Abbington Investment Group Invests $494,000 in Agnico Eagle Mines Limited $AEM

Abbington Investment Group bought a new stake in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 2,929 shares of the mining company’s stock, valued at approximately $494,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Ninety One UK Ltd increased its stake in Agnico Eagle Mines by 386.5% during the 3rd quarter. Ninety One UK Ltd now owns 188,189 shares of the mining company’s stock worth $31,703,000 after buying an additional 149,506 shares in the last quarter. Addenda Capital Inc. lifted its position in shares of Agnico Eagle Mines by 2.3% in the third quarter. Addenda Capital Inc. now owns 724,231 shares of the mining company’s stock valued at $122,076,000 after acquiring an additional 15,965 shares in the last quarter. Schroder Investment Management Group boosted its stake in shares of Agnico Eagle Mines by 12.7% in the second quarter. Schroder Investment Management Group now owns 438,080 shares of the mining company’s stock worth $52,101,000 after acquiring an additional 49,480 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Agnico Eagle Mines by 2.7% during the second quarter. Charles Schwab Investment Management Inc. now owns 1,178,532 shares of the mining company’s stock worth $140,135,000 after purchasing an additional 31,087 shares in the last quarter. Finally, Liontrust Investment Partners LLP increased its position in shares of Agnico Eagle Mines by 146.8% during the second quarter. Liontrust Investment Partners LLP now owns 151,451 shares of the mining company’s stock worth $18,012,000 after purchasing an additional 90,076 shares in the last quarter. Hedge funds and other institutional investors own 68.34% of the company’s stock.

Agnico Eagle Mines Price Performance

Shares of AEM stock opened at $186.29 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.12 and a quick ratio of 1.31. The company has a market capitalization of $93.47 billion, a PE ratio of 27.20, a price-to-earnings-growth ratio of 0.56 and a beta of 0.63. The firm’s 50-day moving average is $169.80 and its two-hundred day moving average is $152.47. Agnico Eagle Mines Limited has a 12 month low of $81.45 and a 12 month high of $187.50.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its quarterly earnings results on Wednesday, October 29th. The mining company reported $2.16 earnings per share for the quarter, beating the consensus estimate of $1.76 by $0.40. The business had revenue of $3.07 billion during the quarter, compared to analysts’ expectations of $2.93 billion. Agnico Eagle Mines had a net margin of 32.62% and a return on equity of 15.64%. During the same quarter in the prior year, the company posted $1.14 EPS. Analysts predict that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have weighed in on AEM. Raymond James Financial raised their price objective on Agnico Eagle Mines from $155.00 to $182.00 and gave the company an “outperform” rating in a report on Friday, October 10th. Scotiabank reissued an “outperform” rating on shares of Agnico Eagle Mines in a research note on Thursday, October 23rd. UBS Group boosted their price target on shares of Agnico Eagle Mines from $180.00 to $190.00 and gave the stock a “neutral” rating in a research report on Monday, December 1st. Zacks Research upgraded shares of Agnico Eagle Mines from a “hold” rating to a “strong-buy” rating in a report on Thursday, December 4th. Finally, Bank of America raised their target price on shares of Agnico Eagle Mines from $209.00 to $226.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Six research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $201.60.

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.