Bank of New York Mellon Corp Increases Stake in Agnico Eagle Mines Limited

Bank of New York Mellon Corp has increased its investment in Agnico Eagle Mines Limited (NYSE:AEM) by 7.4% during the fourth quarter, as stated in its latest Form 13F filing with the Securities and Exchange Commission. The institutional investor now holds 479,600 shares of the mining company after acquiring an additional 32,961 shares in that quarter. As per the recent SEC filing, Bank of New York Mellon Corp's stake in Agnico Eagle Mines is valued at approximately $37,510,000.

Institutional Investments in Agnico Eagle Mines

Agnico Eagle Mines has seen changes in investment from several other institutional investors as well. Pinnacle Wealth Management Group Inc. has increased its holdings in the mining company by 0.5% during the fourth quarter, bringing its total to 24,407 shares valued at $1,909,000, following the purchase of 125 additional shares. Diversify Wealth Management LLC also increased its stake by 2.1%, now owning 6,753 shares valued at $569,000 after acquiring 141 extra shares in the same quarter. Another notable investor, MassMutual Private Wealth & Trust FSB, boosted its holdings by 34.1%, possessing 649 shares worth $51,000 after adding 165 shares. Tectonic Advisors LLC raised its stake by 0.8%, holding 22,640 shares valued at $1,771,000 after buying 185 shares. Lastly, Scheer Rowlett & Associates Investment Management Ltd. increased its ownership by 4.3%, having 4,805 shares valued at $387,000 after adding 200 shares. Overall, institutional investors account for 68.34% of Agnico Eagle Mines stock ownership.

Agnico Eagle Mines Stock Performance

On Friday, shares of Agnico Eagle Mines (NYSE:AEM) opened at $98.85. The company possesses a current ratio of 1.86 and a quick ratio of 0.86. Its debt-to-equity ratio is relatively low at 0.06. With a market capitalization of $49.71 billion, Agnico Eagle Mines has a price-to-earnings ratio of 26.15 and a PEG ratio of 0.66. The stock has fluctuated within a 12-month range, reaching a low of $53.94 and a high of $101.45. Additionally, its average stock prices over the last 50 days and 200 days are $90.92 and $85.23, respectively.

Recent Earnings and Dividend Announcement

Agnico Eagle Mines reported its quarterly earnings on February 13th, announcing an earnings per share (EPS) of $1.26, which fell short of the analysts' expectations of $1.70 by $0.44. The company recorded a net margin of 22.88% and a return on equity of 10.45%. Analysts project an EPS of 4.63 for the current fiscal year. Furthermore, the company has declared a quarterly dividend to be paid on March 14th, amounting to $0.40 per share. This translates to an annualized dividend of $1.60, providing a yield of 1.62%, with the ex-dividend date set for February 28th. Currently, Agnico Eagle Mines's dividend payout ratio stands at 42.33%.

Analyst Ratings and Market Outlook

In terms of market insights, various brokerages have reviewed Agnico Eagle Mines. StockNews.com recently downgraded the company from a "strong-buy" to a "buy" rating. Meanwhile, Raymond James issued a price target of $105.00 while maintaining an "outperform" rating. Jefferies Financial Group raised its target from $85.00 to $88.00 with a "hold" rating. TD Securities reduced their price target from $108.00 to $106.00, while Scotiabank increased its target from $103.00 to $105.00, classifying the company as a "sector outperform." Sentiment appears moderately positive overall, with one analyst rating the stock as a hold and eight others giving it a buy rating. According to MarketBeat, Agnico Eagle Mines holds an average rating of "Moderate Buy," with a consensus price target of $95.78.

Company Overview

Agnico Eagle Mines Limited operates primarily in the gold mining sector, focusing on the exploration, development, and production of precious metals. The company has mining operations located in Canada, Australia, Finland, and Mexico, along with exploration and development interests across these countries as well as in Europe, Latin America, and the United States.

Investment, Mining, Shares, Dividend, Earnings