Van ECK Associates Corp Sells 1,200,404 Shares of Agnico Eagle Mines Limited $AEM

Van ECK Associates Corp trimmed its position in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 5.7% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 20,012,872 shares of the mining company’s stock after selling 1,200,404 shares during the quarter. Agnico Eagle Mines makes up approximately 2.0% of Van ECK Associates Corp’s holdings, making the stock its 14th largest position. Van ECK Associates Corp owned 3.95% of Agnico Eagle Mines worth $3,104,544,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in AEM. Wellington Management Group LLP bought a new position in shares of Agnico Eagle Mines in the 2nd quarter worth about $27,993,000. Beacon Pointe Advisors LLC purchased a new stake in shares of Agnico Eagle Mines in the 2nd quarter worth approximately $9,897,000. Pin Oak Investment Advisors Inc. purchased a new position in Agnico Eagle Mines during the second quarter valued at $1,123,000. 49 Wealth Management LLC bought a new stake in Agnico Eagle Mines in the second quarter worth $396,000. Finally, Twin Lakes Capital Management LLC purchased a new stake in shares of Agnico Eagle Mines in the second quarter worth $2,814,000. Hedge funds and other institutional investors own 68.34% of the company’s stock.

Agnico Eagle Mines Stock Down 4.2%

AEM opened at $206.41 on Friday. The company has a current ratio of 2.86, a quick ratio of 2.02 and a debt-to-equity ratio of 0.01. Agnico Eagle Mines Limited has a 1-year low of $134.38 and a 1-year high of $255.24. The company has a market capitalization of $104.63 billion, a PE ratio of 17.66, a PEG ratio of 2.68 and a beta of 0.60. The firm’s 50 day simple moving average is $165.50 and its two-hundred day simple moving average is $187.44.

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

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Bank of America dropped their price target on shares of Agnico Eagle Mines from $302.00 to $240.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. Jefferies Financial Group upgraded Agnico Eagle Mines from a “hold” rating to a “buy” rating and boosted their price target for the stock from $187.00 to $200.00 in a research note on Monday, July 6th. Scotiabank lowered their price target on Agnico Eagle Mines from $278.00 to $260.00 and set a “sector outperform” rating on the stock in a report on Tuesday, July 14th. Canadian Imperial Bank of Commerce set a $285.00 price objective on Agnico Eagle Mines in a research report on Thursday, July 16th. Finally, Zacks Research downgraded Agnico Eagle Mines from a “hold” rating to a “strong sell” rating in a report on Friday, July 17th. Twelve analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target 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.