First Majestic Silver (NYSE:AG) Upgraded to Moderate Buy by Cormark

Cormark upgraded shares of First Majestic Silver (NYSE:AG) (TSE:FR) from a hold rating to a moderate buy rating in a research report sent to investors on Friday morning, Zacks.com reports.

A number of other analysts have also weighed in on AG. HC Wainwright reiterated a buy rating and issued a $8.50 target price on shares of First Majestic Silver in a research note on Friday. Scotiabank raised their price target on First Majestic Silver from $5.50 to $6.50 and gave the company a sector perform rating in a research note on Thursday, May 23rd. One research analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, First Majestic Silver currently has a consensus rating of Hold and a consensus price target of $7.50.

First Majestic Silver Stock Performance

AG stock opened at $4.63 on Friday. The company has a quick ratio of 2.44, a current ratio of 3.05 and a debt-to-equity ratio of 0.17. The business’s fifty day simple moving average is $5.74 and its two-hundred day simple moving average is $6.18. First Majestic Silver has a twelve month low of $4.17 and a twelve month high of $8.44. The firm has a market cap of $1.34 billion, a price-to-earnings ratio of -28.90 and a beta of 1.35.

First Majestic Silver (NYSE:AG) (TSE:FR) last released its earnings results on Thursday, August 1st. The mining company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.05). First Majestic Silver had a negative return on equity of 4.39% and a negative net margin of 15.37%. The business had revenue of $136.20 million during the quarter, compared to analysts’ expectations of $129.74 million. During the same quarter in the previous year, the business earned ($0.02) EPS. The business’s revenue for the quarter was down 7.2% on a year-over-year basis. Analysts predict that First Majestic Silver will post -0.11 earnings per share for the current year.

First Majestic Silver Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were paid a dividend of $0.0046 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $0.02 annualized dividend and a dividend yield of 0.40%. First Majestic Silver’s dividend payout ratio is currently -12.50%.

Hedge Funds Weigh In On First Majestic Silver

Institutional investors have recently made changes to their positions in the company. Creekmur Asset Management LLC purchased a new position in First Majestic Silver in the fourth quarter valued at about $43,000. Dixon Mitchell Investment Counsel Inc. purchased a new position in First Majestic Silver in the first quarter valued at about $48,000. B. Riley Wealth Advisors Inc. purchased a new position in First Majestic Silver in the first quarter valued at about $62,000. Capstone Investment Advisors LLC purchased a new position in First Majestic Silver in the fourth quarter valued at about $69,000. Finally, Dark Forest Capital Management LP purchased a new position in First Majestic Silver in the second quarter valued at about $70,000. Hedge funds and other 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.