First Majestic Silver (NYSE:AG) Upgraded to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of First Majestic Silver (NYSE:AG) (TSE:FR) from a hold rating to a buy rating in a research note published on Friday morning.

Several other research firms have also recently issued reports on AG. HC Wainwright reissued a “buy” rating and issued a $12.75 target price on shares of First Majestic Silver in a research note on Friday, August 15th. National Bank Financial raised First Majestic Silver to a “hold” rating in a research note on Thursday, June 12th. Scotiabank raised their target price on First Majestic Silver from $6.00 to $6.50 and gave the stock a “sector perform” rating in a research note on Wednesday, July 9th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of First Majestic Silver in a research note on Saturday, September 27th. One investment analyst has rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, First Majestic Silver has an average rating of “Hold” and a consensus target price of $9.63.

First Majestic Silver Stock Up 0.4%

Shares of NYSE:AG opened at $12.11 on Friday. The stock’s 50-day moving average price is $9.67 and its 200-day moving average price is $7.99. First Majestic Silver has a 12-month low of $5.09 and a 12-month high of $13.00. The stock has a market capitalization of $5.92 billion, a P/E ratio of -1,209.49 and a beta of 0.76. The company has a current ratio of 3.27, a quick ratio of 2.84 and a debt-to-equity ratio of 0.08.

First Majestic Silver (NYSE:AG) (TSE:FR) last announced its quarterly earnings data on Thursday, August 14th. The mining company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.02). First Majestic Silver had a net margin of 1.78% and a return on equity of 1.72%. The company had revenue of $264.20 million for the quarter, compared to the consensus estimate of $387.25 million. During the same period last year, the business posted ($0.07) earnings per share. The firm’s quarterly revenue was up 94.0% compared to the same quarter last year. On average, equities analysts anticipate that First Majestic Silver will post 0.54 earnings per share for the current year.

First Majestic Silver Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were issued a $0.0048 dividend. The ex-dividend date was Friday, August 29th. This represents a $0.02 annualized dividend and a yield of 0.2%. First Majestic Silver’s dividend payout ratio (DPR) is -200.00%.

Institutional Trading of First Majestic Silver

Institutional investors and hedge funds have recently bought and sold shares of the stock. Parallel Advisors LLC lifted its holdings in First Majestic Silver by 1,221.6% in the first quarter. Parallel Advisors LLC now owns 3,793 shares of the mining company’s stock worth $25,000 after buying an additional 3,506 shares during the period. AlphaQuest LLC purchased a new stake in First Majestic Silver in the first quarter worth about $29,000. CWM LLC lifted its holdings in First Majestic Silver by 57.2% in the second quarter. CWM LLC now owns 5,114 shares of the mining company’s stock worth $42,000 after buying an additional 1,860 shares during the period. Banque Cantonale Vaudoise purchased a new position in shares of First Majestic Silver during the first quarter valued at approximately $46,000. Finally, American National Bank & Trust purchased a new position in shares of First Majestic Silver during the second quarter valued at approximately $66,000. 27.16% of the stock is currently owned by hedge funds and other institutional investors.

First Majestic Silver Company Profile

First Majestic Silver Corp. engages in the acquisition, exploration, development, and production of mineral properties with a focus on silver and gold production in North America. Its projects include the San Dimas mine covering an area of approximately 71,867 hectares located in Durango State, Mexico; the Santa Elena that covers an area of approximately 102,244 hectares located in Sonora State, México; and the La Encantada covering an area of approximately 4,076 hectares located in Coahuila State, México.