Gabelli Funds LLC Increases Position in Agnico Eagle Mines Ltd (AEM)

Gabelli Funds LLC lifted its holdings in Agnico Eagle Mines Ltd (NYSE:AEM) (TSE:AEM) by 5.8% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,507,832 shares of the mining company’s stock after purchasing an additional 83,000 shares during the period. Gabelli Funds LLC owned approximately 0.64% of Agnico Eagle Mines worth $51,568,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. CIBC Asset Management Inc grew its holdings in shares of Agnico Eagle Mines by 18.7% in the third quarter. CIBC Asset Management Inc now owns 2,187,783 shares of the mining company’s stock valued at $74,671,000 after purchasing an additional 344,435 shares in the last quarter. Wells Fargo & Company MN grew its holdings in shares of Agnico Eagle Mines by 23.2% in the third quarter. Wells Fargo & Company MN now owns 1,222,587 shares of the mining company’s stock valued at $41,812,000 after purchasing an additional 230,323 shares in the last quarter. Engineers Gate Manager LP grew its holdings in shares of Agnico Eagle Mines by 1,109.8% in the third quarter. Engineers Gate Manager LP now owns 54,442 shares of the mining company’s stock valued at $1,862,000 after purchasing an additional 49,942 shares in the last quarter. Majedie Asset Management Ltd grew its holdings in shares of Agnico Eagle Mines by 11.1% in the third quarter. Majedie Asset Management Ltd now owns 203,827 shares of the mining company’s stock valued at $6,971,000 after purchasing an additional 20,331 shares in the last quarter. Finally, Capital Management Corp VA acquired a new position in shares of Agnico Eagle Mines in the third quarter valued at approximately $11,011,000. Hedge funds and other institutional investors own 59.68% of the company’s stock.

Shares of AEM opened at $36.32 on Tuesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.88 and a current ratio of 2.94. The firm has a market capitalization of $8.71 billion, a price-to-earnings ratio of 98.05 and a beta of -0.59. Agnico Eagle Mines Ltd has a 1 year low of $32.18 and a 1 year high of $49.80.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its quarterly earnings data on Wednesday, October 24th. The mining company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.06. The company had revenue of $518.68 million for the quarter, compared to analysts’ expectations of $497.68 million. Agnico Eagle Mines had a net margin of 4.60% and a return on equity of 1.75%. Agnico Eagle Mines’s revenue was down 10.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.22 EPS. As a group, equities research analysts expect that Agnico Eagle Mines Ltd will post 0.15 EPS for the current year.

Several research analysts have commented on the stock. TheStreet cut shares of Agnico Eagle Mines from a “b-” rating to a “c+” rating in a report on Wednesday, September 5th. JPMorgan Chase & Co. lowered their price target on shares of Agnico Eagle Mines from $65.00 to $50.00 and set an “overweight” rating for the company in a report on Monday, September 17th. Citigroup lowered their price target on shares of Agnico Eagle Mines from $45.00 to $38.00 and set a “neutral” rating for the company in a report on Wednesday, August 29th. Credit Suisse Group reiterated an “outperform” rating on shares of Agnico Eagle Mines in a report on Monday, September 10th. Finally, Royal Bank of Canada reiterated a “buy” rating and set a $54.00 price target on shares of Agnico Eagle Mines in a report on Wednesday, September 19th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company’s stock. Agnico Eagle Mines currently has an average rating of “Buy” and an average price target of $54.25.

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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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Institutional Ownership by Quarter for Agnico Eagle Mines (NYSE:AEM)

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