Van Eck Associates Corp. recently announced the acquisition of new stake in Agnico Eagle Mines Limited (NYSE:AEM). The institutional investor has increased its shareholding in the Basic Materials company by 8.51% to 22.06 million shares with purchase of 1.73 million shares. This fresh investment now brings its stake to 4.84% valued currently at $1.02 billion. In addition, Fidelity Investments Canada ULC raised its holdings by 1.03 million to 18.34 million shares. And Massachusetts Financial Services has lifted its position by 3.90% or 0.5 million shares – to 13.29 million shares.
With over 3.28 million Agnico Eagle Mines Limited (AEM) shares trading Friday and a closing price of $45.42 on the day, the dollar volume was approximately $148.89 million. The shares have shown a positive half year performance of 5.75% and its price on 03/10/23 gained nearly 1.02%. Currently, there are 456.27M common shares owned by the public and among those 454.93M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 16 analysts who have offered their price forecasts for AEM have a consensus price objective of $62.34. The analysts have set the share’s price value over the next 12 months at a high of $90.00 and a low of $55.00. The average price target is 26.22% above its recent price level and an upside to the estimated low will see the stock gain 17.42% over that period. But an upside of 49.53% will see the stock hit the forecast high price target while median target price for the stock is $60.00.
The top 3 mutual fund holders in Agnico Eagle Mines Limited are VanEck Gold Miners ETF, DWS Top Dividende, and Vanguard Total International Stoc. VanEck Gold Miners ETF owns 18.4 million shares of the company’s stock, all valued at over $847.13 million. The company bought an additional 50646.0 shares recently to bring their total holdings to about 4.04% of the shares outstanding. DWS Top Dividende bought 0.73 million shares to see its total holdings expand to 8.6 million shares valued at over $395.76 million and representing 1.89% of the shares outstanding. Vanguard Total International Stoc sold 47010.0 shares to bring its total holdings to over 6.01 million shares at a value of $276.59 million. Vanguard Total International Stoc now owns shares totaling to 1.32% of the shares outstanding.
Shares of Agnico Eagle Mines Limited (NYSE: AEM) opened at $45.84, up $0.88 from a prior closing price of $44.96. However, the script later moved the day high at 47.00, up 1.02%. The company’s stock has a 5-day price change of -4.82% and -12.47% over the past three months. AEM shares are trading -12.64% year to date (YTD), with the 12-month market performance down to -26.17% lower. It has a 12-month low price of $36.69 and touched a high of $67.14 over the same period. AEM has an average intraday trading volume of 2.81 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -4.25%, -12.46%, and -4.34% respectively.
Institutional ownership of Agnico Eagle Mines Limited (NYSE: AEM) shares accounts for 78.10% of the company’s 456.27M shares outstanding. Mutual fund holders own 17.21%, while other institutional holders and individual stakeholders account for 52.22% and — respectively.
It has a market capitalization of $20.50B and a beta (3y monthly) value of 0.79. The stock’s trailing 12-month PE ratio is 30.02, while the earnings-per-share (ttm) stands at $1.51. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.83% over the week and 2.69% over the month.
Analysts forecast that Agnico Eagle Mines Limited (AEM) will achieve an EPS of $0.42 for the current quarter, $0.56 for the next quarter and $2.22 for 2023. The lowest estimate earnings-per-share for the quarter is $0.39 while analysts give the company a high EPS estimate of $0.45. Comparatively, EPS for the current quarter was $0.46 a year ago. Earnings per share for the fiscal year are expected to increase by 9.10%, and 18.44% over the next financial year. EPS should shrink at an annualized rate of -6.38% over the next five years, compared to 26.70% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 16 brokerage firm advisors rate Agnico Eagle Mines Limited (AEM) as a “Strong Buy” at a consensus score of 1.80. Specifically, 12 Wall Street analysts polled rate the stock as a buy, while 1 of the 16 advise that investors “hold,” and 0 rated it as a “Sell.”
BMO Capital Markets was of a view on February 10, 2022 that the stock is Outperform, while Barclays gave the stock Overweight rating on February 03, 2022, issuing a price target of $67- $69. National Bank Financial on their part issued Outperform rating on January 28, 2022.
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