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

Shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) 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 changing hands.

Analysts Set New Price Targets

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

Agnico Eagle Mines Trading Down 3.7 %

The business has a 50-day moving average of $82.68 and a two-hundred day moving average of $76.09. The company has a quick ratio of 0.83, a current ratio of 1.75 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $40.77 billion, a price-to-earnings ratio of 42.15, a P/E/G ratio of 0.73 and a beta of 1.09.

Institutional Trading of Agnico Eagle Mines

A number of institutional investors and hedge funds have recently modified their holdings of the company. Wilmington Savings Fund Society FSB bought a new position in Agnico Eagle Mines in the third quarter worth $1,818,000. World Investment Advisors LLC acquired a new position in Agnico Eagle Mines in the third quarter worth about $359,000. Te Ahumairangi Investment Management Ltd boosted its holdings in Agnico Eagle Mines by 1.7% during the third quarter. Te Ahumairangi Investment Management Ltd now owns 63,461 shares of the mining company’s stock valued at $5,089,000 after purchasing an additional 1,047 shares in the last quarter. Hobbs Group Advisors LLC acquired a new position in shares of Agnico Eagle Mines in the 3rd quarter worth approximately $48,000. Finally, Toronto Dominion Bank boosted its stake in Agnico Eagle Mines by 6.5% in the 3rd quarter. Toronto Dominion Bank now owns 1,631,412 shares of the mining company’s stock valued at $131,427,000 after buying an additional 99,909 shares in the last quarter. 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.