Citigroup Inc. Grows Stock Position in Agnico Eagle Mines Limited (NYSE:AEM)

Citigroup Inc. raised its stake in shares of Agnico Eagle Mines Limited (NYSE:AEMGet Rating) (TSE:AEM) by 69.0% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 339,630 shares of the mining company’s stock after acquiring an additional 138,614 shares during the period. Citigroup Inc.’s holdings in Agnico Eagle Mines were worth $20,801,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of AEM. Smith Moore & CO. increased its stake in shares of Agnico Eagle Mines by 8.1% in the 1st quarter. Smith Moore & CO. now owns 7,976 shares of the mining company’s stock valued at $488,000 after purchasing an additional 597 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its stake in shares of Agnico Eagle Mines by 37.6% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,795 shares of the mining company’s stock valued at $171,000 after purchasing an additional 764 shares in the last quarter. Scheer Rowlett & Associates Investment Management Ltd. purchased a new position in shares of Agnico Eagle Mines in the 1st quarter valued at about $22,471,000. PCJ Investment Counsel Ltd. acquired a new position in Agnico Eagle Mines during the first quarter worth $5,395,000. Finally, Private Advisor Group LLC lifted its holdings in Agnico Eagle Mines by 16.9% during the first quarter. Private Advisor Group LLC now owns 53,918 shares of the mining company’s stock valued at $3,302,000 after purchasing an additional 7,778 shares in the last quarter. Hedge funds and other institutional investors own 57.62% of the company’s stock.

Wall Street Analyst Weigh In

AEM has been the topic of several recent analyst reports. Barclays decreased their price objective on shares of Agnico Eagle Mines from $70.00 to $62.00 and set an “overweight” rating on the stock in a report on Tuesday, July 19th. TheStreet cut Agnico Eagle Mines from a “b-” rating to a “c” rating in a report on Tuesday, July 12th. National Bank Financial decreased their target price on Agnico Eagle Mines from C$98.00 to C$75.00 in a research report on Thursday, July 21st. Raymond James decreased their target price on Agnico Eagle Mines from $76.00 to $72.00 and set an “outperform” rating on the stock in a research report on Friday, May 13th. Finally, Stifel Nicolaus decreased their target price on Agnico Eagle Mines from C$100.00 to C$89.00 in a research report on Wednesday, July 20th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Agnico Eagle Mines currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.89.

Agnico Eagle Mines Stock Performance

Shares of Agnico Eagle Mines stock opened at $41.56 on Friday. Agnico Eagle Mines Limited has a one year low of $38.02 and a one year high of $67.14. The company has a market cap of $18.96 billion, a price-to-earnings ratio of 23.61, a PEG ratio of 19.28 and a beta of 0.81. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.48 and a current ratio of 2.58. The business’s 50 day moving average price is $44.06 and its 200 day moving average price is $52.42.

Agnico Eagle Mines Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Thursday, September 1st will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, August 31st. This represents a $1.60 dividend on an annualized basis and a yield of 3.85%. Agnico Eagle Mines’s payout ratio is 90.91%.

About Agnico Eagle Mines

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Agnico Eagle Mines Limited engages in the exploration, development, and production of mineral properties in Canada, Mexico, and Finland. It operates through Northern Business and Southern Business segments. The company primarily produces and sells gold deposits, as well as explores for silver, zinc, and copper deposits.

Further Reading

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

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