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

First Majestic Silver (NYSE:AG) (TSE:FR)‘s stock had its “sector perform” rating reissued by investment analysts at Scotiabank in a research report issued on Wednesday, Stock Target Advisor reports. They presently have a $6.00 price objective on the mining company’s stock. Scotiabank’s target price points to a potential downside of 9.84% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. HC Wainwright restated a “buy” rating and issued a $11.00 target price on shares of First Majestic Silver in a research note on Friday, February 21st. StockNews.com raised shares of First Majestic Silver from a “sell” rating to a “hold” rating in a research note on Friday, February 21st. Finally, TD Securities upgraded shares of First Majestic Silver to a “hold” rating in a research note on Monday, March 10th. Three investment 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, the company has a consensus rating of “Hold” and an average target price of $8.50.

First Majestic Silver Price Performance

NYSE AG traded up $0.03 on Wednesday, reaching $6.66. The company’s stock had a trading volume of 6,608,922 shares, compared to its average volume of 11,368,897. The firm has a market cap of $3.22 billion, a PE ratio of -18.99 and a beta of 1.16. The company has a current ratio of 2.56, a quick ratio of 2.12 and a debt-to-equity ratio of 0.16. First Majestic Silver has a 52 week low of $4.43 and a 52 week high of $8.44. The business has a 50-day moving average price of $6.00 and a 200 day moving average price of $6.19.

First Majestic Silver (NYSE:AG) (TSE:FR) last issued its earnings results on Thursday, February 20th. The mining company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 return on equity of 3.07% and a negative net margin of 18.17%. Sell-side analysts expect that First Majestic Silver will post 0.54 EPS for the current year.

Institutional Trading of First Majestic Silver

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tidal Investments LLC raised its stake in shares of First Majestic Silver by 135.2% during the fourth quarter. Tidal Investments LLC now owns 13,596,866 shares of the mining company’s stock worth $74,647,000 after buying an additional 7,816,177 shares during the last quarter. Vanguard Group Inc. raised its position in shares of First Majestic Silver by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 11,423,691 shares of the mining company’s stock valued at $62,784,000 after acquiring an additional 598,996 shares during the last quarter. Two Sigma Investments LP raised its position in shares of First Majestic Silver by 46.8% during the 4th quarter. Two Sigma Investments LP now owns 4,455,923 shares of the mining company’s stock valued at $24,463,000 after acquiring an additional 1,420,937 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of First Majestic Silver by 897.8% in the 4th quarter. Renaissance Technologies LLC now owns 3,759,181 shares of the mining company’s stock valued at $20,638,000 after purchasing an additional 3,382,443 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of First Majestic Silver by 3.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,472,159 shares of the mining company’s stock worth $19,060,000 after purchasing an additional 121,892 shares during the last quarter. 27.16% 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 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.