Geode Capital Management LLC Buys 342,113 Shares of Agnico Eagle Mines Limited $AEM

Geode Capital Management LLC grew its stake in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 7.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,108,126 shares of the mining company’s stock after acquiring an additional 342,113 shares during the period. Geode Capital Management LLC owned 1.02% of Agnico Eagle Mines worth $893,167,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. MCF Advisors LLC purchased a new stake in shares of Agnico Eagle Mines in the 3rd quarter worth $34,000. Abound Wealth Management lifted its holdings in shares of Agnico Eagle Mines by 99.0% in the 4th quarter. Abound Wealth Management now owns 209 shares of the mining company’s stock worth $35,000 after buying an additional 104 shares during the period. Lodestone Wealth Management LLC purchased a new stake in shares of Agnico Eagle Mines in the 4th quarter worth $35,000. Caitlin John LLC purchased a new stake in shares of Agnico Eagle Mines in the 3rd quarter worth $36,000. Finally, Bangor Savings Bank purchased a new stake in shares of Agnico Eagle Mines in the 4th quarter worth $37,000. 68.34% of the stock is currently owned by hedge funds and other institutional investors.

Agnico Eagle Mines Trading Up 3.1%

Shares of NYSE:AEM opened at $183.56 on Friday. Agnico Eagle Mines Limited has a 12-month low of $114.60 and a 12-month high of $255.24. The business’s fifty day simple moving average is $195.01 and its 200-day simple moving average is $194.38. The company has a market capitalization of $91.87 billion, a PE ratio of 17.25, a P/E/G ratio of 3.88 and a beta of 0.58. The company has a current ratio of 3.15, a quick ratio of 2.18 and a debt-to-equity ratio of 0.01.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last released its quarterly earnings results on Thursday, April 30th. The mining company reported $3.40 earnings per share for the quarter, beating analysts’ consensus estimates of $3.19 by $0.21. Agnico Eagle Mines had a net margin of 39.46% and a return on equity of 21.09%. The business had revenue of $4 billion for the quarter, compared to analysts’ expectations of $3.96 billion. During the same period last year, the business earned $1.53 EPS. The company’s revenue was up 66.1% compared to the same quarter last year. As a group, equities research analysts predict that Agnico Eagle Mines Limited will post 13.14 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on AEM shares. JPMorgan Chase & Co. upped their target price on Agnico Eagle Mines from $220.00 to $222.00 and gave the stock a “neutral” rating in a report on Monday, May 4th. ATB Cormark Capital Markets upgraded shares of Agnico Eagle Mines from a “hold” rating to an “outperform” rating in a report on Monday, May 4th. Canadian Imperial Bank of Commerce boosted their price target on shares of Agnico Eagle Mines from C$304.00 to C$310.00 and gave the company an “outperform” rating in a report on Tuesday. Barclays initiated coverage on shares of Agnico Eagle Mines in a report on Thursday, May 21st. They issued an “overweight” rating and a $213.00 price target for the company. Finally, Scotiabank restated an “outperform” rating and issued a $280.00 price target on shares of Agnico Eagle Mines in a report on Tuesday, February 17th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $236.08.

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.