Jupiter Asset Management Increases Stake in Agnico Eagle Mines

Jupiter Asset Management Ltd. has increased its investment in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 36.4% in the fourth quarter, as reported in the latest filing with the SEC. After acquiring an additional 161,240 shares during this period, Jupiter now holds a total of 604,284 shares of the mining company's stock. The total value of this stake is approximately $47.25 million, accounting for around 0.12% of Agnico Eagle Mines.

Alongside Jupiter Asset Management, other institutional investors have also been adjusting their positions in Agnico Eagle Mines. For instance, Versant Capital Management Inc. initiated a new investment in the company valued at around $26,000 during the fourth quarter. Similarly, Smartleaf Asset Management LLC increased its holdings in Agnico Eagle Mines by a staggering 859.5%, now owning 355 shares worth approximately $28,000 after acquiring 318 additional shares. Decker Retirement Planning Inc. also purchased new shares valued at about $29,000. Fifth Third Bancorp raised its stake by 176.9%, owning 407 shares worth $32,000 following a purchase of 260 extra shares. Lastly, Duncker Streett & Co. Inc. increased its holdings by 37.3%, now holding 412 shares valued at around $32,000 after an additional acquisition of 112 shares. Currently, it is noted that institutional investors own 68.34% of the company's stock.

Agnico Eagle Mines' Stock Performance

As of Wednesday, Agnico Eagle Mines stock was trading at $100.54. The company showcases a current ratio of 1.86, a quick ratio of 0.86, and a notable debt-to-equity ratio of 0.06. Its 50-day moving average stands at $92.15, while the 200-day moving average is at $85.63. The stock's market capitalization is approximately $50.56 billion, with a price-to-earnings ratio of 26.60 and a price-to-earnings-growth ratio of 0.66. The 1-year low for the stock was recorded at $54.02, whereas the 1-year high reached $101.81.

Recent Earnings Announcement

Agnico Eagle Mines recently reported its quarterly earnings on February 13th. The mining company reported earnings per share (EPS) of $1.26 for the quarter, which was below analysts' expectations of $1.70, missing by $0.44. The company reported a net margin of 22.88% and a return on equity of 10.45%, with analysts forecasting an EPS of 4.63 for the current fiscal year.

Dividend Declaration

In addition to earnings, Agnico Eagle Mines has announced a quarterly dividend to be distributed on March 14th. Shareholders on record as of February 28th will receive a dividend of $0.40 per share, leading to an annualized dividend of $1.60 and a yield of 1.59%. The ex-dividend date for this distribution is also February 28th, with a payout ratio currently at 42.33%.

Analysts Update Ratings

Several analysts have provided updates regarding Agnico Eagle Mines. The Royal Bank of Canada raised its price target from $96.00 to $105.00, assigning an "outperform" rating. TD Securities also revised its price target from $108.00 to $106.00, while maintaining a "buy" rating. Jefferies Financial Group increased its target from $85.00 to $88.00, rating the company as a "hold." Additionally, Scotiabank lifted its target from $103.00 to $105.00, reiterating a "sector outperform" rating. In contrast, StockNews.com downgraded its rating from "strong-buy" to "buy." Currently, one analyst has rated the stock as a hold, and eight analysts have given a buy rating. According to data from MarketBeat.com, Agnico Eagle Mines has an average rating of "Moderate Buy" with an average target price of $95.78.

Company Overview

Agnico Eagle Mines Limited specializes in gold mining, with a significant focus on exploration, development, and the production of precious metals. The company operates mines in Canada, Australia, Finland, and Mexico, and conducts exploration and development activities across various regions including Canada, Australia, Europe, Latin America, and the United States.

investment, stocks, mining