Agnico Eagle Mines (NYSE:AEM) Shares Pass Above 200-Day Moving Average – Here’s What Happened

Shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $78.87 and traded as high as $82.15. Agnico Eagle Mines shares last traded at $81.99, with a volume of 1,665,510 shares traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Jefferies Financial Group increased their price target on Agnico Eagle Mines from $68.00 to $85.00 and gave the company a “hold” rating in a research note on Friday, October 4th. UBS Group started coverage on shares of Agnico Eagle Mines in a research report on Tuesday, September 17th. They issued a “buy” rating and a $95.00 price objective for the company. Finally, Royal Bank of Canada boosted their target price on shares of Agnico Eagle Mines from $80.00 to $87.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $86.78.

Agnico Eagle Mines Stock Performance

The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.83 and a current ratio of 1.75. The firm’s 50 day simple moving average is $82.39 and its 200 day simple moving average is $78.87. The firm has a market capitalization of $41.15 billion, a price-to-earnings ratio of 41.00, a PEG ratio of 0.68 and a beta of 1.07.

Institutional Investors Weigh In On Agnico Eagle Mines

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AEM. FMR LLC boosted its stake in shares of Agnico Eagle Mines by 43.5% in the third quarter. FMR LLC now owns 15,061,244 shares of the mining company’s stock worth $1,213,311,000 after buying an additional 4,562,005 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Agnico Eagle Mines by 16.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 5,892,898 shares of the mining company’s stock valued at $474,660,000 after acquiring an additional 817,240 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in Agnico Eagle Mines by 262.5% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,060,402 shares of the mining company’s stock worth $85,413,000 after purchasing an additional 767,912 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Agnico Eagle Mines by 17.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 4,051,140 shares of the mining company’s stock worth $326,571,000 after purchasing an additional 591,178 shares during the period. Finally, TD Asset Management Inc increased its holdings in shares of Agnico Eagle Mines by 10.3% during the 2nd quarter. TD Asset Management Inc now owns 5,852,648 shares of the mining company’s stock valued at $382,720,000 after purchasing an additional 546,542 shares in the last quarter. 68.34% of the stock is owned by institutional investors and hedge funds.

Agnico Eagle Mines Company Profile

Agnico Eagle Mines Limited, a gold mining company, exploration, development, and production of precious metals. It explores for gold. The company's mines are located in Canada, Australia, Finland and Mexico, with exploration and development activities in Canada, Australia, Europe, Latin America, and the United States.