Lord Abbett & CO. LLC Increases Stock Holdings in Agnico Eagle Mines Limited (NYSE:AEM)

Lord Abbett & CO. LLC lifted its position in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 22.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 431,200 shares of the mining company's stock after purchasing an additional 78,700 shares during the quarter. Lord Abbett & CO. LLC owned about 0.09% of Agnico Eagle Mines worth $34,736,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. FMR LLC raised its stake in shares of Agnico Eagle Mines by 43.5% in the 3rd quarter. FMR LLC now owns 15,061,244 shares of the mining company's stock valued at $1,213,311,000 after acquiring an additional 4,562,005 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its position in Agnico Eagle Mines by 16.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 5,892,898 shares of the mining company's stock valued at $474,660,000 after purchasing an additional 817,240 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in Agnico Eagle Mines by 262.5% during the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,060,402 shares of the mining company's stock worth $85,413,000 after purchasing an additional 767,912 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Agnico Eagle Mines by 17.1% during the third quarter. The Manufacturers Life Insurance Company now owns 4,051,140 shares of the mining company's stock worth $326,571,000 after buying an additional 591,178 shares during the period. Finally, TD Asset Management Inc grew its stake 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 buying an additional 546,542 shares in the last quarter. Hedge funds and other institutional investors own 68.34% of the company's stock.

Agnico Eagle Mines Price Performance

AEM traded down $1.49 during midday trading on Friday, reaching $83.72. 1,907,368 shares of the company's stock were exchanged, compared to its average volume of 2,594,177. The business's 50-day moving average price is $83.38 and its 200 day moving average price is $77.76. The stock has a market capitalization of $42.02 billion, a PE ratio of 41.86, a P/E/G ratio of 0.68 and a beta of 1.07. Agnico Eagle Mines Limited has a 1-year low of $44.37 and a 1-year 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.

Analysts Set New Price Targets

Several equities analysts have weighed in on AEM shares. Scotiabank lifted their target price on Agnico Eagle Mines from $81.00 to $94.00 and gave the company a "sector outperform" rating in a research report on Monday, August 19th. UBS Group started coverage on Agnico Eagle Mines in a research note on Tuesday, September 17th. They issued a "buy" rating and a $95.00 price objective on the stock. Royal Bank of Canada lifted their target price on Agnico Eagle Mines from $80.00 to $87.00 and gave the company an "outperform" rating in a report on Tuesday, September 10th. Finally, Jefferies Financial Group upped their target price 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 analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Agnico Eagle Mines currently 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.