Muhlenkamp & Co. Inc. Invests $21.49 Million in Agnico Eagle Mines Limited $AEM

Muhlenkamp & Co. Inc. purchased a new stake in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 138,521 shares of the mining company’s stock, valued at approximately $21,489,000. Agnico Eagle Mines makes up about 6.2% of Muhlenkamp & Co. Inc.’s portfolio, making the stock its 3rd largest position.

Other large investors have also recently modified their holdings of the company. K.J. Harrison & Partners Inc acquired a new stake in shares of Agnico Eagle Mines during the second quarter worth $6,923,000. BIP Wealth LLC acquired a new position in Agnico Eagle Mines in the second quarter valued at $1,167,000. Annex Advisory Services LLC lifted its holdings in Agnico Eagle Mines by 70.5% in the second quarter. Annex Advisory Services LLC now owns 29,007 shares of the mining company’s stock valued at $4,500,000 after buying an additional 11,995 shares during the period. RFG Advisory LLC bought a new stake in Agnico Eagle Mines during the fourth quarter valued at $1,122,000. Finally, Harvest Portfolios Group Inc. boosted its position in Agnico Eagle Mines by 45.7% during the fourth quarter. Harvest Portfolios Group Inc. now owns 137,292 shares of the mining company’s stock valued at $23,282,000 after acquiring 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 Down 4.2%

Shares of NYSE AEM opened at $206.41 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.86 and a quick ratio of 2.02. The company has a 50-day moving average price of $165.50 and a 200-day moving average price of $187.44. The stock has a market capitalization of $104.63 billion, a P/E ratio of 17.66, a P/E/G ratio of 2.68 and a beta of 0.60. Agnico Eagle Mines Limited has a 1 year low of $134.38 and a 1 year high of $255.24.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its quarterly earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share for the quarter, beating the consensus estimate of $2.89 by $0.16. The business had revenue of $3.77 billion for the quarter, compared to analysts’ expectations of $3.78 billion. Agnico Eagle Mines had a net margin of 40.44% and a return on equity of 22.04%. The firm’s revenue for the quarter was up 35.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.94 EPS. On average, equities research analysts forecast that Agnico Eagle Mines Limited will post 11.56 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on AEM shares. JPMorgan Chase & Co. lifted their price objective on Agnico Eagle Mines from $175.00 to $179.00 and gave the stock a “neutral” rating in a research report on Monday, August 3rd. UBS Group decreased their target price on Agnico Eagle Mines from $210.00 to $170.00 and set a “neutral” rating for the company in a research note on Tuesday, June 30th. Citigroup lowered their target price on Agnico Eagle Mines from $256.00 to $200.00 and set a “buy” rating for the company in a report on Monday, July 27th. Canadian Imperial Bank of Commerce set a $285.00 price target on Agnico Eagle Mines in a report on Thursday, July 16th. Finally, Bank of America reduced their price objective on shares of Agnico Eagle Mines from $302.00 to $240.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. Twelve research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average 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.