Agnico Eagle Mines (NYSE:AEM) Reaches New 1-Year High After Analyst Upgrade

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) hit a new 52-week high on Tuesday after Royal Bank of Canada raised their price target on the stock from $96.00 to $105.00. Royal Bank of Canada currently has an outperform rating on the stock. Agnico Eagle Mines traded as high as $101.45 and last traded at $100.46, with a volume of 2388226 shares. The stock had previously closed at $98.35.

AEM has been the subject of a number of other reports. Jefferies Financial Group upped their target price on shares of Agnico Eagle Mines from $85.00 to $88.00 and gave the stock a “hold” rating in a research note on Tuesday, January 7th. Scotiabank upped their target price on shares of Agnico Eagle Mines from $103.00 to $105.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, January 21st. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Agnico Eagle Mines has an average rating of “Moderate Buy” and an average price target of $92.75.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Prudential PLC raised its position in shares of Agnico Eagle Mines by 58.0% in the fourth quarter. Prudential PLC now owns 5,617 shares of the mining company’s stock valued at $439,000 after buying an additional 2,061 shares in the last quarter. Cinctive Capital Management LP bought a new position in Agnico Eagle Mines in the fourth quarter valued at approximately $9,115,000. Huntington National Bank increased its stake in Agnico Eagle Mines by 23.3% in the fourth quarter. Huntington National Bank now owns 1,756 shares of the mining company’s stock valued at $137,000 after acquiring an additional 332 shares during the last quarter. Groupama Asset Managment increased its stake in Agnico Eagle Mines by 22.5% in the fourth quarter. Groupama Asset Managment now owns 1,034,781 shares of the mining company’s stock valued at $80,570,000 after acquiring an additional 190,314 shares during the last quarter. Finally, May Hill Capital LLC bought a new position in Agnico Eagle Mines in the fourth quarter valued at approximately $249,000. 68.34% of the stock is owned by institutional investors.

Agnico Eagle Mines Price Performance

The business’s 50 day moving average is $85.95 and its 200-day moving average is $82.89. The firm has a market capitalization of $49.99 billion, a P/E ratio of 49.76, a PEG ratio of 0.66 and a beta of 1.10. The company has a quick ratio of 0.83, a current ratio of 1.75 and a debt-to-equity ratio of 0.06.

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.