Zweig DiMenna Associates LLC Trims Stock Holdings in Agnico Eagle Mines Limited (NYSE:AEM)

Zweig DiMenna Associates LLC reduced its stake in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 7.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 81,000 shares of the mining company’s stock after selling 6,700 shares during the period. Zweig DiMenna Associates LLC’s holdings in Agnico Eagle Mines were worth $6,525,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Financial Sense Advisors Inc. boosted its position in shares of Agnico Eagle Mines by 372.3% in the first quarter. Financial Sense Advisors Inc. now owns 62,330 shares of the mining company’s stock worth $3,718,000 after purchasing an additional 49,132 shares during the period. Manning & Napier Advisors LLC purchased a new stake in Agnico Eagle Mines in the 2nd quarter worth $2,595,000. Capital Wealth Planning LLC raised its holdings in Agnico Eagle Mines by 62.3% during the first quarter. Capital Wealth Planning LLC now owns 2,620,345 shares of the mining company’s stock valued at $156,304,000 after acquiring an additional 1,006,001 shares during the period. Principal Financial Group Inc. bought a new stake in Agnico Eagle Mines during the first quarter valued at about $1,388,000. Finally, GSA Capital Partners LLP purchased a new position in shares of Agnico Eagle Mines in the first quarter valued at about $878,000. 68.34% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on AEM shares. CIBC lifted their target price on Agnico Eagle Mines from $81.00 to $101.00 and gave the company an “outperformer” rating in a research note on Wednesday, July 10th. Royal Bank of Canada lifted their price objective on shares of Agnico Eagle Mines from $80.00 to $87.00 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. TD Securities upped their target price on shares of Agnico Eagle Mines from $90.00 to $91.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. StockNews.com upgraded shares of Agnico Eagle Mines from a “hold” rating to a “buy” rating in a report on Thursday, June 27th. Finally, Scotiabank increased their price objective on shares of Agnico Eagle Mines from $81.00 to $94.00 and gave the company a “sector outperform” rating in a report on Monday, August 19th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Agnico Eagle Mines currently has a consensus rating of “Moderate Buy” and a consensus price target of $86.78.

Agnico Eagle Mines Stock Performance

Agnico Eagle Mines stock opened at $87.97 on Friday. The company’s 50-day moving average price is $81.64 and its 200-day moving average price is $73.06. The company has a quick ratio of 0.76, a current ratio of 1.51 and a debt-to-equity ratio of 0.06. The company has a market cap of $44.01 billion, a PE ratio of 92.60, a price-to-earnings-growth 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 $89.00.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last issued its quarterly earnings data on Wednesday, July 31st. The mining company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.14. Agnico Eagle Mines had a return on equity of 7.16% and a net margin of 8.44%. The company had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.03 billion. The firm’s revenue for the quarter was up 20.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.65 earnings per share. On average, equities research analysts forecast that Agnico Eagle Mines Limited will post 3.88 EPS for the current fiscal year.

About Agnico Eagle Mines

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.