Kovack Advisors Inc. Buys Shares of 2,780 Agnico Eagle Mines Limited (NYSE:AEM)

Kovack Advisors Inc. purchased a new position in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) during the third quarter, HoldingsChannel.com reports. The fund purchased 2,780 shares of the mining company’s stock, valued at approximately $224,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Manning & Napier Advisors LLC purchased a new position in Agnico Eagle Mines during the second quarter valued at $2,595,000. Tidal Investments LLC grew its stake in shares of Agnico Eagle Mines by 87.8% in the first quarter. Tidal Investments LLC now owns 20,598 shares of the mining company’s stock worth $1,195,000 after acquiring an additional 9,628 shares during the last quarter. M&G Plc bought a new position in shares of Agnico Eagle Mines during the second quarter valued at $1,802,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Agnico Eagle Mines in the 2nd quarter worth about $7,084,000. Finally, Gunderson Capital Management Inc. bought a new position in Agnico Eagle Mines in the 3rd quarter worth about $3,583,000. Hedge funds and other institutional investors own 68.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. UBS Group initiated coverage on shares of Agnico Eagle Mines in a research note on Tuesday, September 17th. They set a “buy” rating and a $95.00 price objective for the company. TD Securities increased their price target 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. Scotiabank boosted their price objective on shares of Agnico Eagle Mines from $81.00 to $94.00 and gave the stock a “sector outperform” rating in a report on Monday, August 19th. Jefferies Financial Group increased their target price on Agnico Eagle Mines from $68.00 to $85.00 and gave the company a “hold” rating in a research note on Friday, October 4th. Finally, Royal Bank of Canada lifted their target price on Agnico Eagle Mines from $80.00 to $87.00 and gave the stock an “outperform” rating in a report 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 MarketBeat, Agnico Eagle Mines has a consensus rating of “Moderate Buy” and an average price target of $86.78.

Agnico Eagle Mines Price Performance

Shares of AEM opened at $76.76 on Friday. The firm has a fifty day simple moving average of $82.43 and a two-hundred day simple moving average of $75.34. The firm has a market cap of $38.51 billion, a PE ratio of 38.38, a P/E/G ratio of 0.66 and a beta of 1.09. The company has a current ratio of 1.75, a quick ratio of 0.83 and a debt-to-equity ratio of 0.06. Agnico Eagle Mines Limited has a 1-year low of $44.37 and a 1-year high of $89.00.

Agnico Eagle Mines Company 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.