Agnico Eagle Mines (NYSE:AEM) Hits New 12-Month High After Analyst Upgrade

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM)’s share price reached a new 52-week high on Tuesday after Royal Bank of Canada raised their price target on the stock from $96.00 to $105.00. Royal Bank of Canada currently has an outperform rating on the stock. Agnico Eagle Mines traded as high as $101.45 and last traded at $100.46, with a volume of 2388226 shares changing hands. The stock had previously closed at $98.35.

AEM has been the subject of a number of other research reports. 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 report on Tuesday, January 7th. Scotiabank increased their price target 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. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $92.75.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of AEM. Van ECK Associates Corp grew its holdings in shares of Agnico Eagle Mines by 3.6% during 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 buying an additional 778,919 shares during the last quarter. Vanguard Group Inc. lifted its position in Agnico Eagle Mines by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 19,865,285 shares of the mining company’s stock valued at $1,554,180,000 after acquiring an additional 331,087 shares in the last quarter. FMR LLC boosted 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 purchasing an additional 4,562,005 shares during the last quarter. Norges Bank bought a new stake in shares of Agnico Eagle Mines in the 4th quarter worth $573,446,000. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Agnico Eagle Mines by 81.0% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,051,473 shares of the mining company’s stock worth $551,339,000 after purchasing an additional 3,155,927 shares during the last quarter. 68.34% of the stock is owned by hedge funds and other institutional investors.

Agnico Eagle Mines Stock Performance

The company has a quick ratio of 0.83, a current ratio of 1.75 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $49.99 billion, a P/E ratio of 49.76, a P/E/G ratio of 0.66 and a beta of 1.10. The business has a fifty day moving average price of $85.95 and a 200-day moving average price of $82.89.

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.