Agnico Eagle Mines (NYSE:AEM) Share Price Passes Above 200-Day Moving Average – What’s Next?

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $78.87 and traded as high as $82.15. Agnico Eagle Mines shares last traded at $81.99, with a volume of 1,665,510 shares changing hands.

Analyst Upgrades and Downgrades

AEM has been the subject of a number of recent research reports. UBS Group initiated coverage on Agnico Eagle Mines in a research report on Tuesday, September 17th. They set a “buy” rating and a $95.00 price objective for the company. Jefferies Financial Group increased their price target on Agnico Eagle Mines from $68.00 to $85.00 and gave the stock a “hold” rating in a report on Friday, October 4th. Finally, Royal Bank of Canada boosted 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 note on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $86.78.

Agnico Eagle Mines Price Performance

The stock has a market cap of $40.69 billion, a PE ratio of 40.54, a PEG ratio of 0.68 and a beta of 1.08. The company has a 50-day simple moving average of $82.27 and a 200-day simple moving average of $78.99. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.75 and a quick ratio of 0.83.

Institutional Investors Weigh In On Agnico Eagle Mines

A number of hedge funds and other institutional investors have recently modified their holdings of AEM. Versant Capital Management Inc acquired a new stake in Agnico Eagle Mines in the fourth quarter valued at $26,000. Confluence Investment Management LLC boosted its position in shares of Agnico Eagle Mines by 1.8% in the 4th quarter. Confluence Investment Management LLC now owns 20,408 shares of the mining company’s stock worth $1,596,000 after buying an additional 351 shares in the last quarter. Principal Financial Group Inc. grew its stake in Agnico Eagle Mines by 1.4% in the 3rd quarter. Principal Financial Group Inc. now owns 21,822 shares of the mining company’s stock valued at $1,760,000 after acquiring an additional 302 shares during the last quarter. Lord Abbett & CO. LLC increased its holdings in Agnico Eagle Mines by 22.3% during the 3rd quarter. Lord Abbett & CO. LLC now owns 431,200 shares of the mining company’s stock valued at $34,736,000 after acquiring an additional 78,700 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new position in Agnico Eagle Mines during the third quarter worth about $1,818,000. 68.34% of the stock is currently owned by institutional investors and hedge funds.

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.