Short Interest in Agnico Eagle Mines Limited Increases Significantly in January

Agnico Eagle Mines Limited (NYSE:AEM - Get Free Report) experienced a notable rise in short interest during January. As of January 15th, the total short interest reached 4,110,000 shares, marking a 19.8% increase from the previous total of 3,430,000 shares recorded on December 31st. Currently, 0.8% of the company’s shares are short sold. With an average daily trading volume of 1,990,000 shares, the days-to-cover ratio stands at 2.1 days.

Wall Street Analysts Forecast Growth

The stock has attracted attention from several analysts. Jefferies Financial Group recently raised its target price for Agnico Eagle Mines from $85.00 to $88.00, maintaining a "hold" rating in their report dated January 7th. Similarly, Scotiabank increased its target price from $103.00 to $105.00, giving it a "sector outperform" rating as of January 21st. Among analysts, one has issued a hold rating, while seven have assigned buy ratings to the stock. According to MarketBeat data, the stock holds an average rating of "Moderate Buy" with a consensus target price of $90.50.

Agnico Eagle Mines Stock Performance

As of Monday, Agnico Eagle Mines shares opened at $94.58. The company reports a debt-to-equity ratio of 0.06, a current ratio of 1.75, and a quick ratio of 0.83. It boasts a market capitalization of $47.51 billion, a price-to-earnings ratio of 47.21, and a price-to-earnings-growth ratio of 0.62. The stock has a 52-week low of $44.37 and a high of $95.38. Moreover, its 50-day moving average is $83.69, while the 200-day moving average is $81.61.

Institutional Investors Weigh In On Agnico Eagle Mines

Recent transactions involving institutional investors indicate growing interest in Agnico Eagle Mines. AQR Capital Management LLC increased its holdings by 23.3% during the second quarter, acquiring an additional 2,464 shares to reach a total of 13,017 shares valued at $851,000. Creative Planning also boosted its position by 17.4%, owning 29,420 shares worth $1,924,000 after buying 4,351 additional shares. Truist Financial Corp raised its stake by 10.4%, now owning 45,315 shares valued at $2,964,000 after an increase of 4,276 shares. New entries include Sanctuary Advisors LLC and the Healthcare of Ontario Pension Plan Trust Fund, with investments of $678,000 and $7,084,000, respectively. Currently, institutional investors own 68.34% of the company's stock.

About Agnico Eagle Mines

Agnico Eagle Mines Limited is a gold mining company engaged in exploration, development, and production of precious metals, focusing primarily on gold. The company operates mines in Canada, Australia, Finland, and Mexico, while also conducting exploration and development activities across Canada, Australia, Europe, Latin America, and the United States.

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