Agnico Eagle Mines Limited $AEM Shares Sold by Red Cedar Investment Management LLC

Red Cedar Investment Management LLC reduced its stake in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 20.5% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 16,701 shares of the mining company’s stock after selling 4,296 shares during the period. Red Cedar Investment Management LLC’s holdings in Agnico Eagle Mines were worth $3,061,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Fortitude Family Office LLC raised its holdings in shares of Agnico Eagle Mines by 600.0% during the 3rd quarter. Fortitude Family Office LLC now owns 140 shares of the mining company’s stock worth $26,000 after acquiring an additional 120 shares during the period. Markowski Investments acquired a new position in shares of Agnico Eagle Mines during the 2nd quarter valued at about $29,000. Sawyer & Company Inc acquired a new position in shares of Agnico Eagle Mines during the 3rd quarter valued at about $35,000. Dunhill Financial LLC acquired a new position in shares of Agnico Eagle Mines during the 2nd quarter valued at about $31,000. Finally, Fiduciary Financial Advisors purchased a new stake in shares of Agnico Eagle Mines in the second quarter valued at about $32,000. 68.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Raymond James Financial cut their price objective on shares of Agnico Eagle Mines from $230.00 to $225.00 and set an “outperform” rating for the company in a research report on Friday, September 4th. Weiss Ratings raised shares of Agnico Eagle Mines from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, October 14th. JPMorgan Chase & Co. boosted their target price on shares of Agnico Eagle Mines from $190.00 to $193.00 and gave the company a “neutral” rating in a report on Friday, October 30th. Royal Bank Of Canada increased their price target on shares of Agnico Eagle Mines from $210.00 to $225.00 and gave the company a “sector perform” rating in a research note on Wednesday, September 16th. Finally, Scotiabank cut their price target on shares of Agnico Eagle Mines from $278.00 to $260.00 and set a “sector outperform” rating for the company in a report on Tuesday, July 14th. Thirteen equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $227.00.

Agnico Eagle Mines Price Performance

NYSE:AEM opened at $200.58 on Tuesday. Agnico Eagle Mines Limited has a 52 week low of $134.38 and a 52 week high of $255.24. The company has a quick ratio of 1.90, a current ratio of 2.75 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $101.47 billion, a P/E ratio of 16.36, a P/E/G ratio of 2.79 and a beta of 0.69. The stock’s fifty day moving average is $188.86 and its two-hundred day moving average is $188.93.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its quarterly earnings results on Wednesday, October 28th. The mining company reported $2.62 EPS for the quarter, beating the consensus estimate of $2.47 by $0.15. The business had revenue of $3.54 billion for the quarter, compared to analyst estimates of $3.51 billion. Agnico Eagle Mines had a return on equity of 21.68% and a net margin of 41.01%. The company’s quarterly revenue was up 17.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.10 EPS. Equities analysts expect that Agnico Eagle Mines Limited will post 11.42 EPS for the current year.

Agnico Eagle Mines Company Profile

Agnico Eagle Mines Limited (NYSE:AEM) is a Canadian gold mining company engaged in the exploration, development and production of gold, as well as related activities such as mineral processing and mine-site reclamation. The company’s principal product is gold, with silver and other byproducts also recovered from certain operations.

Founded in 1957 through the merger of Agnico Mines and Eagle Mines, Agnico Eagle has grown into one of the world’s largest gold producers. Its operating portfolio is concentrated in established mining regions, including the Canadian provinces of Ontario and Quebec, Nunavut in northern Canada, and Finland.