The Manufacturers Life Insurance Company Grows Holdings in Agnico Eagle Mines Limited (NYSE:AEM)

The Manufacturers Life Insurance Company boosted its position in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 17.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,051,140 shares of the mining company’s stock after buying an additional 591,178 shares during the quarter. The Manufacturers Life Insurance Company owned 0.81% of Agnico Eagle Mines worth $326,571,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Agnico Eagle Mines by 16.1% during the 3rd 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 buying an additional 817,240 shares during the last quarter. TD Asset Management Inc boosted its stake in Agnico Eagle Mines by 10.3% during the 2nd 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. Progeny 3 Inc. acquired a new position in Agnico Eagle Mines during the 2nd quarter worth $18,151,000. Canada Pension Plan Investment Board increased its position in shares of Agnico Eagle Mines by 14.7% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,966,837 shares of the mining company’s stock worth $128,617,000 after purchasing an additional 252,300 shares during the last quarter. Finally, CIBC Asset Management Inc raised its stake 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 purchasing an additional 237,347 shares in the last quarter. 68.34% of the stock is owned by hedge funds and other institutional investors.

Agnico Eagle Mines Stock Performance

AEM opened at $81.72 on Tuesday. The company has a current ratio of 1.75, a quick ratio of 0.83 and a debt-to-equity ratio of 0.06. The business’s 50 day moving average is $82.66 and its 200-day moving average is $76.19. The stock has a market cap of $41.03 billion, a PE ratio of 40.86, a price-to-earnings-growth ratio of 0.73 and a beta of 1.09. Agnico Eagle Mines Limited has a twelve month low of $44.37 and a twelve month high of $89.00.

Analyst Upgrades and Downgrades

AEM has been the subject of several research analyst reports. Royal Bank of Canada boosted their price objective on Agnico Eagle Mines from $80.00 to $87.00 and gave the company an “outperform” rating in a report on Tuesday, September 10th. UBS Group assumed coverage on 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. TD Securities boosted their target price on shares of 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 raised their price target on shares of Agnico Eagle Mines from $81.00 to $94.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 19th. Finally, Jefferies Financial Group boosted their price objective on shares of Agnico Eagle Mines from $68.00 to $85.00 and gave the company a “hold” rating in a research report on Friday, October 4th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Agnico Eagle Mines has an average rating of “Moderate Buy” and an average target price of $86.78.

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.