Creative Planning Increases Stake in Agnico Eagle Mines Limited

Creative Planning has boosted its stake in Agnico Eagle Mines Limited (NYSE:AEM, TSE:AEM) by an impressive 28.7% during the third quarter. This increase was detailed in the company's recent filing with the Securities and Exchange Commission. Following this adjustment, Creative Planning now holds a total of 37,876 shares in the gold mining company, having acquired an additional 8,456 shares throughout the quarter. By the end of this reporting period, its holdings in Agnico Eagle Mines were valued at approximately $3,051,000.

In addition to Creative Planning, several other institutional investors have made changes to their positions in AEM. For instance, Continuum Advisory LLC saw a massive increase of 1,134.4% in their holdings during the second quarter, resulting in ownership of 395 shares now worth $26,000 after securing an extra 363 shares. Meanwhile, Abich Financial Wealth Management LLC established a new investment in Agnico Eagle Mines, valued at around $32,000. WASHINGTON TRUST Co also significantly increased their holdings by 92.1% in the same quarter, now owning 730 shares valued at roughly $48,000 after acquiring an additional 350 shares. Other noteworthy moves include Western Pacific Wealth Management LP and ORG Partners LLC, both of whom initiated new positions in Agnico Eagle Mines worth approximately $50,000 and $52,000, respectively. Overall, hedge funds and other institutional investors control about 68.34% of the company's stock.

Agnico Eagle Mines Stock Overview

As of last Friday, shares of AEM opened at $86.88. The recent fifty-day simple moving average stands at $81.78, while the 200-day simple moving average shows $73.32. Agnico Eagle Mines Limited has experienced a 52-week low of $44.37 and a high of $89.00. The company’s financial health appears robust with a current ratio of 1.51, a quick ratio of 0.76, and a low debt-to-equity ratio of 0.06. Additionally, Agnico Eagle Mines boasts a market capitalization of $43.46 billion, a price-to-earnings (PE) ratio of 91.45, and a P/E/G ratio of 0.71, with a beta of 1.10.

Agnico Eagle Mines recently reported their quarterly earnings on July 31. The company achieved an earnings per share (EPS) of $1.07, surpassing the expected EPS of $0.93 by $0.14. Their net margin was 8.44%, and the return on equity stood at 7.16%. Revenue for the quarter reached $2.08 billion, which was also above the consensus estimate of $2.03 billion. In the same quarter last year, Agnico Eagle Mines reported an EPS of $0.65, reflecting a substantial year-over-year revenue increase of 20.9%. Analysts predict that Agnico Eagle Mines Limited will post an annual EPS of 3.88 for the current year.

Analysts' Opinions and Target Prices

Recently, several financial analysts shared their insights regarding the AEM shares. CIBC raised their target price for Agnico Eagle Mines from $81.00 to $101.00, rating the stock as an "outperformer" in a report from July 10. Jefferies Financial Group also increased their target from $68.00 to $85.00, maintaining a "hold" rating on October 4. UBS Group initiated coverage on AEM on September 17 with a "buy" rating and a target price of $95.00. Furthermore, TD Securities updated their price target from $90.00 to $91.00 and rated the company as a "buy" on August 2. Scotiabank raised their target from $81.00 to $94.00 and recommended a "sector outperform" rating on August 19. Across the board, only one analyst maintains a hold rating, while eight analysts have issued buy ratings, leading to an average consensus rating of "Moderate Buy" with a price target of $86.78 according to MarketBeat data.

About Agnico Eagle Mines Limited

Agnico Eagle Mines Limited is a prominent gold mining company involved in the exploration, development, and production of precious metals. The company's mining operations are located in Canada, Australia, Finland, and Mexico, with further exploration and development projects taking place across Canada, Australia, Europe, Latin America, and the United States.

investment, stocks, mining