First Majestic Silver Corp. (AG) Stake Decreased by CIBC Asset Management Inc

CIBC Asset Management Inc cut its holdings in shares of First Majestic Silver Corp. (NYSE:AG) (TSE:FR) by 19.1% in the 3rd quarter, HoldingsChannel reports. The fund owned 417,879 shares of the mining company’s stock after selling 98,469 shares during the period. CIBC Asset Management Inc’s holdings in First Majestic Silver were worth $2,370,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in AG. Kovack Advisors Inc. acquired a new stake in shares of First Majestic Silver during the second quarter valued at about $101,000. Fox Run Management L.L.C. acquired a new stake in shares of First Majestic Silver during the second quarter valued at about $153,000. Tower Research Capital LLC TRC grew its stake in shares of First Majestic Silver by 235.2% during the second quarter. Tower Research Capital LLC TRC now owns 20,171 shares of the mining company’s stock valued at $154,000 after acquiring an additional 14,154 shares in the last quarter. BlackRock Inc. grew its stake in shares of First Majestic Silver by 170.5% during the first quarter. BlackRock Inc. now owns 33,792 shares of the mining company’s stock valued at $206,000 after acquiring an additional 21,301 shares in the last quarter. Finally, AGF Investments Inc. acquired a new stake in shares of First Majestic Silver during the second quarter valued at about $239,000. Institutional investors own 25.78% of the company’s stock.

Shares of AG stock opened at $5.40 on Friday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.74 and a current ratio of 3.20. First Majestic Silver Corp. has a one year low of $4.93 and a one year high of $8.48.

First Majestic Silver (NYSE:AG) (TSE:FR) last issued its quarterly earnings results on Wednesday, November 7th. The mining company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.01. First Majestic Silver had a negative net margin of 33.27% and a negative return on equity of 5.36%. The business had revenue of $88.50 million for the quarter, compared to analysts’ expectations of $126.56 million. The business’s revenue was up 43.0% compared to the same quarter last year. As a group, analysts forecast that First Majestic Silver Corp. will post -0.19 earnings per share for the current fiscal year.

Several brokerages have recently weighed in on AG. TD Securities restated a “buy” rating on shares of First Majestic Silver in a research note on Thursday. HC Wainwright set a $9.00 target price on First Majestic Silver and gave the company a “buy” rating in a research note on Thursday. Credit Suisse Group downgraded First Majestic Silver from a “buy” rating to a “hold” rating in a research note on Friday, November 2nd. ValuEngine downgraded First Majestic Silver from a “buy” rating to a “hold” rating in a research note on Thursday, November 1st. Finally, Zacks Investment Research upgraded First Majestic Silver from a “strong sell” rating to a “hold” rating in a research note on Friday, October 26th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. First Majestic Silver has a consensus rating of “Buy” and a consensus target price of $8.75.

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First Majestic Silver Profile

First Majestic Silver Corp. engages in the acquisition, exploration, development, and production of mineral properties with a focus on silver production in Mexico. It owns and operates six silver producing mines, including the Santa Elena Silver/Gold Mine covering an area of 101,837 hectares located in Sonora; La Encantada Silver Mine covering an area of 4,076 hectares situated in Coahuila; La Parrilla Silver Mine covering an area of 69,478 hectares located in Durango; Del Toro Silver Mine covering an area of 2,159 hectares situated in Zacatecas; San Martin Silver Mine covering an area of 38,512 hectares located in Jalisco; and La Guitarra Silver Mine that consists of 39,714 hectares situated in México State.

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Institutional Ownership by Quarter for First Majestic Silver (NYSE:AG)

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