate of $2.89 by $0.16. The firm had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.78 billion. Agnico Eagle Mines had a return on equity of 22.04% and a net margin of 40.44%.The firm’s revenue for the quarter was up 35.0% on a year-over-year basis. During the same period last year, the company earned $1.94 earnings per share. Equities research analysts forecast that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Barclays dropped their price target on shares of Agnico Eagle Mines from $210.00 to $188.00 and set an “overweight” rating for the company in a research note on Wednesday, July 15th. Scotia cut their target price on shares of Agnico Eagle Mines from $280.00 to $278.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 3rd. JPMorgan Chase & Co. upped their price objective on Agnico Eagle Mines from $175.00 to $179.00 and gave the company a “neutral” rating in a research note on Monday, August 3rd. Jefferies Financial Group upgraded Agnico Eagle Mines from a “hold” rating to a “buy” rating and lifted their target price for the stock from $187.00 to $200.00 in a research report on Monday, July 6th. Finally, Wall Street Zen lowered Agnico Eagle Mines from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. Twelve research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Agnico Eagle Mines presently has a consensus rating of “Moderate Buy” and an average target price of $226.00.

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.