First Majestic Silver (NYSE:AG) Given New $6.00 Price Target at Scotiabank

First Majestic Silver (NYSE:AG) (TSE:FR) had its price target reduced by stock analysts at Scotiabank from $6.50 to $6.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “sector perform” rating on the mining company’s stock. Scotiabank’s target price would suggest a potential upside of 2.92% from the company’s previous close. Scotiabank also issued estimates for First Majestic Silver’s FY2024 earnings at ($0.15) EPS and FY2025 earnings at $0.18 EPS.

Separately, HC Wainwright reiterated a “buy” rating and issued a $11.00 price objective on shares of First Majestic Silver in a report on Friday, January 10th.

First Majestic Silver Trading Down 0.2 %

AG stock traded down $0.01 during midday trading on Wednesday, hitting $5.83. The stock had a trading volume of 1,777,950 shares, compared to its average volume of 12,661,647. The firm has a market cap of $1.76 billion, a PE ratio of -21.59 and a beta of 1.25. The company has a debt-to-equity ratio of 0.16, a current ratio of 3.03 and a quick ratio of 2.45. First Majestic Silver has a 12-month low of $4.17 and a 12-month high of $8.44. The company’s 50-day moving average price is $6.04 and its 200 day moving average price is $6.10.

First Majestic Silver (NYSE:AG) (TSE:FR) last announced its quarterly earnings results on Thursday, November 7th. The mining company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.12). The company had revenue of $146.09 million during the quarter. First Majestic Silver had a negative net margin of 14.89% and a negative return on equity of 4.19%. On average, equities research analysts predict that First Majestic Silver will post -0.17 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Barclays PLC acquired a new position in First Majestic Silver during the 3rd quarter valued at about $2,419,000. Marshall Wace LLP acquired a new stake in shares of First Majestic Silver in the 2nd quarter worth approximately $3,904,000. National Bank of Canada FI lifted its stake in shares of First Majestic Silver by 18.0% in the 3rd quarter. National Bank of Canada FI now owns 683,627 shares of the mining company’s stock worth $4,102,000 after acquiring an additional 104,092 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of First Majestic Silver by 3.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,158,908 shares of the mining company’s stock worth $18,701,000 after acquiring an additional 103,232 shares during the period. Finally, Raymond James & Associates lifted its stake in shares of First Majestic Silver by 17.7% in the 3rd quarter. Raymond James & Associates now owns 558,096 shares of the mining company’s stock worth $3,349,000 after acquiring an additional 83,867 shares during the period. 27.16% of the stock is owned by institutional investors and hedge funds.

About First Majestic Silver

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.