Van ECK Associates Corp Sells 1,200,404 Shares of Agnico Eagle Mines Limited $AEM

Van ECK Associates Corp cut its position in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 5.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 20,012,872 shares of the mining company’s stock after selling 1,200,404 shares during the period. Agnico Eagle Mines makes up 2.0% of Van ECK Associates Corp’s holdings, making the stock its 14th largest position. Van ECK Associates Corp’s holdings in Agnico Eagle Mines were worth $3,104,544,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Wellington Management Group LLP purchased a new stake in Agnico Eagle Mines during the 2nd quarter worth approximately $27,993,000. Beacon Pointe Advisors LLC purchased a new position in shares of Agnico Eagle Mines in the second quarter valued at approximately $9,897,000. Pin Oak Investment Advisors Inc. acquired a new stake in shares of Agnico Eagle Mines in the second quarter worth approximately $1,123,000. 49 Wealth Management LLC acquired a new stake in shares of Agnico Eagle Mines in the second quarter worth approximately $396,000. Finally, Twin Lakes Capital Management LLC purchased a new stake in shares of Agnico Eagle Mines during the second quarter worth approximately $2,814,000. 68.34% of the stock is currently owned by hedge funds and other institutional investors.

Agnico Eagle Mines Stock Performance

Agnico Eagle Mines stock opened at $206.41 on Friday. Agnico Eagle Mines Limited has a 1-year low of $134.38 and a 1-year high of $255.24. The stock has a market cap of $104.63 billion, a price-to-earnings ratio of 17.66, a price-to-earnings-growth ratio of 2.68 and a beta of 0.60. The firm has a 50 day simple moving average of $165.50 and a 200-day simple moving average of $187.44. 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 (NYSE:AEM) (TSE:AEM) last posted its earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $3.77 billion during the quarter, compared to analysts’ expectations of $3.78 billion. During the same quarter last year, the firm earned $1.94 earnings per share. The firm’s quarterly revenue was up 35.0% compared to the same quarter last year. On average, analysts expect that Agnico Eagle Mines Limited will post 11.56 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on AEM shares. ATB Cormark Capital Markets raised shares of Agnico Eagle Mines from a “hold” rating to an “outperform” rating in a research note on Monday, May 4th. Scotiabank lowered their price target on shares of Agnico Eagle Mines from $278.00 to $260.00 and set a “sector outperform” rating on the stock in a research report on Tuesday, July 14th. Wall Street Zen cut shares of Agnico Eagle Mines from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. Zacks Research downgraded shares of Agnico Eagle Mines from a “hold” rating to a “strong sell” rating in a report on Friday, July 17th. Finally, Barclays lowered their target price on Agnico Eagle Mines from $210.00 to $188.00 and set an “overweight” rating on the stock in a report on Wednesday, July 15th. 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $226.00.

Agnico Eagle Mines 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.