Picton Mahoney Asset Management has significantly increased its holdings in Agnico Eagle Mines Limited by purchasing 1,129,750 shares during the second quarter of 2023. This acquisition is valued at approximately $134.1 million, according to the firm’s recent filing with the Securities and Exchange Commission (SEC). This investment positions Agnico Eagle Mines as the ninth largest holding in Picton Mahoney’s portfolio, representing about 1.4% of their total investments.
Other institutional investors have also changed their positions in Agnico Eagle Mines. Cadinha & Co. LLC increased its stake by 2.8%, now owning 3,211 shares valued at $382,000. Meanwhile, City State Bank raised its ownership by an impressive 69.2%, bringing its total to 269 shares valued at $32,000.
In addition, Wedbush Securities Inc. expanded its position by 2.3%, owning 5,003 shares worth $595,000, while Rhumbline Advisers increased its stake by 8.0% to 1,810 shares valued at $215,000. US Bancorp DE also saw a 2.0% increase in its holdings, now at 6,908 shares valued at $749,000.
As of now, institutional investors and hedge funds own approximately 68.34% of Agnico Eagle’s stock.
Agnico Eagle Mines’ Stock Performance
On Monday, shares of NYSE:AEM opened at $159.82. The company has experienced a fifty-day moving average price of $164.52 and a two-hundred day moving average price of $139.67. The stock has fluctuated significantly within the past year, reaching a low of $76.91 and a high of $187.50.
Agnico Eagle Mines boasts a market capitalization of $80.17 billion and a price-to-earnings (P/E) ratio of 23.33. The firm also has a current ratio of 2.03, a quick ratio of 1.16, and a debt-to-equity ratio of 0.03.
Analyst Ratings and Future Outlook
Research analysts have recently adjusted their ratings for Agnico Eagle Mines. Citigroup raised its target price from $140.00 to $198.00, assigning a “buy” rating in a report dated October 15, 2023. Similarly, CIBC increased its price objective from $165.00 to $231.00 with an “outperformer” rating noted on October 10, 2023.
Bank of America also boosted its price target from $209.00 to $226.00, maintaining a “buy” rating as of October 16, 2023. Currently, five analysts have rated Agnico Eagle as a Strong Buy, while ten have assigned it a Buy rating, and two have given it a Hold rating. The consensus rating is “Buy,” with an average price target of $184.50, according to MarketBeat.com.
Agnico Eagle Mines Limited, headquartered in Canada, is engaged in the exploration, development, and production of precious metals, primarily gold. The company operates mines in Canada, Australia, Finland, and Mexico, with additional exploration and development activities across various regions, including Europe and Latin America.
For further insights and updates on Agnico Eagle Mines and its activities, stakeholders can visit reliable financial news sources and platforms that track investment trends.
