Bridgewater Associates Increases Stake in Agnico Eagle Mines Limited

Bridgewater Associates LP has significantly increased its investment in Agnico Eagle Mines Limited (NYSE:AEM, TSE:AEM) by 123.2% during the third quarter, as revealed in their latest Form 13F submission to the Securities and Exchange Commission (SEC). After acquiring an additional 112,712 shares, the firm now owns a total of 204,168 shares in the mining company. The value of Bridgewater's holdings in Agnico Eagle Mines was approximately $16,448,000 at the conclusion of the recent quarter.

Numerous other institutional investors have also adjusted their positions in Agnico Eagle Mines. Continuum Advisory LLC raised its holdings by a remarkable 1,134.4% in the second quarter, owning now 395 shares valued at $26,000 after purchasing 363 shares during that time. Additionally, Abich Financial Wealth Management LLC took a new position in Agnico Eagle Mines valued at around $32,000 in the second quarter. FSC Wealth Advisors LLC also acquired a new stake in the company during the third quarter, worth about $32,000. McClarren Financial Advisors Inc. increased its shareholding in Agnico Eagle Mines by 684.6% in the third quarter, now holding 510 shares valued at $41,000 after gaining 445 shares. Finally, WASHINGTON TRUST Co enhanced its investment in Agnico Eagle Mines by 92.1% in the second quarter, now possessing 730 shares worth $48,000 after an additional purchase of 350 shares. Overall, institutional investors control about 68.34% of the company's stock.

Agnico Eagle Mines Stock Overview

The shares of NYSE:AEM opened at $83.54 on Thursday. The current 50-day moving average price stands at $82.70, while the 200-day moving average price is $76.30. Agnico Eagle Mines has a debt-to-equity ratio of 0.06, a current ratio of 1.75, and a quick ratio of 0.83. The company's market capitalization is approximately $41.94 billion, with a price-to-earnings ratio of 41.77, a PEG ratio of 0.70, and a beta of 1.09. Over the past year, the stock has reached a low of $44.37 and a high of $89.00.

Analyst Insights on Agnico Eagle Mines

Recent reports from various research analysts reflect a generally favorable outlook for Agnico Eagle Mines. Scotiabank raised its price target from $81.00 to $94.00, designating the company with a "sector outperform" rating on August 19. Meanwhile, TD Securities increased their price target from $90.00 to $91.00, providing a "buy" rating in their report dated August 2. Jefferies Financial Group also lifted its price objective from $68.00 to $85.00, maintaining a "hold" rating as of October 4. Additionally, UBS Group initiated coverage on Agnico Eagle Mines on September 17, offering a "buy" rating and a target price of $95.00. Lastly, Royal Bank of Canada adjusted its price target from $80.00 to $87.00, assigning an "outperform" rating on September 10. Among analysts, one has rated the stock as a hold, and eight have recommended a buy, resulting in an average rating of "Moderate Buy" and a consensus target price of $86.78.

About Agnico Eagle Mines Limited

Agnico Eagle Mines Limited is a mining company primarily focused on the exploration, development, and production of precious metals, especially gold. Its mining operations are located across Canada, Australia, Finland, and Mexico, with ongoing exploration and development activities in Canada, Australia, Europe, Latin America, and the United States.

Investing, Stocks, Mining