Independent Advisor Alliance Makes New $772,000 Investment in Agnico Eagle Mines Limited (NYSE:AEM)

Independent Advisor Alliance bought a new position in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) in the third quarter, HoldingsChannel reports. The fund bought 9,589 shares of the mining company’s stock, valued at approximately $772,000.

A number of other institutional investors and hedge funds have also bought and sold shares of AEM. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Agnico Eagle Mines by 16.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 5,892,898 shares of the mining company’s stock worth $474,660,000 after purchasing an additional 817,240 shares in the last quarter. TD Asset Management Inc increased its stake in shares of Agnico Eagle Mines by 10.3% in the second quarter. TD Asset Management Inc now owns 5,852,648 shares of the mining company’s stock valued at $382,720,000 after buying an additional 546,542 shares during the period. Progeny 3 Inc. acquired a new stake in shares of Agnico Eagle Mines in the second quarter valued at about $18,151,000. Canada Pension Plan Investment Board increased its stake in shares of Agnico Eagle Mines by 14.7% in the second quarter. Canada Pension Plan Investment Board now owns 1,966,837 shares of the mining company’s stock valued at $128,617,000 after buying an additional 252,300 shares during the period. Finally, CIBC Asset Management Inc increased its stake in shares of Agnico Eagle Mines by 4.1% in the second quarter. CIBC Asset Management Inc now owns 6,083,606 shares of the mining company’s stock valued at $397,657,000 after buying an additional 237,347 shares during the period. Institutional investors and hedge funds own 68.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on AEM shares. Scotiabank increased their price target 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 started coverage on Agnico Eagle Mines in a research note on Tuesday, September 17th. They issued a “buy” rating and a $95.00 price target for the company. TD Securities increased their price target on Agnico Eagle Mines from $90.00 to $91.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Royal Bank of Canada increased their price target on Agnico Eagle Mines from $80.00 to $87.00 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. Finally, 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. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $86.78.

Agnico Eagle Mines Stock Down 0.7 %

Shares of NYSE:AEM opened at $83.54 on Thursday. The business’s 50 day simple moving average is $82.70 and its two-hundred day simple moving average is $76.30. The firm has a market cap of $41.94 billion, a P/E ratio of 41.77, a PEG ratio of 0.70 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. Agnico Eagle Mines Limited has a 52-week low of $44.37 and a 52-week high of $89.00.

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.