Short Interest in Agnico Eagle Mines Limited (NYSE:AEM) Declines By 20.8%

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) was the recipient of a large decrease in short interest in November. As of November 15th, there was short interest totalling 4,200,000 shares, a decrease of 20.8% from the October 31st total of 5,300,000 shares. Based on an average daily volume of 2,330,000 shares, the short-interest ratio is currently 1.8 days. Approximately 0.8% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Scotiabank lifted their target price on shares of Agnico Eagle Mines from $81.00 to $94.00 and gave the company a “sector outperform” rating in a research note on Monday, August 19th. TD Securities upped their price objective on Agnico Eagle Mines from $90.00 to $91.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. UBS Group initiated 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 report on Tuesday, September 10th. Finally, 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 report on Friday, October 4th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $86.78.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Continuum Advisory LLC increased its position in 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. Abich Financial Wealth Management LLC purchased a new position in Agnico Eagle Mines during the second quarter valued at approximately $32,000. FSC Wealth Advisors LLC bought a new position in Agnico Eagle Mines in the third quarter worth approximately $32,000. McClarren Financial Advisors Inc. lifted its holdings 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 worth $41,000 after buying an additional 445 shares during the period. Finally, WASHINGTON TRUST Co boosted its position in Agnico Eagle Mines by 92.1% during the 2nd quarter. WASHINGTON TRUST Co now owns 730 shares of the mining company’s stock valued at $48,000 after acquiring an additional 350 shares in the last quarter. Institutional investors own 68.34% of the company’s stock.

Agnico Eagle Mines Trading Up 1.5 %

Agnico Eagle Mines stock traded up $1.26 during mid-day trading on Friday, hitting $84.42. The company’s stock had a trading volume of 889,636 shares, compared to its average volume of 2,639,384. Agnico Eagle Mines has a one year low of $44.37 and a one year high of $89.00. The stock has a market cap of $42.38 billion, a PE ratio of 42.21, a P/E/G ratio of 0.65 and a beta of 1.09. The company has a 50 day moving average of $82.80 and a 200-day moving average of $76.52. 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.