Lord Abbett & CO. LLC Raises Stock Holdings in Agnico Eagle Mines Limited (NYSE:AEM)

Lord Abbett & CO. LLC boosted its stake in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 22.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 431,200 shares of the mining company’s stock after purchasing an additional 78,700 shares during the quarter. Lord Abbett & CO. LLC owned about 0.09% of Agnico Eagle Mines worth $34,736,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of AEM. FMR LLC lifted its holdings in shares of Agnico Eagle Mines by 43.5% during the 3rd quarter. FMR LLC now owns 15,061,244 shares of the mining company’s stock worth $1,213,311,000 after acquiring an additional 4,562,005 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised 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 in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in Agnico Eagle Mines by 262.5% during the third 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 last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Agnico Eagle Mines by 17.1% in 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 purchasing an additional 591,178 shares in the last quarter. Finally, TD Asset Management Inc increased its position in shares of Agnico Eagle Mines by 10.3% during the 2nd quarter. TD Asset Management Inc now owns 5,852,648 shares of the mining company’s stock valued at $382,720,000 after purchasing an additional 546,542 shares during the last quarter. 68.34% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on AEM. Jefferies Financial Group boosted their target price on Agnico Eagle Mines from $68.00 to $85.00 and gave the stock a “hold” rating in a research report on Friday, October 4th. UBS Group began coverage on shares of Agnico Eagle Mines in a report on Tuesday, September 17th. They set a “buy” rating and a $95.00 target price on the stock. Scotiabank lifted their price objective on Agnico Eagle Mines from $81.00 to $94.00 and gave the stock a “sector outperform” rating in a report on Monday, August 19th. Finally, Royal Bank of Canada raised their price target on Agnico Eagle Mines from $80.00 to $87.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $86.78.

Agnico Eagle Mines Stock Performance

NYSE:AEM opened at $83.72 on Friday. The company has a quick ratio of 0.83, a current ratio of 1.75 and a debt-to-equity ratio of 0.06. Agnico Eagle Mines Limited has a twelve month low of $44.37 and a twelve month high of $89.00. The stock has a market cap of $42.02 billion, a P/E ratio of 41.86, a price-to-earnings-growth ratio of 0.68 and a beta of 1.07. The firm’s fifty day simple moving average is $83.38 and its 200 day simple moving average is $77.69.

Agnico Eagle Mines Profile

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.