Agnico Eagle Mines (NYSE:AEM) Shares Gap Down – Should You Sell?

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 traded.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on AEM. UBS Group began coverage on Agnico Eagle Mines in a research note on Tuesday, September 17th. They set a “buy” rating and a $95.00 target price on the stock. Royal Bank of Canada increased their price objective on shares of Agnico Eagle Mines from $80.00 to $87.00 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. Jefferies Financial Group boosted their target price on shares of Agnico Eagle Mines from $68.00 to $85.00 and gave the stock a “hold” rating in a research report on Friday, October 4th. TD Securities upped their price target on shares of Agnico Eagle Mines from $90.00 to $91.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Finally, Scotiabank raised their target price on Agnico Eagle Mines from $81.00 to $94.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 19th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Agnico Eagle Mines currently has a consensus rating of “Moderate Buy” and an average target price of $86.78.

Agnico Eagle Mines Price Performance

The company has a debt-to-equity ratio of 0.06, a current ratio of 1.75 and a quick ratio of 0.83. The stock has a fifty day simple moving average of $82.66 and a 200-day simple moving average of $76.19. The company has a market capitalization of $42.23 billion, a price-to-earnings ratio of 42.06, a P/E/G ratio of 0.70 and a beta of 1.09.

Institutional Trading of Agnico Eagle Mines

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Manning & Napier Advisors LLC acquired a new stake in shares of Agnico Eagle Mines during the 2nd quarter valued at about $2,595,000. Tidal Investments LLC increased its holdings in Agnico Eagle Mines by 87.8% in the 1st quarter. Tidal Investments LLC now owns 20,598 shares of the mining company’s stock worth $1,195,000 after acquiring an additional 9,628 shares in the last quarter. M&G Plc acquired a new position in Agnico Eagle Mines during the second quarter worth $1,802,000. Swiss National Bank lifted its holdings in Agnico Eagle Mines by 0.6% during the third quarter. Swiss National Bank now owns 1,506,558 shares of the mining company’s stock valued at $121,558,000 after purchasing an additional 9,400 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Agnico Eagle Mines by 16.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 5,892,898 shares of the mining company’s stock valued at $474,660,000 after purchasing an additional 817,240 shares during the period. Institutional investors and hedge funds own 68.34% of the company’s stock.

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.