Agnico Eagle Mines Limited (NYSE:AEM) Sees Large Decline in Short Interest

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) was the recipient of a large decline in short interest during the month of November. As of November 15th, there was short interest totalling 4,200,000 shares, a decline of 20.8% from the October 31st total of 5,300,000 shares. Based on an average daily trading volume, of 2,330,000 shares, the short-interest ratio is presently 1.8 days. Approximately 0.8% of the company’s stock are short sold.

Hedge Funds Weigh In On Agnico Eagle Mines

A number of institutional investors have recently modified their holdings of the stock. Tidal Investments LLC lifted its stake in shares of Agnico Eagle Mines by 87.8% in the 1st quarter. Tidal Investments LLC now owns 20,598 shares of the mining company’s stock valued at $1,195,000 after purchasing an additional 9,628 shares during the period. Cetera Investment Advisers acquired a new position in shares of Agnico Eagle Mines in the first quarter worth about $2,517,000. Cetera Advisors LLC purchased a new stake in shares of Agnico Eagle Mines during the 1st quarter worth about $293,000. Boston Partners acquired a new stake in shares of Agnico Eagle Mines during the 1st quarter valued at about $297,000. Finally, Confluence Investment Management LLC raised its holdings in Agnico Eagle Mines by 2.8% in the 2nd quarter. Confluence Investment Management LLC now owns 19,348 shares of the mining company’s stock worth $1,265,000 after purchasing an additional 532 shares during the period. Hedge funds and other institutional investors own 68.34% of the company’s stock.

Agnico Eagle Mines Stock Performance

Shares of NYSE:AEM traded up $1.26 during midday trading on Friday, reaching $84.42. The company’s stock had a trading volume of 889,636 shares, compared to its average volume of 2,639,384. The firm has a market capitalization of $42.38 billion, a PE ratio of 42.21, a P/E/G ratio of 0.65 and a beta of 1.09. The stock has a fifty day moving average of $82.80 and a 200 day moving average of $76.52. Agnico Eagle Mines has a twelve month low of $44.37 and a twelve month high of $89.00. The company has a quick ratio of 0.83, a current ratio of 1.75 and a debt-to-equity ratio of 0.06.

Wall Street Analysts Forecast Growth

AEM has been the topic of a number of recent analyst reports. Scotiabank upped 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. 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. 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 report on Tuesday, September 10th. TD Securities increased their price objective on shares of Agnico Eagle Mines from $90.00 to $91.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Finally, UBS Group initiated coverage on shares of Agnico Eagle Mines in a research report on Tuesday, September 17th. They set a “buy” rating and a $95.00 target price on the stock. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average 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.