PCM Encore LLC Takes Position in Agnico Eagle Mines Limited $AEM

PCM Encore LLC bought a new position in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) during the second quarter, according to its most recent filing with the SEC. The fund bought 4,004 shares of the mining company’s stock, valued at approximately $621,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Capital World Investors grew its position in Agnico Eagle Mines by 2.8% during the fourth quarter. Capital World Investors now owns 21,338,277 shares of the mining company’s stock valued at $3,618,730,000 after buying an additional 572,473 shares during the period. Vanguard Group Inc. raised its position in Agnico Eagle Mines by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 20,979,666 shares of the mining company’s stock worth $3,557,772,000 after acquiring an additional 309,717 shares during the period. Van ECK Associates Corp raised its position in Agnico Eagle Mines by 21.6% in the fourth quarter. Van ECK Associates Corp now owns 17,225,477 shares of the mining company’s stock worth $2,920,258,000 after acquiring an additional 3,062,705 shares during the period. TD Asset Management Inc boosted its stake in Agnico Eagle Mines by 1.7% in the fourth quarter. TD Asset Management Inc now owns 9,665,456 shares of the mining company’s stock valued at $1,641,239,000 after acquiring an additional 165,263 shares during the last quarter. Finally, Deutsche Bank AG purchased a new position in Agnico Eagle Mines in the second quarter valued at about $1,362,158,000. 68.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Canadian Imperial Bank of Commerce set a $285.00 target price on shares of Agnico Eagle Mines in a research report on Thursday, July 16th. Wall Street Zen cut shares of Agnico Eagle Mines from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. Jefferies Financial Group upgraded Agnico Eagle Mines from a “hold” rating to a “buy” rating and upped their price objective for the company from $187.00 to $200.00 in a research note on Monday, July 6th. JPMorgan Chase & Co. increased their price objective on Agnico Eagle Mines from $175.00 to $179.00 and gave the company a “neutral” rating in a report on Monday, August 3rd. Finally, Barclays decreased their target price on Agnico Eagle Mines from $210.00 to $188.00 and set an “overweight” rating for the company in a research report on Wednesday, July 15th. 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 stock. Based on data from MarketBeat.com, Agnico Eagle Mines presently has a consensus rating of “Moderate Buy” and a consensus price target of $226.00.

Agnico Eagle Mines Price Performance

Shares of NYSE:AEM opened at $211.40 on Friday. The company has a quick ratio of 2.02, a current ratio of 2.86 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $107.16 billion, a PE ratio of 18.08, a P/E/G ratio of 2.58 and a beta of 0.60. Agnico Eagle Mines Limited has a twelve month low of $133.80 and a twelve month high of $255.24. The company has a 50-day moving average price of $159.95 and a two-hundred day moving average price of $186.50.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted 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. Agnico Eagle Mines had a net margin of 40.44% and a return on equity of 22.04%. The firm had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $3.78 billion. During the same quarter last year, the company earned $1.94 earnings per share. The company’s revenue was up 35.0% on a year-over-year basis. Equities analysts forecast that Agnico Eagle Mines Limited will post 11.56 EPS for the current year.

Agnico Eagle Mines Profile

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.