Agnico Eagle Mines (NYSE:AEM) Hits New 52-Week High – Here’s What Happened

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) shares hit a new 52-week high on Wednesday . The company traded as high as $91.30 and last traded at $90.80, with a volume of 211536 shares changing hands. The stock had previously closed at $89.97.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Scotiabank upped their target price on shares of Agnico Eagle Mines from $103.00 to $105.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, January 21st. Jefferies Financial Group increased their price objective on Agnico Eagle Mines from $85.00 to $88.00 and gave the stock a “hold” rating in a research note on Tuesday, January 7th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Agnico Eagle Mines currently has an average rating of “Moderate Buy” and a consensus target price of $90.50.

Agnico Eagle Mines Stock Performance

The firm’s 50 day moving average is $83.52 and its 200 day moving average is $81.41. 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 stock has a market cap of $47.40 billion, a P/E ratio of 47.19, a price-to-earnings-growth ratio of 0.60 and a beta of 1.08.

Institutional Investors Weigh In On Agnico Eagle Mines

A number of large investors have recently made changes to their positions in the stock. FMR LLC lifted its stake in Agnico Eagle Mines by 43.5% during the 3rd quarter. FMR LLC now owns 15,061,244 shares of the mining company’s stock valued at $1,213,311,000 after acquiring an additional 4,562,005 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in Agnico Eagle Mines by 16.1% during 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 purchasing an additional 817,240 shares during the period. Van ECK Associates Corp boosted its holdings in Agnico Eagle Mines by 3.6% in the fourth quarter. Van ECK Associates Corp now owns 22,322,859 shares of the mining company’s stock valued at $1,745,858,000 after purchasing an additional 778,919 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in Agnico Eagle Mines by 262.5% during 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 during the period. Finally, The Manufacturers Life Insurance Company raised 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 valued at $326,571,000 after buying an additional 591,178 shares during the last quarter. 68.34% of the stock is owned by hedge funds and other institutional investors.

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.