Wyoming Increases Stake in Agnico Eagle Mines by 69.5%

The State of Wyoming has significantly increased its investment in Agnico Eagle Mines Limited (NYSE:AEM, TSE:AEM), acquiring an additional 3,809 shares, raising its total holdings by 69.5% during the second quarter of 2023. Following this purchase, the state’s holdings in the mining company now total 9,290 shares, valued at approximately $1.105 million, according to a filing with the Securities and Exchange Commission.

This increase is part of a broader trend, as several large investors have also adjusted their positions in Agnico Eagle Mines. For instance, Ameritas Advisory Services LLC acquired a new stake worth $25,000, while Twin Peaks Wealth Advisors LLC invested $29,000 in the same period. City State Bank raised its stake by 69.2%, now owning 269 shares valued at $32,000 after purchasing an additional 110 shares. Notably, Costello Asset Management INC saw a staggering 2,166.7% increase in its holdings, now owning 340 shares valued at $40,000. Additionally, Stonehage Fleming Financial Services Holdings Ltd entered the market with a new position worth about $41,000. Together, institutional investors control approximately 68.34% of Agnico Eagle Mines’ stock.

Analyst ratings for Agnico Eagle Mines have also been positive recently. Weiss Ratings reaffirmed a “buy (A-)” rating. Meanwhile, Royal Bank of Canada adjusted its rating from “outperform” to “sector perform” but increased its target price from $185.00 to $205.00. Scotiabank maintained an “outperform” rating, while Bank of America raised its price objective from $209.00 to $226.00, assigning a “buy” rating. CIBC further increased its target price from $165.00 to $231.00, rating the stock as an “outperformer.” Overall, six analysts have issued a Strong Buy rating, eight have given a Buy rating, and three have rated the stock as a Hold.

As of the opening on Friday, Agnico Eagle Mines shares traded at $168.18. The company has a fifty-day simple moving average of $166.79 and a two-hundred-day moving average of $145.50. Agnico Eagle Mines has experienced a 52-week low of $76.91 and a high of $187.50. Financially, the company maintains a quick ratio of 1.31, a current ratio of 2.12, and a debt-to-equity ratio of 0.01. The market capitalization stands at $84.38 billion, with a P/E ratio of 24.55 and a PEG ratio of 0.61.

In its latest earnings report, released on October 29, 2023, Agnico Eagle Mines reported earnings per share (EPS) of $2.16, surpassing analysts’ expectations of $1.76 by $0.40. The company generated revenue of $3.07 billion, exceeding the forecast of $2.93 billion. Notably, Agnico Eagle Mines achieved a net margin of 32.62% and a return on equity of 15.64%. This marks a significant improvement compared to the same quarter last year, where the EPS was $1.14. Analysts anticipate that Agnico Eagle Mines will report $4.63 EPS for the current fiscal year.

Agnico Eagle Mines Limited specializes in the exploration, development, and production of precious metals, particularly gold. Its operations span across Canada, Australia, Finland, and Mexico, with ongoing exploration activities in various regions including Europe and Latin America.

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