Scotiabank Reiterates “Sector Perform” Rating for First Majestic Silver (NYSE:AG)

Scotiabank reissued their sector perform rating on shares of First Majestic Silver (NYSE:AG) (TSE:FR) in a report issued on Wednesday,Stock Target Advisor reports. Scotiabank currently has a $6.00 target price on the mining company’s stock.

Several other equities analysts have also commented on AG. TD Securities raised First Majestic Silver to a “hold” rating in a research report on Monday, March 10th. HC Wainwright reissued a “buy” rating and set a $11.00 target price on shares of First Majestic Silver in a research report on Friday, February 21st. Finally, StockNews.com raised shares of First Majestic Silver from a “sell” rating to a “hold” rating in a report on Friday, February 21st. Three analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, First Majestic Silver has a consensus rating of “Hold” and an average target price of $8.50.

First Majestic Silver Price Performance

First Majestic Silver stock opened at $6.68 on Wednesday. The firm has a fifty day moving average of $6.02 and a 200-day moving average of $6.20. First Majestic Silver has a 52-week low of $4.43 and a 52-week high of $8.44. The company has a quick ratio of 2.12, a current ratio of 2.56 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $3.23 billion, a P/E ratio of -19.09 and a beta of 1.16.

First Majestic Silver (NYSE:AG) (TSE:FR) last announced its quarterly earnings results on Thursday, February 20th. The mining company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.02). The company had revenue of $172.34 million during the quarter, compared to analyst estimates of $227.77 million. First Majestic Silver had a negative net margin of 18.17% and a negative return on equity of 3.07%. As a group, analysts predict that First Majestic Silver will post 0.54 EPS for the current year.

First Majestic Silver Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were paid a dividend of $0.0057 per share. This is a boost from First Majestic Silver’s previous quarterly dividend of $0.00. This represents a $0.02 annualized dividend and a dividend yield of 0.34%. The ex-dividend date of this dividend was Friday, February 28th. First Majestic Silver’s dividend payout ratio is -5.71%.

Institutional Trading of First Majestic Silver

A number of hedge funds and other institutional investors have recently made changes to their positions in AG. The Manufacturers Life Insurance Company grew its holdings in First Majestic Silver by 4.7% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 249,929 shares of the mining company’s stock worth $1,502,000 after acquiring an additional 11,311 shares in the last quarter. HighTower Advisors LLC grew its stake in First Majestic Silver by 14.2% in the third quarter. HighTower Advisors LLC now owns 131,877 shares of the mining company’s stock worth $793,000 after purchasing an additional 16,424 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in First Majestic Silver in the third quarter valued at about $748,000. National Bank of Canada FI raised its stake in First Majestic Silver by 18.0% during the third quarter. National Bank of Canada FI now owns 683,627 shares of the mining company’s stock valued at $4,102,000 after buying an additional 104,092 shares in the last quarter. Finally, XTX Topco Ltd lifted its holdings in First Majestic Silver by 1,510.1% during the 3rd quarter. XTX Topco Ltd now owns 271,748 shares of the mining company’s stock worth $1,630,000 after buying an additional 254,870 shares during the last quarter. Institutional investors own 27.16% of the company’s stock.

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.