Norges Bank bought a new position in shares of Agnico Eagle Mines Limited (NYSE:AEM – Free Report) (TSE:AEM) during the 4th quarter, HoldingsChannel reports. The firm bought 8,065,618 shares of the mining company’s stock, valued at approximately $1,367,783,000.
Other institutional investors have also recently made changes to their positions in the company. MCF Advisors LLC purchased a new stake in shares of Agnico Eagle Mines during the third quarter worth $34,000. Abound Wealth Management lifted its position in shares of Agnico Eagle Mines by 99.0% during the fourth quarter. Abound Wealth Management now owns 209 shares of the mining company’s stock worth $35,000 after acquiring an additional 104 shares in the last quarter. Lodestone Wealth Management LLC purchased a new stake in shares of Agnico Eagle Mines during the fourth quarter worth $35,000. Caitlin John LLC purchased a new stake in shares of Agnico Eagle Mines during the third quarter worth $36,000. Finally, Bangor Savings Bank purchased a new stake in shares of Agnico Eagle Mines during the fourth quarter worth $37,000. Hedge funds and other institutional investors own 68.34% of the company’s stock.
Agnico Eagle Mines Trading Up 3.1%
Shares of AEM stock opened at $183.56 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.18 and a current ratio of 3.15. Agnico Eagle Mines Limited has a 52-week low of $114.60 and a 52-week high of $255.24. The company has a market capitalization of $91.87 billion, a PE ratio of 17.25, a price-to-earnings-growth ratio of 3.99 and a beta of 0.58. The business’s fifty day moving average is $195.01 and its 200 day moving average is $194.38.
Analyst Upgrades and Downgrades
Several equities research analysts have issued reports on AEM shares. JPMorgan Chase & Co. increased their target price on Agnico Eagle Mines from $220.00 to $222.00 and gave the stock a “neutral” rating in a research report on Monday, May 4th. TD increased their target price on Agnico Eagle Mines from $251.00 to $252.00 and gave the stock a “buy” rating in a research report on Tuesday, April 21st. ATB Cormark Capital Markets upgraded Agnico Eagle Mines from a “hold” rating to an “outperform” rating in a research report on Monday, May 4th. Zacks Research downgraded Agnico Eagle Mines from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th. Finally, Scotiabank restated an “outperform” rating and set a $280.00 target price on shares of Agnico Eagle Mines in a research report on Tuesday, February 17th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Agnico Eagle Mines currently has a consensus rating of “Moderate Buy” and a consensus target price of $236.08.
About Agnico Eagle Mines
Agnico Eagle Mines Limited (NYSE: AEM) is a Canadian-based senior gold producer headquartered in Toronto, Ontario. The company is principally engaged in the exploration, development, production and reclamation of gold-bearing properties. Agnico Eagle pursues both greenfield and brownfield exploration to expand its resource base and operates a portfolio of producing mines and development projects to generate long-life gold production.
Its core business activities span the full mining lifecycle: grassroots and advanced-stage exploration, prefeasibility and feasibility studies, mine construction, underground and open-pit mining, ore processing and metal recovery, and post-mining reclamation and closure.
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