Progeny 3 Inc. Invests $18.15 Million in Agnico Eagle Mines Limited (NYSE:AEM)

Progeny 3 Inc. bought a new stake in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 277,535 shares of the mining company’s stock, valued at approximately $18,151,000. Agnico Eagle Mines makes up about 1.7% of Progeny 3 Inc.’s investment portfolio, making the stock its 21st largest position. Progeny 3 Inc. owned approximately 0.06% of Agnico Eagle Mines as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. FIL Ltd raised its stake in Agnico Eagle Mines by 16.4% during the 4th quarter. FIL Ltd now owns 20,107,126 shares of the mining company’s stock worth $1,102,481,000 after buying an additional 2,831,794 shares during the period. TD Asset Management Inc lifted its holdings in shares of Agnico Eagle Mines by 41.9% during the 4th quarter. TD Asset Management Inc now owns 4,274,964 shares of the mining company’s stock valued at $235,535,000 after purchasing an additional 1,261,482 shares in the last quarter. Capital World Investors grew its position in shares of Agnico Eagle Mines by 12.0% in the 4th quarter. Capital World Investors now owns 9,690,000 shares of the mining company’s stock valued at $531,284,000 after purchasing an additional 1,034,721 shares during the period. Capital Wealth Planning LLC raised its holdings in Agnico Eagle Mines by 62.3% during the 1st quarter. Capital Wealth Planning LLC now owns 2,620,345 shares of the mining company’s stock worth $156,304,000 after buying an additional 1,006,001 shares during the period. Finally, National Bank of Canada FI lifted its stake in Agnico Eagle Mines by 27.9% in the first quarter. National Bank of Canada FI now owns 4,007,554 shares of the mining company’s stock valued at $239,051,000 after buying an additional 874,920 shares in the last quarter. 68.34% of the stock is owned by institutional investors.

Agnico Eagle Mines Trading Down 0.6 %

Shares of AEM stock opened at $82.63 on Tuesday. The stock has a 50 day simple moving average of $78.33 and a 200 day simple moving average of $69.25. Agnico Eagle Mines Limited has a 1 year low of $43.22 and a 1 year high of $84.65. The company has a current ratio of 1.51, a quick ratio of 0.76 and a debt-to-equity ratio of 0.06. The stock has a market cap of $41.34 billion, a P/E ratio of 86.98, a price-to-earnings-growth ratio of 0.77 and a beta of 1.10.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its quarterly earnings results on Wednesday, July 31st. The mining company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.14. Agnico Eagle Mines had a net margin of 8.44% and a return on equity of 7.16%. The business had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same quarter last year, the business posted $0.65 EPS. The firm’s revenue for the quarter was up 20.9% on a year-over-year basis. On average, research analysts predict that Agnico Eagle Mines Limited will post 3.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on AEM shares. CIBC lifted their price target on Agnico Eagle Mines from $81.00 to $101.00 and gave the company an “outperformer” rating in a research note on Wednesday, July 10th. BMO Capital Markets reduced their price objective on shares of Agnico Eagle Mines from $79.00 to $77.00 and set an “outperform” rating for the company in a research note on Thursday, June 20th. StockNews.com upgraded shares of Agnico Eagle Mines from a “hold” rating to a “buy” rating in a research note on Thursday, June 27th. Jefferies Financial Group lifted their target price on Agnico Eagle Mines from $59.00 to $66.00 and gave the stock a “hold” rating in a research note on Friday, July 12th. Finally, TD Securities increased their price target on Agnico Eagle Mines from $90.00 to $91.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Agnico Eagle Mines presently has an average rating of “Moderate Buy” and a consensus price target of $84.67.

About Agnico Eagle Mines

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.