Principal Financial Group Inc. Purchases 302 Shares of Agnico Eagle Mines Limited (NYSE:AEM)

Principal Financial Group Inc. raised its position in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 1.4% during the third quarter, HoldingsChannel reports. The firm owned 21,822 shares of the mining company’s stock after purchasing an additional 302 shares during the period. Principal Financial Group Inc.’s holdings in Agnico Eagle Mines were worth $1,760,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. FSC Wealth Advisors LLC bought a new stake in shares of Agnico Eagle Mines in the 3rd quarter worth approximately $32,000. Abich Financial Wealth Management LLC purchased a new position in Agnico Eagle Mines in the 2nd quarter worth $32,000. McClarren Financial Advisors Inc. lifted its stake in Agnico Eagle Mines by 684.6% in the third quarter. McClarren Financial Advisors Inc. now owns 510 shares of the mining company’s stock worth $41,000 after purchasing an additional 445 shares during the last quarter. Hobbs Group Advisors LLC purchased a new stake in Agnico Eagle Mines during the third quarter valued at about $48,000. Finally, FSA Wealth Management LLC bought a new position in shares of Agnico Eagle Mines during the third quarter valued at about $58,000. Institutional investors own 68.34% of the company’s stock.

Agnico Eagle Mines Stock Performance

Shares of AEM stock opened at $81.08 on Friday. The firm has a market capitalization of $40.69 billion, a price-to-earnings ratio of 40.54, a PEG ratio of 0.68 and a beta of 1.08. The stock has a fifty day moving average of $82.27 and a 200 day moving average of $79.09. Agnico Eagle Mines Limited has a 52 week low of $44.37 and a 52 week high of $89.00. The company has a quick ratio of 0.83, a current ratio of 1.75 and a debt-to-equity ratio of 0.06.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on AEM. UBS Group initiated coverage on Agnico Eagle Mines in a research note on Tuesday, September 17th. They issued a “buy” rating and a $95.00 target price for the company. Jefferies Financial Group boosted their price objective on Agnico Eagle Mines from $68.00 to $85.00 and gave the company a “hold” rating in a research report on Friday, October 4th. Finally, Royal Bank of Canada raised their target price on shares of Agnico Eagle Mines from $80.00 to $87.00 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $86.78.

About Agnico Eagle Mines

Agnico Eagle Mines Limited, a gold mining company, exploration, development, and production of precious metals. It explores for gold. The company's mines are located in Canada, Australia, Finland and Mexico, with exploration and development activities in Canada, Australia, Europe, Latin America, and the United States.