Arizona State Retirement System Takes $1.50 Million Position in Agnico Eagle Mines Limited $AEM

Arizona State Retirement System bought a new stake in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 8,901 shares of the mining company’s stock, valued at approximately $1,500,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Agnico Eagle Mines during the second quarter valued at $938,644,000. Arrowstreet Capital Limited Partnership raised its position in shares of Agnico Eagle Mines by 38.8% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 8,296,796 shares of the mining company’s stock worth $987,398,000 after purchasing an additional 2,319,131 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in Agnico Eagle Mines by 48.3% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,528,022 shares of the mining company’s stock valued at $538,506,000 after buying an additional 1,474,385 shares in the last quarter. Invesco Ltd. boosted its holdings in Agnico Eagle Mines by 53.1% in the 2nd quarter. Invesco Ltd. now owns 4,164,046 shares of the mining company’s stock worth $495,230,000 after buying an additional 1,444,746 shares during the last quarter. Finally, Picton Mahoney Asset Management purchased a new stake in Agnico Eagle Mines during the 2nd quarter worth approximately $134,059,000. Hedge funds and other institutional investors own 68.34% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on AEM. Royal Bank Of Canada cut Agnico Eagle Mines from an “outperform” rating to a “sector perform” rating and increased their target price for the company from $185.00 to $205.00 in a report on Wednesday, December 10th. Jefferies Financial Group set a $189.00 price objective on Agnico Eagle Mines in a research note on Sunday, December 7th. Raymond James Financial reaffirmed an “outperform” rating and set a $225.00 target price on shares of Agnico Eagle Mines in a research note on Wednesday, January 14th. Scotiabank upped their target price on shares of Agnico Eagle Mines from $219.00 to $276.00 and gave the stock an “outperform” rating in a report on Monday, January 26th. Finally, Canadian Imperial Bank of Commerce set a $296.00 price target on shares of Agnico Eagle Mines and gave the stock an “outperform” rating in a research note on Wednesday. Four analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Agnico Eagle Mines has a consensus rating of “Buy” and an average price target of $230.64.

Agnico Eagle Mines Stock Up 3.9%

NYSE AEM opened at $196.86 on Friday. The business’s fifty day simple moving average is $185.34 and its 200-day simple moving average is $164.58. The company has a quick ratio of 1.31, a current ratio of 2.12 and a debt-to-equity ratio of 0.01. The firm has a market cap of $98.56 billion, a PE ratio of 28.74, a P/E/G ratio of 0.46 and a beta of 0.63. Agnico Eagle Mines Limited has a 52 week low of $92.11 and a 52 week high of $225.00.

About Agnico Eagle Mines

Agnico Eagle Mines Limited (NYSE: AEM) is a Canadian-based senior gold producer headquartered in Toronto, Ontario. The company is principally engaged in the exploration, development, production and reclamation of gold-bearing properties. Agnico Eagle pursues both greenfield and brownfield exploration to expand its resource base and operates a portfolio of producing mines and development projects to generate long-life gold production.

Its core business activities span the full mining lifecycle: grassroots and advanced-stage exploration, prefeasibility and feasibility studies, mine construction, underground and open-pit mining, ore processing and metal recovery, and post-mining reclamation and closure.