Agnico Eagle Mines Limited (NYSE:AEM) Sees Significant Growth in Short Interest

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) was the target of a significant growth in short interest in the month of August. As of August 31st, there was short interest totalling 10,730,000 shares, a growth of 42.3% from the August 15th total of 7,540,000 shares. Based on an average daily trading volume, of 2,070,000 shares, the short-interest ratio is presently 5.2 days. Currently, 2.2% of the shares of the company are sold short.

Institutional Investors Weigh In On Agnico Eagle Mines

Large investors have recently added to or reduced their stakes in the business. Private Advisor Group LLC increased its position in Agnico Eagle Mines by 111.9% during the fourth quarter. Private Advisor Group LLC now owns 10,116 shares of the mining company’s stock worth $555,000 after buying an additional 5,342 shares in the last quarter. SCP Investment LP purchased a new stake in Agnico Eagle Mines during the 4th quarter worth about $292,000. Principal Securities Inc. acquired a new position in Agnico Eagle Mines in the 4th quarter valued at about $119,000. Dimensional Fund Advisors LP lifted its holdings in Agnico Eagle Mines by 19.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,745,423 shares of the mining company’s stock valued at $150,588,000 after purchasing an additional 451,814 shares in the last quarter. Finally, Avantax Advisory Services Inc. boosted its stake in shares of Agnico Eagle Mines by 2.2% during the 4th quarter. Avantax Advisory Services Inc. now owns 16,031 shares of the mining company’s stock worth $879,000 after purchasing an additional 339 shares during the last quarter. 68.34% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have weighed in on AEM. Royal Bank of Canada lifted their target price on Agnico Eagle Mines from $80.00 to $87.00 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. Scotiabank boosted 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 research note on Monday, August 19th. BMO Capital Markets cut their price objective on shares of Agnico Eagle Mines from $79.00 to $77.00 and set an “outperform” rating for the company in a research report on Thursday, June 20th. Jefferies Financial Group lifted their target price on shares of Agnico Eagle Mines from $59.00 to $66.00 and gave the company a “hold” rating in a report on Friday, July 12th. Finally, TD Securities boosted their price target on shares of Agnico Eagle Mines from $90.00 to $91.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $83.38.

Agnico Eagle Mines Price Performance

AEM stock traded down $0.95 during trading on Monday, reaching $82.22. 322,303 shares of the company were exchanged, compared to its average volume of 2,702,276. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.76 and a current ratio of 1.51. The stock’s 50 day moving average price is $77.21 and its 200 day moving average price is $67.96. Agnico Eagle Mines has a 52-week low of $43.22 and a 52-week high of $83.95. The company has a market cap of $41.18 billion, a P/E ratio of 87.55, a PEG ratio of 0.77 and a beta of 1.10.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its quarterly earnings results on Wednesday, July 31st. The mining company reported $1.07 EPS for the quarter, topping the consensus estimate of $0.93 by $0.14. The business had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.03 billion. Agnico Eagle Mines had a return on equity of 7.16% and a net margin of 8.44%. The company’s quarterly revenue was up 20.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.65 EPS. As a group, analysts predict that Agnico Eagle Mines will post 3.65 earnings per share for the current fiscal year.

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.