Verition Fund Management LLC Buys New Shares in Agnico Eagle Mines Limited (NYSE:AEM)

Verition Fund Management LLC purchased a new position in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) in the third quarter, according to its most recent filing with the SEC. The firm purchased 4,138 shares of the mining company’s stock, valued at approximately $333,000.

Other hedge funds have also recently made changes to their positions in the company. FMR LLC grew its stake in Agnico Eagle Mines by 43.5% during the third quarter. FMR LLC now owns 15,061,244 shares of the mining company’s stock worth $1,213,311,000 after purchasing an additional 4,562,005 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Agnico Eagle Mines by 16.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 5,892,898 shares of the mining company’s stock worth $474,660,000 after buying an additional 817,240 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Agnico Eagle Mines by 17.1% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 4,051,140 shares of the mining company’s stock valued at $326,571,000 after acquiring an additional 591,178 shares in the last quarter. TD Asset Management Inc lifted its position in shares of Agnico Eagle Mines by 10.3% during the 2nd quarter. TD Asset Management Inc now owns 5,852,648 shares of the mining company’s stock valued at $382,720,000 after acquiring an additional 546,542 shares during the period. Finally, Progeny 3 Inc. bought a new position in Agnico Eagle Mines during the second quarter worth $18,151,000. 68.34% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Scotiabank upped their price objective on shares of Agnico Eagle Mines from $81.00 to $94.00 and gave the company a “sector outperform” rating in a report on Monday, August 19th. Jefferies Financial Group upped their price target on Agnico Eagle Mines from $68.00 to $85.00 and gave the stock a “hold” rating in a research note on Friday, October 4th. UBS Group assumed coverage on Agnico Eagle Mines in a research note on Tuesday, September 17th. They issued a “buy” rating and a $95.00 price objective for the company. Finally, Royal Bank of Canada upped their target price 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 analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Agnico Eagle Mines has a consensus rating of “Moderate Buy” and a consensus target price of $86.78.

Agnico Eagle Mines Stock Performance

NYSE AEM opened at $83.72 on Friday. 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 company has a fifty day moving average price of $83.38 and a 200-day moving average price of $77.63. Agnico Eagle Mines Limited has a 1 year low of $44.37 and a 1 year high of $89.00. The firm has a market cap of $42.02 billion, a price-to-earnings ratio of 41.86, a PEG ratio of 0.68 and a beta of 1.07.

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.