Agnico Eagle Mines (NYSE:AEM) Shares Gap Down – Should You Sell?

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) gapped down prior to trading on Monday . The stock had previously closed at $84.30, but opened at $81.55. Agnico Eagle Mines shares last traded at $81.35, with a volume of 177,080 shares changing hands.

Analyst Upgrades and Downgrades

AEM has been the subject of a number of research reports. Scotiabank lifted their target price on Agnico Eagle Mines from $81.00 to $94.00 and gave the company a “sector outperform” rating in a research note on Monday, August 19th. UBS Group initiated coverage on shares of Agnico Eagle Mines in a research report on Tuesday, September 17th. They issued a “buy” rating and a $95.00 price objective on the stock. Royal Bank of Canada raised their price target on shares of Agnico Eagle Mines from $80.00 to $87.00 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. TD Securities boosted their price target on Agnico Eagle Mines from $90.00 to $91.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Finally, Jefferies Financial Group raised their price target on Agnico Eagle Mines from $68.00 to $85.00 and gave the company a “hold” rating in a report on Friday, October 4th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $86.78.

Agnico Eagle Mines Stock Performance

The firm’s 50 day simple moving average is $82.68 and its 200-day simple moving average is $76.09. The company has a market capitalization of $40.77 billion, a price-to-earnings ratio of 42.15, a P/E/G ratio of 0.73 and a beta of 1.09. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.83 and a current ratio of 1.75.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC increased its stake in shares of Agnico Eagle Mines by 12.5% in the first quarter. Acadian Asset Management LLC now owns 7,200 shares of the mining company’s stock worth $429,000 after acquiring an additional 799 shares during the last quarter. Tidal Investments LLC lifted its holdings in shares of Agnico Eagle Mines by 87.8% during the 1st quarter. Tidal Investments LLC now owns 20,598 shares of the mining company’s stock valued at $1,195,000 after buying an additional 9,628 shares during the last quarter. Western Pacific Wealth Management LP bought a new stake in shares of Agnico Eagle Mines in the 1st quarter valued at approximately $50,000. Cetera Investment Advisers acquired a new position in Agnico Eagle Mines in the first quarter worth approximately $2,517,000. Finally, Cetera Advisors LLC bought a new position in Agnico Eagle Mines during the first quarter valued at approximately $293,000. 68.34% of the stock is owned by hedge funds and other institutional investors.

Agnico Eagle Mines Company 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.