Pictet Asset Management Ltd. lessened its position in shares of Agnico Eagle Mines Ltd (NYSE:AEM) (TSE:AEM) by 2.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 93,066 shares of the mining company’s stock after selling 2,300 shares during the quarter. Pictet Asset Management Ltd.’s holdings in Agnico Eagle Mines were worth $4,047,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in AEM. PNC Financial Services Group Inc. grew its stake in shares of Agnico Eagle Mines by 2.5% during the first quarter. PNC Financial Services Group Inc. now owns 292,373 shares of the mining company’s stock worth $12,717,000 after purchasing an additional 7,209 shares in the last quarter. Signaturefd LLC grew its stake in shares of Agnico Eagle Mines by 36.2% during the first quarter. Signaturefd LLC now owns 1,743 shares of the mining company’s stock worth $76,000 after purchasing an additional 463 shares in the last quarter. Wetherby Asset Management Inc. acquired a new position in shares of Agnico Eagle Mines during the first quarter worth $215,000. Shell Asset Management Co. grew its stake in shares of Agnico Eagle Mines by 0.7% during the first quarter. Shell Asset Management Co. now owns 193,903 shares of the mining company’s stock worth $8,433,000 after purchasing an additional 1,300 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new position in shares of Agnico Eagle Mines during the first quarter worth $43,947,000. 62.14% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts recently commented on AEM shares. Desjardins reiterated an “average” rating and set a $63.00 target price on shares of Agnico Eagle Mines in a research note on Wednesday, May 15th. CIBC restated a “buy” rating and issued a $59.00 price objective on shares of Agnico Eagle Mines in a research note on Monday, June 24th. ValuEngine upgraded shares of Agnico Eagle Mines from a “hold” rating to a “buy” rating in a research note on Monday, May 20th. GMP Securities upgraded shares of Agnico Eagle Mines from a “hold” rating to a “buy” rating in a research note on Tuesday, April 23rd. Finally, Barclays downgraded shares of Agnico Eagle Mines from an “overweight” rating to an “equal weight” rating and set a $43.60 price objective for the company. in a research note on Tuesday, April 9th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $51.51.
Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its quarterly earnings results on Thursday, April 25th. The mining company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.07. Agnico Eagle Mines had a negative net margin of 15.60% and a positive return on equity of 1.47%. The firm had revenue of $532.20 million during the quarter, compared to analysts’ expectations of $515.52 million. During the same period in the prior year, the company posted $0.15 earnings per share. The firm’s revenue for the quarter was down 8.0% on a year-over-year basis. On average, sell-side analysts forecast that Agnico Eagle Mines Ltd will post 0.51 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were given a dividend of $0.219 per share. The ex-dividend date was Thursday, May 30th. This represents a $0.88 dividend on an annualized basis and a yield of 1.74%. This is a positive change from Agnico Eagle Mines’s previous quarterly dividend of $0.11.
About Agnico Eagle Mines
Agnico Eagle Mines Limited engages in the exploration, development, and production of mineral properties in Canada, Mexico, and Finland. The company operates through Northern Business and Southern Business segments. It primarily produces and sells gold deposit, as well as explores for silver, zinc, and copper deposits.
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