10 Gold Stocks to Buy Amid Russian Attack on Ukraine Agnico Eagle Mines Limited (NYSE:AEM)
Number of Hedge Fund Holders: 27
Agnico Eagle Mines Limited (NYSE:AEM) features next on our list of the gold stocks to watch as the Russian invasion of Ukraine unfolds. The firm is based in Canada and develops mineral mining properties around the globe, focusing primarily on gold whilst also exploring for copper, zinc and silver deposits.
In the fourth quarter, Agnico Eagle Mines Limited (NYSE:AEM) stock was held by 27 hedge funds, in contrast to 33 hedge funds in the preceding quarter. With 5.2 million shares worth more than $276 million, First Eagle Investment Management is the leading shareholder of Agnico Eagle Mines Limited (NYSE:AEM) shares in Q4 2021.
In February, Barclays analyst Matthew Murphy upgraded Agnico Eagle Mines Limited (NYSE:AEM) to 'Overweight' from 'Equal Weight', setting a price target of $69, whilst noting that gold stocks currently provide solid protection against the risks of central bank errors. BMO Capital analyst Jackie Przybylowski also recently gave Agnico Eagle Mines Limited (NYSE:AEM) an 'Outperform' rating.
Agnico Eagle Mines Limited (NYSE:AEM) has paid a dividend yield to shareholders in every year since 1983, and recently increased its quarterly dividend by 14% to reach $0.40 per share, payable on March 15. The forward yield stands at 3.17% as of February 28.
In 2021, Agnico Eagle Mines Limited (NYSE:AEM) posted annual gold production of 1.43 million ounces, on the back of exceptional results from many of its mining properties. Agnico Eagle Mines Limited (NYSE:AEM) is on course to merge with Kirkland Lake, another prominent gold producer, in the first quarter of 2022, combining to form a very attractive gold mining entity and presenting a compelling buying opportunity at current levels.
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