General American Investors Co. Inc. Cuts Stake in Agnico Eagle Mines Limited (NYSE:AEM)

General American Investors Co. Inc. lessened its holdings in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 14.4% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 415,000 shares of the mining company’s stock after selling 70,000 shares during the quarter. Agnico Eagle Mines comprises approximately 2.3% of General American Investors Co. Inc.’s portfolio, making the stock its 12th biggest position. General American Investors Co. Inc.’s holdings in Agnico Eagle Mines were worth $33,432,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Norden Group LLC boosted its position in Agnico Eagle Mines by 67.5% in the 1st quarter. Norden Group LLC now owns 7,353 shares of the mining company’s stock worth $439,000 after purchasing an additional 2,963 shares in the last quarter. Private Advisor Group LLC lifted its holdings in shares of Agnico Eagle Mines by 10.6% in the 1st quarter. Private Advisor Group LLC now owns 11,189 shares of the mining company’s stock worth $667,000 after acquiring an additional 1,073 shares during the last quarter. GSA Capital Partners LLP purchased a new position in Agnico Eagle Mines during the 1st quarter valued at about $878,000. Envestnet Portfolio Solutions Inc. grew its stake in shares of Agnico Eagle Mines by 2.2% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 54,123 shares of the mining company’s stock worth $3,228,000 after acquiring an additional 1,141 shares in the last quarter. Finally, Empowered Funds LLC purchased a new stake in shares of Agnico Eagle Mines during the first quarter worth approximately $2,054,000. Institutional investors and hedge funds own 68.34% of the company’s stock.

Analyst Ratings Changes

AEM has been the topic of several research reports. Jefferies Financial Group raised their price objective on 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 target 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. Scotiabank upped their price target on shares of Agnico Eagle Mines from $81.00 to $94.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 19th. CIBC boosted their price objective on shares of Agnico Eagle Mines from $81.00 to $101.00 and gave the stock an “outperformer” rating in a report on Wednesday, July 10th. Finally, UBS Group began coverage on Agnico Eagle Mines in a report on Tuesday, September 17th. They issued a “buy” rating and a $95.00 price target on the stock. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $86.78.

Agnico Eagle Mines Stock Performance

Shares of Agnico Eagle Mines stock traded up $0.76 on Thursday, reaching $83.93. 247,411 shares of the company traded hands, compared to its average volume of 2,650,011. The company has a 50 day moving average of $82.49 and a 200 day moving average of $74.67. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.75 and a quick ratio of 0.83. Agnico Eagle Mines Limited has a 52 week low of $44.37 and a 52 week high of $89.00. The firm has a market capitalization of $42.11 billion, a PE ratio of 41.60, a PEG ratio of 0.74 and a beta of 1.09.

Agnico Eagle Mines 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.