Agnico Eagle Mines Limited (NYSE:AEM) Short Interest Up 52.3% in October

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) saw a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 5,300,000 shares, an increase of 52.3% from the October 15th total of 3,480,000 shares. Based on an average daily volume of 2,320,000 shares, the days-to-cover ratio is currently 2.3 days. Approximately 1.1% of the company’s stock are sold short.

Institutional Trading of Agnico Eagle Mines

Large investors have recently bought and sold shares of the company. Manning & Napier Advisors LLC purchased a new stake in Agnico Eagle Mines in the 2nd quarter valued at approximately $2,595,000. Tidal Investments LLC lifted its position 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 valued at $1,195,000 after acquiring an additional 9,628 shares in the last quarter. M&G Plc acquired a new stake 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 stake in Agnico Eagle Mines during the 2nd quarter worth about $7,084,000. Finally, Gunderson Capital Management Inc. acquired a new position in Agnico Eagle Mines in the 3rd quarter valued at about $3,583,000. Institutional investors and hedge funds own 68.34% of the company’s stock.

Agnico Eagle Mines Price Performance

Shares of NYSE:AEM traded up $1.65 during trading on Thursday, hitting $77.64. 3,803,404 shares of the stock were exchanged, compared to its average volume of 2,677,504. Agnico Eagle Mines has a 12-month low of $44.37 and a 12-month high of $89.00. The company has a market cap of $38.96 billion, a PE ratio of 38.82, a P/E/G ratio of 0.67 and a beta of 1.09. The company has a fifty day moving average price of $82.43 and a two-hundred day moving average price of $75.26. The company has a current ratio of 1.75, a quick ratio of 0.83 and a debt-to-equity ratio of 0.06.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on AEM shares. UBS Group assumed coverage on shares of Agnico Eagle Mines in a report on Tuesday, September 17th. They issued a “buy” rating and a $95.00 target price on the stock. Scotiabank boosted their target price on shares of Agnico Eagle Mines from $81.00 to $94.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 19th. Royal Bank of Canada raised their price target 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. TD Securities upped their price objective on Agnico Eagle Mines from $90.00 to $91.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Finally, Jefferies Financial Group increased their price objective on Agnico Eagle Mines from $68.00 to $85.00 and gave the company a “hold” rating in a report on Friday, October 4th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $86.78.

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.