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

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) was the recipient of a significant growth in short interest in January. As of January 15th, there was short interest totalling 4,110,000 shares, a growth of 19.8% from the December 31st total of 3,430,000 shares. Based on an average trading volume of 1,990,000 shares, the days-to-cover ratio is presently 2.1 days. Approximately 0.8% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

AEM has been the topic of a number of recent analyst reports. Jefferies Financial Group boosted their price target on Agnico Eagle Mines from $85.00 to $88.00 and gave the stock a “hold” rating in a research report on Tuesday, January 7th. Scotiabank boosted their target price on Agnico Eagle Mines from $103.00 to $105.00 and gave the stock a “sector outperform” rating in a report on Tuesday, January 21st. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $90.50.

Agnico Eagle Mines Stock Performance

NYSE:AEM opened at $94.58 on Monday. The stock has a 50 day simple moving average of $83.69 and a 200 day simple moving average of $81.61. The stock has a market cap of $47.51 billion, a P/E ratio of 47.21, a PEG ratio of 0.62 and a beta of 1.10. Agnico Eagle Mines has a 1-year low of $44.37 and a 1-year high of $95.38. The company has a current ratio of 1.75, a quick ratio of 0.83 and a debt-to-equity ratio of 0.06.

Institutional Investors Weigh In On Agnico Eagle Mines

A number of hedge funds and other institutional investors have recently modified their holdings of the company. AQR Capital Management LLC increased its position in Agnico Eagle Mines by 23.3% during the second quarter. AQR Capital Management LLC now owns 13,017 shares of the mining company’s stock worth $851,000 after acquiring an additional 2,464 shares during the period. Creative Planning increased its holdings in shares of Agnico Eagle Mines by 17.4% during the second quarter. Creative Planning now owns 29,420 shares of the mining company’s stock worth $1,924,000 after purchasing an additional 4,351 shares during the period. Truist Financial Corp raised its position in shares of Agnico Eagle Mines by 10.4% in the second quarter. Truist Financial Corp now owns 45,315 shares of the mining company’s stock valued at $2,964,000 after buying an additional 4,276 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in shares of Agnico Eagle Mines in the second quarter valued at approximately $678,000. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Agnico Eagle Mines during the second quarter worth approximately $7,084,000. Institutional investors and hedge funds own 68.34% of the company’s stock.

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.