Lord Abbett & CO. LLC Increases Holdings in Agnico Eagle Mines Limited (NYSE:AEM)

Lord Abbett & CO. LLC lifted its position in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 22.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 431,200 shares of the mining company’s stock after purchasing an additional 78,700 shares during the period. Lord Abbett & CO. LLC’s holdings in Agnico Eagle Mines were worth $34,736,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Continuum Advisory LLC grew its stake in shares of Agnico Eagle Mines by 1,134.4% during the 2nd quarter. Continuum Advisory LLC now owns 395 shares of the mining company’s stock valued at $26,000 after purchasing an additional 363 shares during the period. FSC Wealth Advisors LLC bought a new position in shares of Agnico Eagle Mines in the 3rd quarter worth approximately $32,000. Abich Financial Wealth Management LLC purchased a new position in shares of Agnico Eagle Mines in the second quarter worth approximately $32,000. McClarren Financial Advisors Inc. grew its position in Agnico Eagle Mines by 684.6% during 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, Hobbs Group Advisors LLC purchased a new stake in Agnico Eagle Mines during the third quarter valued at approximately $48,000. Institutional investors own 68.34% of the company’s stock.

Agnico Eagle Mines Stock Performance

Agnico Eagle Mines stock opened at $83.72 on Friday. The company has a quick ratio of 0.83, a current ratio of 1.75 and a debt-to-equity ratio of 0.06. Agnico Eagle Mines Limited has a twelve month low of $44.37 and a twelve month high of $89.00. The company’s 50-day moving average price is $83.38 and its 200-day moving average price is $77.69. The company has a market cap of $42.02 billion, a PE ratio of 41.86, a price-to-earnings-growth ratio of 0.68 and a beta of 1.07.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Jefferies Financial Group lifted their price target 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. Scotiabank lifted their target price on Agnico Eagle Mines from $81.00 to $94.00 and gave the company a “sector outperform” rating in a research report on Monday, August 19th. Royal Bank of Canada boosted their price target on Agnico Eagle Mines from $80.00 to $87.00 and gave the company an “outperform” rating in a report on Tuesday, September 10th. Finally, 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 objective on the stock. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $86.78.

Agnico Eagle Mines Company 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.