Van Eck Associates Corp Lowers stake in Agnico Eagle Mines Ltd (USA) (AEM)

Agnico Eagle Mines Ltd (USA) (AEM) : Van Eck Associates Corp reduced its stake in Agnico Eagle Mines Ltd (USA) by 5.1% during the most recent quarter end. The investment management company now holds a total of 15,533,140 shares of Agnico Eagle Mines Ltd (USA) which is valued at $717.6 Million after selling 834,182 shares in Agnico Eagle Mines Ltd (USA) , the firm said in a disclosure report filed with the SEC on May 13, 2016.Agnico Eagle Mines Ltd (USA) makes up approximately 4.23% of Van Eck Associates Corp’s portfolio.

Other Hedge Funds, Including , Public Sector Pension Investment Board reduced its stake in AEM by selling 86,100 shares or 15.0% in the most recent quarter. The Hedge Fund company now holds 487,991 shares of AEM which is valued at $22.5 Million. Agnico Eagle Mines Ltd (USA) makes up approx 0.27% of Public Sector Pension Investment Board’s portfolio.Amf Pensionsforsakring Ab reduced its stake in AEM by selling 18,345 shares or 4.7% in the most recent quarter. The Hedge Fund company now holds 372,378 shares of AEM which is valued at $17.2 Million. Agnico Eagle Mines Ltd (USA) makes up approx 0.23% of Amf Pensionsforsakring Ab’s portfolio.Orinda Asset Management reduced its stake in AEM by selling 1,052 shares or 22.73% in the most recent quarter. The Hedge Fund company now holds 3,576 shares of AEM which is valued at $164,639. Agnico Eagle Mines Ltd (USA) makes up approx 0.29% of Orinda Asset Management’s portfolio. Timber Hill sold out all of its stake in AEM during the most recent quarter. The investment firm sold 66,274 shares of AEM which is valued $3.1 Million.

Agnico Eagle Mines Ltd (USA) opened for trading at $43.65 and hit $45.13 on the upside on Wednesday, eventually ending the session at $44.82, with a gain of 1.52% or 0.67 points. The heightened volatility saw the trading volume jump to 25,60,703 shares. Company has a market cap of $9,882 M.

On the company’s financial health, Agnico Eagle Mines Ltd (USA) reported $0.12 EPS for the quarter, beating the analyst consensus estimate by $ 0.10 according to the earnings call on Apr 28, 2016. Analyst had a consensus of $0.02. The company had revenue of $490.53 million for the quarter, compared to analysts expectations of $481.97 million. The company’s revenue was up 1.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.15 EPS.

Investors should note that on Apr 28, 2016, Agnico Eagle Mines Ltd (USA) announced a cash dividend of $0.0800. The company’s management has announced May 27, 2016 as the ex-dividend date and fixed the record date on Jun 1, 2016. The payable date has been fixed on Jun 15, 2016.

Many Wall Street Analysts have commented on Agnico Eagle Mines Ltd (USA). Company shares were Reiterated by RBC Capital Mkts on May 5, 2016 to “Outperform”, Firm has raised the Price Target to $ 46 from a previous price target of $42 .Agnico Eagle Mines Ltd (USA) was Downgraded by JP Morgan to ” Neutral” on Apr 18, 2016. Company shares were Downgraded by UBS on Mar 28, 2016 to ” Neutral”, Firm has raised the Price Target to $ 36 from a previous price target of $35 .

Agnico Eagle Mines Ltd is a Canada-based gold producer. The Company has mining operations in northwestern Quebec northern Mexico northern Finland and Nunavut and exploration activities in Canada Europe Latin America and the United States. It operates through three business units: Northern Business Southern Business and Exploration. Its Northern Business consists of the operations in Canada and Finland which include the LaRonde mine the Lapa mine the Goldex mine the Meadowbank mine and the Meliadine project. Its Southern Business consists of the Company’s operations in Mexico. The Company’s mining at Pinos Altos is conducted through its subsidiary Agnico Eagle Mexico S.A. de C.V. which owns the Pinos Altos mine including the Creston Mascota deposit. Its Exploration group focuses on the identification of new mineral reserves and resources and new developments in stable and proven gold producing regions.

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