Agnico Eagle Mines (NYSE:AEM) Shares Gap Down – Here’s Why

Shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) gapped down before the market opened on Monday . The stock had previously closed at $83.84, but opened at $80.91. Agnico Eagle Mines shares last traded at $80.10, with a volume of 767,807 shares.

Analyst Upgrades and Downgrades

AEM has been the subject of a number of analyst reports. UBS Group initiated coverage on Agnico Eagle Mines in a research note on Tuesday, September 17th. They set a “buy” rating and a $95.00 price objective for the company. 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 research note on Monday, August 19th. Jefferies Financial Group lifted their price objective on Agnico Eagle Mines from $68.00 to $85.00 and gave the stock a “hold” rating in a research note on Friday, October 4th. TD Securities lifted their price objective on Agnico Eagle Mines from $90.00 to $91.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Finally, Royal Bank of Canada boosted their target price 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. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $86.78.

Agnico Eagle Mines Trading Down 1.3 %

The company has a market capitalization of $38.71 billion, a P/E ratio of 38.58, a price-to-earnings-growth ratio of 0.68 and a beta of 1.09. The business has a fifty day moving average price of $82.50 and a 200 day moving average price of $75.24. The company has a quick ratio of 0.83, a current ratio of 1.75 and a debt-to-equity ratio of 0.06.

Institutional Trading of Agnico Eagle Mines

A number of institutional investors have recently modified their holdings of AEM. Continuum Advisory LLC raised its holdings in Agnico Eagle Mines by 1,134.4% during the second quarter. Continuum Advisory LLC now owns 395 shares of the mining company’s stock worth $26,000 after acquiring an additional 363 shares in the last quarter. FSC Wealth Advisors LLC bought a new stake in Agnico Eagle Mines in the third quarter valued at approximately $32,000. Abich Financial Wealth Management LLC bought a new stake in Agnico Eagle Mines in the second quarter valued at approximately $32,000. McClarren Financial Advisors Inc. raised its stake in Agnico Eagle Mines by 684.6% in the third quarter. McClarren Financial Advisors Inc. now owns 510 shares of the mining company’s stock valued at $41,000 after buying an additional 445 shares during the period. Finally, WASHINGTON TRUST Co raised its stake in Agnico Eagle Mines by 92.1% in the second quarter. WASHINGTON TRUST Co now owns 730 shares of the mining company’s stock valued at $48,000 after buying an additional 350 shares during the period. 68.34% of the stock is currently owned by institutional investors.

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.