Agnico Eagle Mines (NYSE:AEM) Share Price Crosses Above 200-Day Moving Average - Here's Why

Agnico Eagle Mines Limited (NYSE:AEM - Get Free Report) TSE: AEM's stock price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $78.87 and traded as high as $82.15. Agnico Eagle Mines shares last traded at $81.99, with a volume of 1,665,510 shares traded.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AEM. UBS Group began coverage on shares of Agnico Eagle Mines in a research note on Tuesday, September 17th. They issued a "buy" rating and a $95.00 price target for the company. Royal Bank of Canada raised their target price on shares of Agnico Eagle Mines from $80.00 to $87.00 and gave the company an "outperform" rating in a research note on Tuesday, September 10th. Finally, Jefferies Financial Group upped their price target on 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 issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $86.78.

Agnico Eagle Mines Trading Down 1.1 %

The firm has a market capitalization of $40.69 billion, a PE ratio of 40.54, a P/E/G ratio of 0.68 and a beta of 1.07. The firm has a 50 day simple moving average of $82.27 and a 200 day simple moving average of $78.99. The company has a current ratio of 1.75, a quick ratio of 0.83 and a debt-to-equity ratio of 0.06.

Hedge Funds Weigh In On Agnico Eagle Mines

A number of hedge funds have recently bought and sold shares of the business. Versant Capital Management Inc bought a new stake in shares of Agnico Eagle Mines in the fourth quarter worth approximately $26,000. Confluence Investment Management LLC boosted its holdings in Agnico Eagle Mines by 1.8% in the fourth quarter. Confluence Investment Management LLC now owns 20,408 shares of the mining company's stock worth $1,596,000 after purchasing an additional 351 shares during the last quarter. Principal Financial Group Inc. grew its position in Agnico Eagle Mines by 1.4% in the 3rd quarter. Principal Financial Group Inc. now owns 21,822 shares of the mining company's stock worth $1,760,000 after purchasing an additional 302 shares during the period. Lord Abbett & CO. LLC raised its stake in Agnico Eagle Mines by 22.3% during the 3rd quarter. Lord Abbett & CO. LLC now owns 431,200 shares of the mining company's stock valued at $34,736,000 after buying an additional 78,700 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of Agnico Eagle Mines during the 3rd quarter valued at $1,818,000. Hedge funds and other institutional investors 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.