Connor Clark & Lunn Investment Management Ltd. Increases Stake in Agnico Eagle Mines Limited (NYSE:AEM)

Connor Clark & Lunn Investment Management Ltd. raised its stake in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 16.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,892,898 shares of the mining company's stock after buying an additional 817,240 shares during the period. Agnico Eagle Mines makes up approximately 2.3% of Connor Clark & Lunn Investment Management Ltd.'s holdings, making the stock its 5th largest holding. Connor Clark & Lunn Investment Management Ltd. owned about 1.17% of Agnico Eagle Mines worth $474,660,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in AEM. Continuum Advisory LLC increased its stake in Agnico Eagle Mines by 1,134.4% in the 2nd quarter. Continuum Advisory LLC now owns 395 shares of the mining company's stock valued at $26,000 after buying an additional 363 shares during the period. FSC Wealth Advisors LLC acquired a new position in shares of Agnico Eagle Mines in the third quarter valued at approximately $32,000. Abich Financial Wealth Management LLC acquired a new stake in Agnico Eagle Mines in the 2nd quarter valued at $32,000. McClarren Financial Advisors Inc. increased its holdings in Agnico Eagle Mines by 684.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 510 shares of the mining company's stock worth $41,000 after acquiring an additional 445 shares during the last quarter. Finally, WASHINGTON TRUST Co grew its holdings in shares of Agnico Eagle Mines by 92.1% during the second quarter. WASHINGTON TRUST Co now owns 730 shares of the mining company's stock worth $48,000 after purchasing an additional 350 shares in the last quarter. Institutional investors and hedge funds own 68.34% of the company's stock.

Agnico Eagle Mines Price Performance

Shares of NYSE AEM traded up $0.35 during mid-day trading on Wednesday, reaching $82.80. 1,141,314 shares of the company traded hands, compared to its average volume of 2,667,586. The stock has a fifty day simple moving average of $82.55 and a 200-day simple moving average of $75.73. The firm has a market cap of $41.57 billion, a PE ratio of 41.24, a price-to-earnings-growth ratio of 0.67 and a beta of 1.09. Agnico Eagle Mines Limited has a fifty-two week low of $44.37 and a fifty-two week high of $89.00. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.75 and a quick ratio of 0.83.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on AEM. Royal Bank of Canada raised their price objective on Agnico Eagle Mines from $80.00 to $87.00 and gave the stock an "outperform" rating in a research note on Tuesday, September 10th. TD Securities increased their price objective on Agnico Eagle Mines from $90.00 to $91.00 and gave the company a "buy" rating in a research note on Friday, August 2nd. Scotiabank upped their target price on Agnico Eagle Mines from $81.00 to $94.00 and gave the company a "sector outperform" rating in a research note on Monday, August 19th. UBS Group began coverage on shares of Agnico Eagle Mines in a research report on Tuesday, September 17th. They set a "buy" rating and a $95.00 price target on the stock. Finally, Jefferies Financial Group raised their price objective on shares of Agnico Eagle Mines from $68.00 to $85.00 and gave the stock a "hold" rating in a research note on Friday, October 4th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus 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.