Bank of Nova Scotia Purchases 390,875 Shares of Agnico Eagle Mines Limited $AEM

Bank of Nova Scotia raised its position in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 36.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,475,764 shares of the mining company’s stock after acquiring an additional 390,875 shares during the quarter. Bank of Nova Scotia owned approximately 0.29% of Agnico Eagle Mines worth $299,480,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sei Investments Co. grew its stake in shares of Agnico Eagle Mines by 42.2% in the first quarter. Sei Investments Co. now owns 20,736 shares of the mining company’s stock worth $4,209,000 after purchasing an additional 6,158 shares during the last quarter. Davis R M Inc. bought a new position in Agnico Eagle Mines during the 1st quarter valued at approximately $224,000. Alesco Advisors LLC An ESL Co bought a new position in Agnico Eagle Mines during the 1st quarter valued at approximately $344,000. Acumen Wealth Advisors LLC lifted its holdings in Agnico Eagle Mines by 1,866.4% in the 1st quarter. Acumen Wealth Advisors LLC now owns 2,989 shares of the mining company’s stock worth $607,000 after buying an additional 2,837 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings in Agnico Eagle Mines by 2.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 14,612 shares of the mining company’s stock worth $2,966,000 after buying an additional 328 shares during the period. 68.34% of the stock is owned by institutional investors.

Agnico Eagle Mines Stock Down 1.8%

AEM stock opened at $144.43 on Friday. Agnico Eagle Mines Limited has a fifty-two week low of $122.32 and a fifty-two week high of $255.24. The business’s 50 day moving average price is $161.15 and its two-hundred day moving average price is $190.77. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.18 and a current ratio of 3.15. The company has a market capitalization of $73.31 billion, a price-to-earnings ratio of 13.57, a price-to-earnings-growth ratio of 2.20 and a beta of 0.60.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its earnings results on Thursday, April 30th. The mining company reported $3.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.19 by $0.21. The firm had revenue of $4 billion during the quarter, compared to analyst estimates of $3.96 billion. Agnico Eagle Mines had a return on equity of 21.09% and a net margin of 39.46%.The business’s revenue was up 66.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.53 EPS. As a group, analysts forecast that Agnico Eagle Mines Limited will post 12.09 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

AEM has been the topic of several research analyst reports. TD boosted their target price on Agnico Eagle Mines from $251.00 to $252.00 and gave the company a “buy” rating in a research note on Tuesday, April 21st. Bank of America dropped their price target on Agnico Eagle Mines from $302.00 to $240.00 and set a “buy” rating for the company in a research note on Thursday, July 9th. Barclays cut their price target on shares of Agnico Eagle Mines from $210.00 to $188.00 and set an “overweight” rating on the stock in a report on Wednesday, July 15th. JPMorgan Chase & Co. reduced their price objective on shares of Agnico Eagle Mines from $222.00 to $175.00 and set a “neutral” rating on the stock in a research report on Tuesday. Finally, Jefferies Financial Group upgraded shares of Agnico Eagle Mines from a “hold” rating to a “buy” rating and upped their price objective for the stock from $187.00 to $200.00 in a report on Monday, July 6th. Twelve equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Agnico Eagle Mines currently has a consensus rating of “Moderate Buy” and a consensus price target of $230.00.

Key Headlines Impacting Agnico Eagle Mines

Here are the key news stories impacting Agnico Eagle Mines this week:

• Negative Sentiment: Zacks labeled AEM a “Bear of the Day,” saying earnings estimates have been cut as gold retreats, which weighs on near-term sentiment for the miner. Bear of the Day: Agnico Eagle Mines (AEM)
• Negative Sentiment: Another Zacks note said Agnico Eagle does not have the right setup for a likely earnings beat ahead of next week’s report, reinforcing caution around the upcoming results. Agnico Eagle Mines (AEM) Reports Next Week: Wall Street Expects Earnings Growth
• Negative Sentiment: JPMorgan reportedly lowered expectations for Agnico Eagle Mines, adding to the day’s bearish analyst tone. JPMorgan Chase & Co. Has Lowered Expectations for Agnico Eagle Mines (NYSE:AEM) Stock Price
• Negative Sentiment: A separate market wrap noted AEM fell more than the broader market, signaling selling pressure alongside the weaker sector backdrop. Agnico Eagle Mines (AEM) Dips More Than Broader Market: What You Should Know

Agnico Eagle Mines Company 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.