Equitable Holdings Inc. Invests $1.18 Million in Agnico Eagle Mines Limited $AEM

Equitable Holdings Inc. acquired a new stake in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) during the second quarter, according to its most recent disclosure with the SEC. The fund acquired 7,581 shares of the mining company’s stock, valued at approximately $1,176,000.

A number of other hedge funds also recently made changes to their positions in the stock. Harvey Capital Management Inc. purchased a new stake in Agnico Eagle Mines in the 2nd quarter worth approximately $3,876,000. Coastal Bridge Advisors LLC purchased a new position in Agnico Eagle Mines during the second quarter valued at approximately $343,000. Public Employees Retirement System of Ohio bought a new position in shares of Agnico Eagle Mines in the second quarter worth approximately $66,186,000. PenderFund Capital Management Ltd. bought a new position in shares of Agnico Eagle Mines in the second quarter worth approximately $1,135,000. Finally, Almitas Capital LLC purchased a new stake in shares of Agnico Eagle Mines in the second quarter worth $1,246,000. 68.34% of the stock is currently owned by institutional investors.

Agnico Eagle Mines Stock Performance

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. Agnico Eagle Mines Limited has a 1 year low of $134.38 and a 1 year high of $255.24. The stock’s 50 day simple moving average is $165.50 and its two-hundred day simple moving average is $187.44. The company has a market cap of $104.63 billion, a price-to-earnings ratio of 17.66, a PEG ratio of 2.68 and a beta of 0.60.

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

Analysts Set New Price Targets

A number of research firms recently weighed in on AEM. ATB Cormark Capital Markets upgraded shares of Agnico Eagle Mines from a “hold” rating to an “outperform” rating in a research note on Monday, May 4th. UBS Group cut their price target 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. Weiss Ratings cut Agnico Eagle Mines from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, July 2nd. Bank of America lowered their price objective on Agnico Eagle Mines from $302.00 to $240.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Finally, Royal Bank Of Canada dropped their price objective on Agnico Eagle Mines from $230.00 to $210.00 and set a “sector perform” rating for the company in a research note on Thursday, July 9th. Twelve equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $226.00.

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.