Foundation Resource Management Inc. Trims Stake in Agnico Eagle Mines Limited (NYSE:AEM)

Foundation Resource Management Inc. lessened its stake in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 0.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 317,316 shares of the mining company’s stock after selling 2,103 shares during the quarter. Agnico Eagle Mines comprises about 3.9% of Foundation Resource Management Inc.’s investment portfolio, making the stock its 9th largest holding. Foundation Resource Management Inc. owned about 0.06% of Agnico Eagle Mines worth $25,563,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD grew its holdings in Agnico Eagle Mines by 13.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,071,399 shares of the mining company’s stock valued at $113,618,000 after purchasing an additional 243,467 shares during the period. 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. Scarborough Advisors LLC bought a new position in Agnico Eagle Mines during the fourth quarter worth about $47,000. Integrated Advisors Network LLC grew its stake in Agnico Eagle Mines by 4.2% in the fourth quarter. Integrated Advisors Network LLC now owns 15,000 shares of the mining company’s stock valued at $823,000 after acquiring an additional 600 shares during the period. Finally, Creekmur Asset Management LLC bought a new stake in shares of Agnico Eagle Mines in the fourth quarter worth about $54,000. Institutional investors and hedge funds own 68.34% of the company’s stock.

Analysts Set New Price Targets

AEM has been the subject of several research analyst reports. Scotiabank boosted their price objective on Agnico Eagle Mines from $81.00 to $94.00 and gave the company a “sector outperform” rating in a research report on Monday, August 19th. UBS Group initiated coverage on shares of Agnico Eagle Mines in a report on Tuesday, September 17th. They set a “buy” rating and a $95.00 price objective on the stock. Royal Bank of Canada upped their target price on shares of Agnico Eagle Mines from $80.00 to $87.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. BMO Capital Markets dropped their price target on Agnico Eagle Mines from $79.00 to $77.00 and set an “outperform” rating on the stock in a research note on Thursday, June 20th. Finally, StockNews.com upgraded Agnico Eagle Mines from a “hold” rating to a “buy” rating in a report on Thursday, June 27th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $86.78.

Agnico Eagle Mines Stock Up 0.1 %

AEM stock opened at $79.46 on Friday. The company has a market cap of $39.87 billion, a price-to-earnings ratio of 64.60, a P/E/G ratio of 0.71 and a beta of 1.10. Agnico Eagle Mines Limited has a twelve month low of $44.37 and a twelve month high of $85.14. The business has a 50 day moving average price of $79.93 and a two-hundred day moving average price of $71.51. The company has a quick ratio of 0.76, a current ratio of 1.51 and a debt-to-equity ratio of 0.06.

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

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.