Telemark Asset Management LLC Makes New $8.06 Million Investment in Agnico Eagle Mines Limited (NYSE:AEM)

Telemark Asset Management LLC acquired a new position in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) in the 3rd quarter, HoldingsChannel reports. The firm acquired 100,000 shares of the mining company’s stock, valued at approximately $8,056,000.

A number of other large investors also recently modified their holdings of AEM. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Agnico Eagle Mines by 16.1% in 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 acquiring an additional 817,240 shares in the last quarter. TD Asset Management Inc increased its position in shares of Agnico Eagle Mines by 10.3% during the second 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 last quarter. Progeny 3 Inc. bought a new position in Agnico Eagle Mines in the 2nd quarter valued at $18,151,000. Canada Pension Plan Investment Board increased its position in shares of Agnico Eagle Mines by 14.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,966,837 shares of the mining company’s stock valued at $128,617,000 after purchasing an additional 252,300 shares during the last quarter. Finally, CIBC Asset Management Inc grew its position in Agnico Eagle Mines by 4.1% during the second quarter. CIBC Asset Management Inc now owns 6,083,606 shares of the mining company’s stock valued at $397,657,000 after buying an additional 237,347 shares during the period. Institutional investors own 68.34% of the company’s stock.

Agnico Eagle Mines Stock Performance

Agnico Eagle Mines stock opened at $83.57 on Friday. Agnico Eagle Mines Limited has a 1-year low of $44.37 and a 1-year high of $89.00. The company has a current ratio of 1.75, a quick ratio of 0.83 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $41.96 billion, a PE ratio of 41.79, a price-to-earnings-growth ratio of 0.72 and a beta of 1.09. The firm’s 50 day simple moving average is $82.65 and its 200 day simple moving average is $75.83.

Analyst Ratings Changes

A number of research analysts have recently weighed in on AEM shares. UBS Group assumed coverage on shares of Agnico Eagle Mines in a research report on Tuesday, September 17th. They set a “buy” rating and a $95.00 target price for the company. Jefferies Financial Group upped their price target on Agnico Eagle Mines from $68.00 to $85.00 and gave the company a “hold” rating in a research report on Friday, October 4th. Scotiabank lifted their price objective on 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 upped their price objective on shares of Agnico Eagle Mines from $90.00 to $91.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Finally, Royal Bank of Canada lifted their target price on shares of Agnico Eagle Mines from $80.00 to $87.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $86.78.

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.