Jennison Associates LLC Has $46.96 Million Stock Holdings in Agnico Eagle Mines Limited (NYSE:AEM)

Jennison Associates LLC lowered its stake in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 9.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 582,938 shares of the mining company's stock after selling 61,106 shares during the quarter. Jennison Associates LLC owned about 0.12% of Agnico Eagle Mines worth $46,962,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in AEM. Van ECK Associates Corp lifted its holdings in shares of Agnico Eagle Mines by 0.3% in the second quarter. Van ECK Associates Corp now owns 22,320,085 shares of the mining company's stock valued at $1,459,741,000 after purchasing an additional 58,681 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in Agnico Eagle Mines by 1.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 13,281,926 shares of the mining company's stock worth $868,638,000 after buying an additional 134,872 shares in the last quarter. CIBC Asset Management Inc grew its holdings in shares of Agnico Eagle Mines by 4.1% in the 2nd quarter. CIBC Asset Management Inc now owns 6,083,606 shares of the mining company's stock valued at $397,657,000 after acquiring an additional 237,347 shares in the last quarter. TD Asset Management Inc increased its position in shares of Agnico Eagle Mines by 10.3% in the second quarter. TD Asset Management Inc now owns 5,852,648 shares of the mining company's stock valued at $382,720,000 after acquiring an additional 546,542 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in Agnico Eagle Mines by 14.7% during the second quarter. Canada Pension Plan Investment Board now owns 1,966,837 shares of the mining company's stock worth $128,617,000 after acquiring an additional 252,300 shares in the last quarter. 68.34% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have weighed in on AEM. Jefferies Financial Group boosted their price target on Agnico Eagle Mines from $68.00 to $85.00 and gave the stock a "hold" rating in a research report on Friday, October 4th. Royal Bank of Canada increased their price target 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. UBS Group initiated 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. TD Securities boosted their price target 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, Scotiabank lifted their target price on 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. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $86.78.

Agnico Eagle Mines Trading Up 0.9 %

AEM traded up $0.76 during midday trading on Friday, hitting $84.33. 934,684 shares of the company were exchanged, compared to its average volume of 2,654,740. The firm's 50 day moving average price is $82.65 and its 200-day moving average price is $75.83. Agnico Eagle Mines Limited has a 1-year low of $44.37 and a 1-year high of $89.00. The firm has a market capitalization of $42.34 billion, a P/E ratio of 41.79, a P/E/G ratio of 0.72 and a beta of 1.09. The company has a quick ratio of 0.83, a current ratio of 1.75 and a debt-to-equity ratio of 0.06.

Agnico Eagle Mines 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.