First Majestic Silver Corp. (NYSE:AG) Rating Lowered to Strong Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of First Majestic Silver Corp. (NYSE:AG) (TSE:FR) from a hold rating to a strong sell rating in a report published on Wednesday.

According to Zacks, “First Majestic Silver Corp. is engaged in the production, development, exploration, and acquisition of silver mines in Mexico. First Majestic Silver Corp. is headquartered in Vancouver, Canada. “

Other equities research analysts have also recently issued research reports about the company. BidaskClub upgraded First Majestic Silver Corp. from a sell rating to a hold rating in a research note on Tuesday, June 27th. Scotiabank restated a sector perform rating and issued a $13.00 target price on shares of First Majestic Silver Corp. in a research note on Friday, April 21st. National Bank Financial restated an outperform market weight rating on shares of First Majestic Silver Corp. in a research note on Friday, May 5th. Finally, HC Wainwright restated a buy rating and issued a $14.00 target price on shares of First Majestic Silver Corp. in a research note on Friday, August 4th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average price target of $16.20.

First Majestic Silver Corp. (NYSE AG) traded down 3.26% during mid-day trading on Wednesday, hitting $6.52. 5,693,198 shares of the stock were exchanged. The firm has a 50-day moving average price of $7.65 and a 200-day moving average price of $8.39. The stock has a market capitalization of $1.08 billion, a P/E ratio of 83.59 and a beta of 0.30. First Majestic Silver Corp. has a 12-month low of $5.92 and a 12-month high of $18.18.

First Majestic Silver Corp. (NYSE:AG) (TSE:FR) last released its earnings results on Thursday, August 3rd. The mining company reported ($0.02) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by $0.07. The firm had revenue of $60.10 million during the quarter, compared to the consensus estimate of $77.62 million. First Majestic Silver Corp. had a net margin of 5.11% and a return on equity of 1.60%. The company’s revenue was down 9.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.03 EPS. Equities analysts predict that First Majestic Silver Corp. will post $0.02 earnings per share for the current fiscal year.

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Large investors have recently made changes to their positions in the company. Geneva Advisors LLC boosted its stake in shares of First Majestic Silver Corp. by 4.1% in the first quarter. Geneva Advisors LLC now owns 12,800 shares of the mining company’s stock worth $104,000 after buying an additional 500 shares in the last quarter. Advisor Group Inc. boosted its stake in shares of First Majestic Silver Corp. by 1.6% in the second quarter. Advisor Group Inc. now owns 43,521 shares of the mining company’s stock worth $102,000 after buying an additional 695 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of First Majestic Silver Corp. by 4.0% in the second quarter. Legal & General Group Plc now owns 28,252 shares of the mining company’s stock worth $234,000 after buying an additional 1,089 shares in the last quarter. Aperio Group LLC boosted its stake in shares of First Majestic Silver Corp. by 1.9% in the second quarter. Aperio Group LLC now owns 99,218 shares of the mining company’s stock worth $825,000 after buying an additional 1,873 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of First Majestic Silver Corp. by 18.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,536 shares of the mining company’s stock worth $129,000 after buying an additional 2,408 shares in the last quarter. Institutional investors own 26.49% of the company’s stock.

First Majestic Silver Corp. Company Profile

First Majestic Silver Corp. is a mining company. The Company is focused on silver production in Mexico and it is pursuing the development of its existing mineral property assets. The Company operates through eight segments, six of which are located in Mexico; one retail market segment in Canada, and one metal trading segment in Europe.

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Analyst Recommendations for First Majestic Silver Corp. (NYSE:AG)

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