Brown Brothers Harriman & Co. Increases Position in Agnico Eagle Mines Limited (NYSE:AEM)

Brown Brothers Harriman & Co. grew its stake in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 106.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,191 shares of the mining company’s stock after acquiring an additional 1,130 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Agnico Eagle Mines were worth $177,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Boston Family Office LLC purchased a new position in shares of Agnico Eagle Mines in the 3rd quarter valued at $390,000. Independent Advisor Alliance acquired a new stake in shares of Agnico Eagle Mines in the 3rd quarter worth $772,000. Dynamic Technology Lab Private Ltd boosted its position in shares of Agnico Eagle Mines by 252.0% in the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 26,214 shares of the mining company’s stock worth $2,111,000 after purchasing an additional 18,767 shares in the last quarter. Pekin Hardy Strauss Inc. boosted its position in shares of Agnico Eagle Mines by 0.6% in the 3rd quarter. Pekin Hardy Strauss Inc. now owns 83,410 shares of the mining company’s stock worth $6,719,000 after purchasing an additional 527 shares in the last quarter. Finally, Penserra Capital Management LLC boosted its position in shares of Agnico Eagle Mines by 14,633.3% in the 3rd quarter. Penserra Capital Management LLC now owns 6,188 shares of the mining company’s stock worth $498,000 after purchasing an additional 6,146 shares in the last quarter. 68.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on AEM. Scotiabank raised their price objective on 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. Jefferies Financial Group raised their price objective on 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 raised their price objective on Agnico Eagle Mines from $90.00 to $91.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. UBS Group began coverage on Agnico Eagle Mines in a research report on Tuesday, September 17th. They set a “buy” rating and a $95.00 price target for the company. Finally, Royal Bank of Canada lifted their price target on Agnico Eagle Mines from $80.00 to $87.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Agnico Eagle Mines presently has an average rating of “Moderate Buy” and an average target price of $86.78.

Agnico Eagle Mines Stock Performance

NYSE AEM opened at $83.54 on Thursday. The stock has a 50-day simple moving average of $82.70 and a two-hundred day simple moving average of $76.30. The firm has a market capitalization of $41.94 billion, a P/E ratio of 41.77, a PEG ratio of 0.70 and a beta of 1.09. Agnico Eagle Mines Limited has a fifty-two week low of $44.37 and a fifty-two week high of $89.00. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.83 and a current ratio of 1.75.

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.