Royal Fund Management LLC Increases Stake in Agnico Eagle Mines Limited (NYSE:AEM)

Royal Fund Management LLC boosted its holdings in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 3.2% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 24,951 shares of the mining company’s stock after buying an additional 783 shares during the period. Royal Fund Management LLC’s holdings in Agnico Eagle Mines were worth $1,369,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Van ECK Associates Corp raised its stake in shares of Agnico Eagle Mines by 9.5% in the fourth quarter. Van ECK Associates Corp now owns 23,059,010 shares of the mining company’s stock valued at $1,264,791,000 after acquiring an additional 1,995,127 shares in the last quarter. ANTIPODES PARTNERS Ltd purchased a new stake in Agnico Eagle Mines during the 4th quarter worth about $41,610,000. The Manufacturers Life Insurance Company raised its position in Agnico Eagle Mines by 8.6% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 8,380,993 shares of the mining company’s stock valued at $383,555,000 after purchasing an additional 665,356 shares in the last quarter. Alberta Investment Management Corp boosted its stake in shares of Agnico Eagle Mines by 17.2% in the 3rd quarter. Alberta Investment Management Corp now owns 1,957,250 shares of the mining company’s stock valued at $89,350,000 after buying an additional 286,600 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of Agnico Eagle Mines by 1.6% during the third quarter. Vanguard Group Inc. now owns 17,224,538 shares of the mining company’s stock worth $782,855,000 after buying an additional 278,647 shares in the last quarter. Hedge funds and other institutional investors own 68.34% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on AEM. Jefferies Financial Group raised their target price on shares of Agnico Eagle Mines from $54.00 to $57.00 and gave the company a “hold” rating in a report on Monday, April 22nd. Raymond James raised their price objective on shares of Agnico Eagle Mines from $66.00 to $71.00 and gave the company an “outperform” rating in a report on Friday, January 12th. Citigroup boosted their target price on shares of Agnico Eagle Mines from $65.00 to $80.00 and gave the stock a “buy” rating in a research note on Tuesday. National Bank Financial restated an “outperform overweight” rating on shares of Agnico Eagle Mines in a research note on Monday, April 8th. Finally, CIBC upped their price objective on Agnico Eagle Mines from $80.00 to $81.00 and gave the stock an “outperform” rating in a research report on Tuesday. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Agnico Eagle Mines currently has a consensus rating of “Moderate Buy” and an average price target of $69.63.

Agnico Eagle Mines Stock Performance

Shares of AEM stock traded down $0.08 during trading hours on Friday, reaching $65.04. 1,909,377 shares of the company’s stock were exchanged, compared to its average volume of 3,578,693. The company has a market cap of $32.43 billion, a P/E ratio of 68.48, a price-to-earnings-growth ratio of 0.76 and a beta of 1.04. The company’s 50 day moving average is $58.51 and its two-hundred day moving average is $53.18. Agnico Eagle Mines Limited has a 1 year low of $43.22 and a 1 year high of $67.80. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.21 and a quick ratio of 0.88.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last released its quarterly earnings results on Thursday, April 25th. The mining company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.16. The business had revenue of $1.83 billion for the quarter, compared to analysts’ expectations of $1.78 billion. Agnico Eagle Mines had a return on equity of 6.09% and a net margin of 6.79%. The company’s revenue was up 21.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.57 EPS. Equities research analysts anticipate that Agnico Eagle Mines Limited will post 3.23 EPS for the current fiscal year.

Agnico Eagle Mines Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date is Friday, May 31st. Agnico Eagle Mines’s dividend payout ratio is currently 168.42%.

Agnico Eagle Mines 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.