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

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM)’s share price 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.

Analyst Ratings Changes

Several research firms have recently weighed in on AEM. TD Securities boosted their target price on Agnico Eagle Mines from $90.00 to $91.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Jefferies Financial Group increased their target price on shares of Agnico Eagle Mines from $68.00 to $85.00 and gave the company a “hold” rating in a research note on Friday, October 4th. Royal Bank of Canada upped their price target on shares of Agnico Eagle Mines from $80.00 to $87.00 and gave the company an “outperform” rating in a report on Tuesday, September 10th. UBS Group initiated coverage on shares of Agnico Eagle Mines in a research note on Tuesday, September 17th. They issued a “buy” rating and a $95.00 price objective for the company. Finally, Scotiabank upped 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. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $86.78.

Agnico Eagle Mines Trading Up 2.9 %

The firm has a market capitalization of $42.23 billion, a P/E ratio of 42.06, a price-to-earnings-growth ratio of 0.70 and a beta of 1.09. The stock has a 50-day simple moving average of $82.66 and a two-hundred day simple moving average of $76.19. The company has a current ratio of 1.75, a quick ratio of 0.83 and a debt-to-equity ratio of 0.06.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Continuum Advisory LLC raised its position in shares of Agnico Eagle Mines by 1,134.4% in the 2nd 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 position in Agnico Eagle Mines in the third quarter worth about $32,000. Abich Financial Wealth Management LLC purchased a new stake in shares of Agnico Eagle Mines during the second quarter valued at about $32,000. McClarren Financial Advisors Inc. boosted its holdings in shares of Agnico Eagle Mines by 684.6% in the 3rd 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 in the last quarter. Finally, Hobbs Group Advisors LLC bought a new stake in shares of Agnico Eagle Mines in the 3rd quarter valued at about $48,000. Hedge funds and other institutional investors own 68.34% of the company’s stock.

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.