Bridgewater Associates Increases Stake in Agnico Eagle Mines

Bridgewater Associates LP has significantly increased its holdings in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) (TSE:AEM) by 123.2% during the third quarter. According to the company's recent Form 13F filing with the Securities and Exchange Commission (SEC), the firm now owns 204,168 shares of the mining company, having added 112,712 shares during this period. At the end of the most recent quarter, the total value of Bridgewater's holdings in Agnico Eagle Mines was $16,448,000.

In addition to Bridgewater Associates, several other institutional investors have also adjusted their stakes in Agnico Eagle Mines. Continuum Advisory LLC increased its holdings by a remarkable 1,134.4% in the second quarter, now owning 395 shares valued at $26,000 after acquiring an additional 363 shares. Abich Financial Wealth Management LLC also entered a new position in Agnico Eagle Mines during the second quarter valued at about $32,000. Meanwhile, FSC Wealth Advisors LLC purchased new shares worth approximately $32,000 in the third quarter.

Furthermore, McClarren Financial Advisors Inc. raised its holdings by 684.6% during the third quarter and now possesses 510 shares valued at $41,000, following a purchase of an additional 445 shares last quarter. WASHINGTON TRUST Co also increased its position in Agnico Eagle Mines by 92.1% in the second quarter and currently owns 730 shares, worth $48,000 after acquiring an additional 350 shares. Collectively, institutional investors hold 68.34% of Agnico Eagle Mines stock.

Agnico Eagle Mines Price Performance

As of Thursday, shares of NYSE:AEM opened at $83.54. The company’s stock has a 50-day moving average price of $82.70 and a 200-day moving average price of $76.30. Agnico Eagle 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 stands at $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 reached a low of $44.37 and a high of $89.00.

Wall Street Analyst Insights

Recent reports from research analysts highlight some positive sentiment towards Agnico Eagle Mines. Scotiabank raised its price target for Agnico Eagle Mines from $81.00 to $94.00 and assigned a "sector outperform" rating. Similarly, TD Securities updated its price target from $90.00 to $91.00, maintaining a "buy" rating. Jefferies Financial Group also increased its price objective for the stock from $68.00 to $85.00 with a "hold" rating.

UBS Group began covering Agnico Eagle Mines, setting a "buy" rating with a target price of $95.00. Royal Bank of Canada raised its price target from $80.00 to $87.00 and provided an "outperform" rating. Among analysts, one has given a "hold" rating, while eight analysts recommend buying the stock. Overall, the average rating for Agnico Eagle Mines is categorized as a "Moderate Buy," with a consensus price target of $86.78.

About Agnico Eagle Mines

Agnico Eagle Mines Limited is primarily engaged in the exploration, development, and production of precious metals, focusing mainly on gold. The company's mining operations are located in Canada, Australia, Finland, and Mexico, with ongoing exploration and development activities across Canada, Australia, Europe, Latin America, and the United States.

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