Agnico Eagle Mines Limited (NYSE:AEM) Short Interest Update

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) was the recipient of a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 10,730,000 shares, a growth of 42.3% from the August 15th total of 7,540,000 shares. Currently, 2.2% of the company’s stock are sold short. Based on an average trading volume of 2,070,000 shares, the days-to-cover ratio is presently 5.2 days.

Analysts Set New Price Targets

Several analysts have issued reports on AEM shares. Jefferies Financial Group upped their price objective on Agnico Eagle Mines from $59.00 to $66.00 and gave the company a “hold” rating in a research note on Friday, July 12th. Scotiabank boosted their target price on shares of Agnico Eagle Mines from $81.00 to $94.00 and gave the company a “sector outperform” rating in a research note on Monday, August 19th. Royal Bank of Canada increased their target price on shares of Agnico Eagle Mines from $80.00 to $87.00 and gave the stock an “outperform” rating in a report on Tuesday. TD Securities lifted their price target on shares of Agnico Eagle Mines from $90.00 to $91.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Finally, StockNews.com upgraded shares of Agnico Eagle Mines from a “hold” rating to a “buy” rating in a research note on Thursday, June 27th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $83.38.

Agnico Eagle Mines Stock Performance

NYSE:AEM traded up $1.31 during mid-day trading on Friday, hitting $83.17. The stock had a trading volume of 2,641,468 shares, compared to its average volume of 2,715,720. The company has a current ratio of 1.51, a quick ratio of 0.76 and a debt-to-equity ratio of 0.06. The company has a 50 day simple moving average of $77.21 and a 200-day simple moving average of $67.82. The stock has a market capitalization of $41.65 billion, a price-to-earnings ratio of 87.55, a P/E/G ratio of 0.77 and a beta of 1.10. Agnico Eagle Mines has a 52 week low of $43.22 and a 52 week high of $83.95.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its quarterly earnings results on Wednesday, July 31st. The mining company reported $1.07 EPS for the quarter, beating the consensus estimate of $0.93 by $0.14. The company had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.03 billion. Agnico Eagle Mines had a net margin of 8.44% and a return on equity of 7.16%. Agnico Eagle Mines’s revenue was up 20.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.65 earnings per share. On average, research analysts expect that Agnico Eagle Mines will post 3.65 earnings per share for the current fiscal year.

Institutional Trading of Agnico Eagle Mines

Several hedge funds have recently added to or reduced their stakes in AEM. Norges Bank bought a new stake in shares of Agnico Eagle Mines during the 4th quarter worth about $325,327,000. FIL Ltd raised its holdings in Agnico Eagle Mines by 16.4% during the fourth quarter. FIL Ltd now owns 20,107,126 shares of the mining company’s stock worth $1,102,481,000 after purchasing an additional 2,831,794 shares in the last quarter. Clearbridge Investments LLC acquired a new stake in Agnico Eagle Mines in the fourth quarter worth approximately $132,257,000. TD Asset Management Inc boosted its stake in Agnico Eagle Mines by 41.9% during the 4th quarter. TD Asset Management Inc now owns 4,274,964 shares of the mining company’s stock valued at $235,535,000 after purchasing an additional 1,261,482 shares in the last quarter. Finally, Capital World Investors increased its position in shares of Agnico Eagle Mines by 12.0% during the 4th quarter. Capital World Investors now owns 9,690,000 shares of the mining company’s stock valued at $531,284,000 after purchasing an additional 1,034,721 shares during the period. Institutional investors own 68.34% of the company’s stock.

About Agnico Eagle Mines

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.