Nissay Asset Management Corp Japan Sells 5,613 Shares of Agnico Eagle Mines Limited $AEM

Nissay Asset Management Corp Japan decreased its stake in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 60.5% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 3,670 shares of the mining company’s stock after selling 5,613 shares during the period. Nissay Asset Management Corp Japan’s holdings in Agnico Eagle Mines were worth $569,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Deutsche Bank AG bought a new stake in shares of Agnico Eagle Mines during the second quarter valued at about $1,362,158,000. Norges Bank bought a new position in shares of Agnico Eagle Mines in the fourth quarter valued at approximately $1,367,783,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Agnico Eagle Mines during the second quarter valued at approximately $927,602,000. Bank of America Corp DE purchased a new position in Agnico Eagle Mines during the second quarter valued at approximately $844,096,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Agnico Eagle Mines during the 2nd quarter worth approximately $608,054,000. Hedge funds and other institutional investors own 68.34% of the company’s stock.

Analysts Set New Price Targets

AEM has been the topic of several recent analyst reports. JPMorgan Chase & Co. increased their target price on shares of Agnico Eagle Mines from $175.00 to $179.00 and gave the stock a “neutral” rating in a research note on Monday, August 3rd. Weiss Ratings cut shares of Agnico Eagle Mines from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, July 2nd. Barclays lowered their price objective on Agnico Eagle Mines from $210.00 to $188.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 15th. Jefferies Financial Group raised Agnico Eagle Mines from a “hold” rating to a “buy” rating and lifted their price objective for the company from $187.00 to $200.00 in a research note on Monday, July 6th. Finally, Royal Bank Of Canada reduced their target price on Agnico Eagle Mines from $230.00 to $210.00 and set a “sector perform” 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 issued a Sell rating to the company. Based on data from MarketBeat, Agnico Eagle Mines currently has an average rating of “Moderate Buy” and an average target price of $226.00.

Agnico Eagle Mines Price Performance

Shares of Agnico Eagle Mines stock opened at $193.42 on Wednesday. The company has a current ratio of 2.86, a quick ratio of 2.02 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $98.04 billion, a PE ratio of 16.55, a price-to-earnings-growth ratio of 2.53 and a beta of 0.67. The business’s 50-day moving average price is $166.89 and its 200-day moving average price is $187.06. Agnico Eagle Mines Limited has a 12 month low of $134.38 and a 12 month high of $255.24.

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

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.