PCJ Investment Counsel Ltd. Boosts Position in First Majestic Silver Corp. $AG

PCJ Investment Counsel Ltd. raised its stake in First Majestic Silver Corp. (NYSE:AG) (TSE:FR) by 66.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 499,280 shares of the mining company’s stock after buying an additional 198,810 shares during the period. First Majestic Silver comprises 1.4% of PCJ Investment Counsel Ltd.’s holdings, making the stock its 25th biggest holding. PCJ Investment Counsel Ltd. owned about 0.10% of First Majestic Silver worth $4,135,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. AlphaQuest LLC bought a new stake in shares of First Majestic Silver during the first quarter valued at approximately $29,000. CWM LLC increased its holdings in First Majestic Silver by 57.2% during the 2nd quarter. CWM LLC now owns 5,114 shares of the mining company’s stock worth $42,000 after purchasing an additional 1,860 shares during the period. Banque Cantonale Vaudoise purchased a new position in First Majestic Silver during the 1st quarter worth $46,000. American National Bank & Trust bought a new stake in First Majestic Silver during the 2nd quarter valued at $66,000. Finally, Headlands Technologies LLC lifted its holdings in shares of First Majestic Silver by 118.3% in the 1st quarter. Headlands Technologies LLC now owns 12,063 shares of the mining company’s stock worth $81,000 after buying an additional 6,538 shares during the period. 27.16% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. National Bank Financial upgraded First Majestic Silver from a “hold” rating to a “strong-buy” rating in a research note on Sunday, October 5th. Scotiabank increased their target price on shares of First Majestic Silver from $9.00 to $12.50 and gave the stock a “sector perform” rating in a report on Thursday, October 23rd. Cormark raised shares of First Majestic Silver from a “hold” rating to a “moderate buy” rating in a research report on Thursday. BMO Capital Markets reaffirmed a “market perform” rating on shares of First Majestic Silver in a research report on Tuesday, October 7th. Finally, TD Securities upgraded shares of First Majestic Silver from a “hold” rating to a “buy” rating in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, First Majestic Silver currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.33.

First Majestic Silver Stock Up 4.5%

Shares of First Majestic Silver stock opened at $11.39 on Friday. The company has a quick ratio of 2.84, a current ratio of 3.27 and a debt-to-equity ratio of 0.08. The company has a market cap of $5.58 billion, a P/E ratio of -1,137.76 and a beta of 0.79. The firm’s 50 day moving average price is $11.85 and its 200-day moving average price is $9.14. First Majestic Silver Corp. has a 52-week low of $5.09 and a 52-week high of $15.69.

First Majestic Silver (NYSE:AG) (TSE:FR) last announced its earnings results on Wednesday, November 5th. The mining company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.04). The firm had revenue of $285.10 million during the quarter, compared to analyst estimates of $429.78 million. First Majestic Silver had a net margin of 1.78% and a return on equity of 1.72%. First Majestic Silver’s revenue was up 95.3% on a year-over-year basis. During the same quarter last year, the business earned ($0.09) earnings per share. On average, sell-side analysts predict that First Majestic Silver Corp. will post 0.54 EPS for the current fiscal year.

First Majestic Silver Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be issued a $0.0052 dividend. This is an increase from First Majestic Silver’s previous quarterly dividend of $0.00. This represents a $0.02 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Friday, November 14th. First Majestic Silver’s dividend payout ratio is 14.29%.

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.