OLD National Bancorp IN Makes New Investment in Agnico Eagle Mines Limited (NYSE:AEM)

OLD National Bancorp IN acquired a new position in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) during the third quarter, according to its most recent filing with the SEC. The firm acquired 2,884 shares of the mining company’s stock, valued at approximately $232,000.

Other hedge funds have also recently made changes to their positions in the company. Van ECK Associates Corp increased its position in shares of Agnico Eagle Mines by 0.3% during the second quarter. Van ECK Associates Corp now owns 22,320,085 shares of the mining company’s stock valued at $1,459,741,000 after buying an additional 58,681 shares during the period. Massachusetts Financial Services Co. MA raised its position in shares of Agnico Eagle Mines by 1.0% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 13,281,926 shares of the mining company’s stock worth $868,638,000 after acquiring an additional 134,872 shares in the last quarter. Capital World Investors boosted its position in shares of Agnico Eagle Mines by 0.8% during the first quarter. Capital World Investors now owns 9,769,275 shares of the mining company’s stock valued at $582,529,000 after purchasing an additional 79,275 shares in the last quarter. First Eagle Investment Management LLC grew its stake in Agnico Eagle Mines by 10.8% in the first quarter. First Eagle Investment Management LLC now owns 6,891,385 shares of the mining company’s stock worth $411,106,000 after purchasing an additional 672,503 shares during the period. Finally, CIBC Asset Management Inc raised its holdings in Agnico Eagle Mines by 4.1% in the second quarter. CIBC Asset Management Inc now owns 6,083,606 shares of the mining company’s stock worth $397,657,000 after purchasing an additional 237,347 shares in the last quarter. 68.34% of the stock is owned by hedge funds and other institutional investors.

Agnico Eagle Mines Price Performance

AEM opened at $88.64 on Thursday. The stock has a 50-day moving average price of $81.23 and a 200-day moving average price of $72.85. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.51 and a quick ratio of 0.76. The firm has a market cap of $44.34 billion, a PE ratio of 93.31, a P/E/G ratio of 0.71 and a beta of 1.10. Agnico Eagle Mines Limited has a 1 year low of $44.37 and a 1 year high of $88.64.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last issued its earnings results on Wednesday, July 31st. The mining company reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.14. Agnico Eagle Mines had a return on equity of 7.16% and a net margin of 8.44%. The business had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.03 billion. During the same quarter in the previous year, the firm earned $0.65 EPS. Agnico Eagle Mines’s revenue was up 20.9% on a year-over-year basis. Sell-side analysts predict that Agnico Eagle Mines Limited will post 3.88 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on AEM. TD Securities boosted their target price on shares of Agnico Eagle Mines from $90.00 to $91.00 and gave the company a “buy” rating in a report on Friday, August 2nd. CIBC boosted their target price on shares of Agnico Eagle Mines from $81.00 to $101.00 and gave the company an “outperformer” rating in a report on Wednesday, July 10th. Royal Bank of Canada boosted their target price on shares of Agnico Eagle Mines from $80.00 to $87.00 and gave the company an “outperform” rating in a report on Tuesday, September 10th. Jefferies Financial Group boosted their target price on shares of Agnico Eagle Mines from $68.00 to $85.00 and gave the company a “hold” rating in a report on Friday, October 4th. Finally, StockNews.com upgraded shares of Agnico Eagle Mines from a “hold” rating to a “buy” rating in a report on Thursday, June 27th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Agnico Eagle Mines currently has an average rating of “Moderate Buy” and an average price target of $86.78.

Agnico Eagle Mines Company Profile

Agnico Eagle Mines Limited, a gold mining company, exploration, development, and production of precious metals. It explores for gold. The company's mines are located in Canada, Australia, Finland and Mexico, with exploration and development activities in Canada, Australia, Europe, Latin America, and the United States.