Fmr LLC Raises Stake in Agnico Eagle Mines Limited (NYSE:AEM)

Fmr LLC increased its stake in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 43.5% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 15,061,244 shares of the mining company’s stock after acquiring an additional 4,562,005 shares during the period. Fmr LLC owned approximately 3.00% of Agnico Eagle Mines worth $1,213,311,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. The Manufacturers Life Insurance Company lifted its position in 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 acquiring an additional 591,178 shares in the last quarter. Mirabella Financial Services LLP acquired a new position in Agnico Eagle Mines during the 3rd quarter worth approximately $655,000. Brown Brothers Harriman & Co. lifted its position in Agnico Eagle Mines by 106.5% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 2,191 shares of the mining company’s stock worth $177,000 after acquiring an additional 1,130 shares in the last quarter. Boston Family Office LLC acquired a new position in Agnico Eagle Mines during the 3rd quarter worth approximately $390,000. Finally, Independent Advisor Alliance acquired a new position in Agnico Eagle Mines during the 3rd quarter worth approximately $772,000. 68.34% of the stock is owned by institutional investors and hedge funds.

Agnico Eagle Mines Stock Performance

AEM stock opened at $84.11 on Wednesday. The company has a current ratio of 1.75, a quick ratio of 0.83 and a debt-to-equity ratio of 0.06. The firm has a market cap of $42.23 billion, a P/E ratio of 42.06, a P/E/G ratio of 0.73 and a beta of 1.09. Agnico Eagle Mines Limited has a 12-month low of $44.37 and a 12-month high of $89.00. The stock’s 50 day simple moving average is $82.66 and its 200 day simple moving average is $76.19.

Analyst Upgrades and Downgrades

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

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.