First Majestic Silver (NYSE:AG) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of First Majestic Silver (NYSE:AG) (TSE:FR) from a sell rating to a hold rating in a research report released on Monday, Zacks.com reports.

According to Zacks, “First Majestic Silver Corp. is engaged in the production, development, exploration, and acquisition of silver mines in Mexico. First Majestic Silver Corp. is headquartered in Vancouver, Canada. “

A number of other research firms have also commented on AG. TD Securities raised First Majestic Silver from a hold rating to a buy rating in a report on Tuesday, October 20th. BMO Capital Markets lifted their target price on First Majestic Silver from $12.50 to $15.00 and gave the stock a market perform rating in a report on Monday, August 10th. Finally, HC Wainwright reduced their target price on First Majestic Silver from $16.50 to $16.00 and set a buy rating for the company in a report on Wednesday, October 14th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. First Majestic Silver has a consensus rating of Hold and a consensus price target of $10.35.

AG stock opened at $9.96 on Monday. First Majestic Silver has a twelve month low of $4.17 and a twelve month high of $14.57. The company has a quick ratio of 1.90, a current ratio of 2.45 and a debt-to-equity ratio of 0.24. The firm has a market cap of $2.15 billion, a PE ratio of -28.46 and a beta of 1.30. The business has a 50 day moving average of $10.69 and a 200 day moving average of $10.25.

First Majestic Silver (NYSE:AG) (TSE:FR) last posted its quarterly earnings data on Thursday, August 6th. The mining company reported ($0.10) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.02) by ($0.08). First Majestic Silver had a negative net margin of 23.48% and a negative return on equity of 0.05%. The company had revenue of $34.90 million for the quarter, compared to the consensus estimate of $55.22 million. On average, research analysts expect that First Majestic Silver will post 0.06 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently modified their holdings of the stock. CIBC Asset Management Inc grew its holdings in shares of First Majestic Silver by 3.9% in the second quarter. CIBC Asset Management Inc now owns 120,535 shares of the mining company’s stock worth $1,195,000 after acquiring an additional 4,541 shares during the period. Vanguard Group Inc. lifted its position in First Majestic Silver by 3.8% during the second quarter. Vanguard Group Inc. now owns 4,990,390 shares of the mining company’s stock valued at $49,654,000 after purchasing an additional 180,888 shares in the last quarter. CWM LLC lifted its position in First Majestic Silver by 194.3% during the third quarter. CWM LLC now owns 10,050 shares of the mining company’s stock valued at $96,000 after purchasing an additional 6,635 shares in the last quarter. Swiss National Bank lifted its position in First Majestic Silver by 14.8% during the second quarter. Swiss National Bank now owns 414,700 shares of the mining company’s stock valued at $4,096,000 after purchasing an additional 53,500 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in First Majestic Silver by 11.3% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 325,515 shares of the mining company’s stock valued at $3,237,000 after purchasing an additional 33,107 shares in the last quarter. 31.09% of the stock is owned by 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 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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