Agnico Eagle Mines Limited (NYSE:AEM) Short Interest Update

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) was the recipient of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 5,300,000 shares, a growth of 52.3% from the October 15th total of 3,480,000 shares. Based on an average trading volume of 2,320,000 shares, the days-to-cover ratio is presently 2.3 days. Approximately 1.1% of the shares of the stock are sold short.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in AEM. Continuum Advisory LLC grew its position 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 worth $26,000 after buying an additional 363 shares during the period. FSC Wealth Advisors LLC acquired a new stake in shares of Agnico Eagle Mines during the 3rd quarter worth approximately $32,000. Abich Financial Wealth Management LLC acquired a new stake in shares of Agnico Eagle Mines during the 2nd quarter worth approximately $32,000. McClarren Financial Advisors Inc. grew its position in shares of Agnico Eagle Mines by 684.6% during the 3rd 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, FSA Wealth Management LLC acquired a new stake in shares of Agnico Eagle Mines during the 3rd quarter worth approximately $58,000. Institutional investors own 68.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Scotiabank increased their target price on shares of Agnico Eagle Mines from $81.00 to $94.00 and gave the stock a “sector outperform” rating in a report on Monday, August 19th. TD Securities increased their target price on shares of Agnico Eagle Mines from $90.00 to $91.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Jefferies Financial Group increased 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. Royal Bank of Canada raised 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, UBS Group began coverage on shares of Agnico Eagle Mines in a report on Tuesday, September 17th. They issued a “buy” rating and a $95.00 price objective for the company. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $86.78.

Agnico Eagle Mines Trading Down 1.1 %

Agnico Eagle Mines stock traded down $0.88 during mid-day trading on Friday, hitting $76.76. 1,663,802 shares of the stock were exchanged, compared to its average volume of 2,672,932. 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 has a 12 month low of $44.37 and a 12 month high of $89.00. The firm’s fifty day simple moving average is $82.43 and its two-hundred day simple moving average is $75.34. The stock has a market capitalization of $38.51 billion, a price-to-earnings ratio of 38.38, a PEG ratio of 0.66 and a beta of 1.09.

About Agnico Eagle Mines

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.