Agnico Eagle Mines Limited (NYSE:AEM) Sees Significant Growth in Short Interest

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) saw a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 5,300,000 shares, a growth of 52.3% from the October 15th total of 3,480,000 shares. Based on an average trading volume of 2,320,000 shares, the short-interest ratio is currently 2.3 days. Approximately 1.1% of the company’s shares are sold short.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. TD Securities increased their target price on Agnico Eagle Mines from $90.00 to $91.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Scotiabank upped their price target on shares of Agnico Eagle Mines from $81.00 to $94.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 19th. Jefferies Financial Group lifted their price target on shares of Agnico Eagle Mines from $68.00 to $85.00 and gave the company a “hold” rating in a report on Friday, October 4th. Royal Bank of Canada upped their price objective on Agnico Eagle Mines from $80.00 to $87.00 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. Finally, UBS Group started coverage on Agnico Eagle Mines in a report on Tuesday, September 17th. They issued a “buy” rating and a $95.00 target price on the stock. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Agnico Eagle Mines presently has a consensus rating of “Moderate Buy” and an average target price of $86.78.

Agnico Eagle Mines Stock Up 2.2 %

NYSE AEM traded up $1.65 during trading hours on Thursday, hitting $77.64. The company had a trading volume of 3,803,404 shares, compared to its average volume of 2,677,504. The firm’s 50 day moving average is $82.43 and its 200 day moving average is $75.26. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.75 and a quick ratio of 0.83. Agnico Eagle Mines has a fifty-two week low of $44.37 and a fifty-two week high of $89.00. The company has a market capitalization of $38.96 billion, a price-to-earnings ratio of 38.82, a P/E/G ratio of 0.67 and a beta of 1.09.

Institutional Investors Weigh In On Agnico Eagle Mines

Several institutional investors and hedge funds have recently modified their holdings of AEM. Continuum Advisory LLC increased its stake in Agnico Eagle Mines by 1,134.4% during the 2nd quarter. Continuum Advisory LLC now owns 395 shares of the mining company’s stock worth $26,000 after buying an additional 363 shares during the period. Abich Financial Wealth Management LLC purchased a new stake in shares of Agnico Eagle Mines during the second quarter worth about $32,000. FSC Wealth Advisors LLC purchased a new stake in shares of Agnico Eagle Mines during the third quarter worth about $32,000. McClarren Financial Advisors Inc. boosted its holdings in Agnico Eagle Mines by 684.6% in the third quarter. McClarren Financial Advisors Inc. now owns 510 shares of the mining company’s stock valued at $41,000 after purchasing an additional 445 shares during the last quarter. Finally, WASHINGTON TRUST Co boosted its holdings in Agnico Eagle Mines by 92.1% in the second quarter. WASHINGTON TRUST Co now owns 730 shares of the mining company’s stock valued at $48,000 after purchasing an additional 350 shares during the last quarter. Hedge funds and other institutional investors own 68.34% of the company’s stock.

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.