10 Best Breakout Stocks To Invest In Right Now

7. Agnico Eagle Mines Limited (NYSE:AEM)       

Number of Hedge Fund Holders: 50

Agnico Eagle Mines Limited (NYSE:AEM), a key player in the Canadian gold industry, operates mining sites across Canada, Finland, Australia, and Mexico, along with exploration and development projects in the United States. The company adheres to a strategy of maintaining full exposure to fluctuating gold prices by avoiding forward gold sales.

In the second quarter of 2024, Agnico Eagle Mines Limited (NYSE:AEM) produced 0.9 million ounces of gold, bringing its total production for the first half of the year to 1.77 million ounces. This performance keeps the company on track to meet the higher end of its annual production forecast. With robust output and rising gold prices, Agnico Eagle’s revenue grew by 20.9% year-over-year in Q2, and by 21% year-over-year for the first half of 2024.

At the end of the second quarter of 2024, 50 hedge funds tracked by Insider Monkey held positions in Agnico Eagle Mines Limited (NYSE:AEM). The largest shareholder was Jean-Marie Eveillard’s First Eagle Investment Management, which owned 6.64 million shares, valued at approximately $434.95 million.

Alluvium Asset Management said the following regarding Agnico Eagle Mines (NYSE:AEM) in their second-quarter 2024 investor letter:

“Our gold miners had quite divergent performance, Agnico Eagle Mines Limited (NYSE:AEM) was up 11.4%, but Regis Resources was down 12.9%. They both provided quarterly updates. Regis reported business disruptions due to poor weather, but management maintained its output and cost guidance. It also announced the approval of two underground projects that will add around 25% to production levels from 2027, but they will cost circa AUD 150m. Agnico reported more positive results and reiterated guidance. We have revised our long-term gold price and exchange rate assumptions (which remain conservative). On our earnings based models we still view Regis as cheap and Agnico as expensive. But that ignores management, and, to a large extent, growth prospects. And when we consider those factors the equation looks decidedly more balanced. So despite Regis trading at an even larger discount to our valuation we have not bought more, and despite Agnico trading at an even larger premium to our valuation, we have not recently sold any. The Fund’s combined position in these gold miners is 6.6%.”