Foundation Resource Management Inc. Buys 8,558 Shares of Agnico Eagle Mines Limited (NYSE:AEM)

Foundation Resource Management Inc. increased its stake in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 3.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 296,014 shares of the mining company’s stock after purchasing an additional 8,558 shares during the quarter. Agnico Eagle Mines accounts for 2.5% of Foundation Resource Management Inc.’s holdings, making the stock its 17th biggest holding. Foundation Resource Management Inc. owned approximately 0.06% of Agnico Eagle Mines worth $14,795,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Agnico Eagle Mines by 96.5% during the 1st quarter. Vanguard Group Inc. now owns 15,067,317 shares of the mining company’s stock valued at $922,721,000 after purchasing an additional 7,399,467 shares during the last quarter. Norges Bank bought a new position in shares of Agnico Eagle Mines during the fourth quarter valued at approximately $285,370,000. Canoe Financial LP purchased a new stake in shares of Agnico Eagle Mines in the first quarter worth approximately $115,913,000. Deutsche Bank AG raised its holdings in shares of Agnico Eagle Mines by 21.6% in the fourth quarter. Deutsche Bank AG now owns 12,625,625 shares of the mining company’s stock worth $656,406,000 after buying an additional 2,241,632 shares during the period. Finally, Ruffer LLP lifted its stake in shares of Agnico Eagle Mines by 847.6% during the 1st quarter. Ruffer LLP now owns 2,418,520 shares of the mining company’s stock worth $123,259,000 after acquiring an additional 2,163,300 shares during the last quarter. Hedge funds and other institutional investors own 59.37% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. StockNews.com initiated coverage on Agnico Eagle Mines in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. Barclays raised their price target on shares of Agnico Eagle Mines from $61.00 to $62.00 and gave the stock an “overweight” rating in a research note on Thursday, July 27th. CSFB upped their target price on shares of Agnico Eagle Mines from $60.00 to $61.00 and gave the stock an “outperform” rating in a research note on Thursday, August 17th. Finally, BMO Capital Markets lifted their price target on shares of Agnico Eagle Mines from $64.00 to $67.00 in a research note on Thursday, July 27th. 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 has an average rating of “Moderate Buy” and an average target price of $68.50.

Agnico Eagle Mines Stock Down 1.4 %

Shares of AEM traded down $0.70 during mid-day trading on Tuesday, hitting $49.09. The company’s stock had a trading volume of 1,265,128 shares, compared to its average volume of 2,637,651. The company’s 50-day moving average is $49.24 and its 200-day moving average is $51.41. Agnico Eagle Mines Limited has a 52-week low of $36.69 and a 52-week high of $61.15. The firm has a market capitalization of $24.32 billion, a price-to-earnings ratio of 9.69, a PEG ratio of 21.98 and a beta of 0.84. The company has a current ratio of 2.10, a quick ratio of 0.85 and a debt-to-equity ratio of 0.10.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last issued its quarterly earnings data on Thursday, July 27th. The mining company reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.10. The company had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.70 billion. Agnico Eagle Mines had a net margin of 40.06% and a return on equity of 5.63%. Agnico Eagle Mines’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.75 earnings per share. On average, equities research analysts forecast that Agnico Eagle Mines Limited will post 2.23 EPS for the current fiscal year.

Agnico Eagle Mines Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, September 1st were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date of this dividend was Thursday, August 31st. Agnico Eagle Mines’s dividend payout ratio (DPR) is currently 31.13%.

About Agnico Eagle Mines

Agnico Eagle Mines Limited, a gold mining company, exploration, development, and production of precious metals. 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.