Picton Mahoney Asset Management has significantly increased its investment in Agnico Eagle Mines Limited, purchasing 1,129,750 shares of the mining company during the second quarter of the year. The acquisition, detailed in a recent 13F filing with the U.S. Securities and Exchange Commission (SEC), amounts to approximately $134.1 million and positions Agnico Eagle as the ninth largest holding in Picton Mahoney’s portfolio, comprising about 1.4% of its total investments.
Several other institutional investors have also adjusted their stakes in Agnico Eagle Mines. For instance, Cadinha & Co. LLC increased its position by 2.8%, now holding 3,211 shares valued at $382,000 after acquiring an additional 86 shares. Similarly, City State Bank raised its stake by an impressive 69.2%, bringing its total to 269 shares worth $32,000 following a purchase of 110 shares.
Additionally, Wedbush Securities Inc. expanded its holdings by 2.3%, now owning 5,003 shares valued at $595,000, and Rhumbline Advisers increased its stake by 8.0% to 1,810 shares, worth $215,000. US Bancorp DE also contributed to the growing institutional interest, boosting its stake by 2.0% during the first quarter, now holding 6,908 shares valued at $749,000. Currently, institutional investors and hedge funds own 68.34% of Agnico Eagle’s stock.
Stock Performance and Analyst Ratings
As of Monday, shares of Agnico Eagle Mines (NYSE:AEM) opened at $159.82. The company has experienced fluctuations, with a fifty-day moving average price of $164.52 and a two-hundred-day moving average price of $139.67. Over the past year, the stock has traded between a low of $76.91 and a high of $187.50. With a market capitalization of $80.17 billion, the company’s price-to-earnings (P/E) ratio stands at 23.33, while its price/earnings to growth (PEG) ratio is 0.70.
Several equities research analysts have recently provided insights on Agnico Eagle’s stock. On October 15, analysts at Citigroup revised their target price, increasing it from $140.00 to $198.00 and issuing a “buy” rating. Following suit, CIBC raised their price target from $165.00 to $231.00 on October 10, categorizing the stock as an “outperformer.”
Moreover, Wall Street Zen upgraded Agnico Eagle from “buy” to “strong-buy” on October 14. Bank of America also increased its target from $209.00 to $226.00, affirming a “buy” rating on October 16. Scotiabank reiterated an “outperform” rating in a report on October 23. Overall, five analysts have rated Agnico Eagle with a “Strong Buy” rating, while ten assigned a “Buy” and two a “Hold” rating. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” with an average price target of $184.50.
About Agnico Eagle Mines Limited
Agnico Eagle Mines Limited is a leading gold mining company involved in the exploration, development, and production of precious metals. Its operations span across Canada, Australia, Finland, and Mexico, with ongoing exploration and development activities in various regions, including Canada, Europe, Latin America, and the United States.
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