First Majestic Silver (NYSE:AG) Hits New 52-Week High Following Analyst Upgrade

First Majestic Silver Corp. (NYSE:AG) (TSE:FR) hit a new 52-week high during trading on Monday after HC Wainwright raised their price target on the stock from $12.75 to $14.00. HC Wainwright currently has a buy rating on the stock. First Majestic Silver traded as high as $13.27 and last traded at $13.49, with a volume of 4345416 shares. The stock had previously closed at $12.11.

Several other analysts have also recently weighed in on AG. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of First Majestic Silver in a report on Saturday, September 27th. Wall Street Zen raised First Majestic Silver from a “hold” rating to a “buy” rating in a report on Friday. National Bank Financial raised First Majestic Silver to a “hold” rating in a report on Thursday, June 12th. National Bankshares set a $22.00 price target on First Majestic Silver and gave the company an “outperform” rating in a report on Monday. Finally, Scotiabank raised their price objective on First Majestic Silver from $6.00 to $6.50 and gave the company a “sector perform” rating in a report on Wednesday, July 9th. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $14.17.

Hedge Funds Weigh In On First Majestic Silver

Large investors have recently modified their holdings of the company. Municipal Employees Retirement System of Michigan purchased a new position in First Majestic Silver in the 1st quarter worth approximately $47,656,000. Jupiter Asset Management Ltd. purchased a new position in First Majestic Silver in the 1st quarter worth approximately $46,070,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in First Majestic Silver by 74.2% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,666,756 shares of the mining company’s stock worth $112,880,000 after purchasing an additional 5,821,751 shares during the period. Sprott Inc. increased its stake in First Majestic Silver by 603.8% in the 1st quarter. Sprott Inc. now owns 4,612,904 shares of the mining company’s stock worth $30,856,000 after purchasing an additional 3,957,459 shares during the period. Finally, Vanguard Group Inc. increased its stake in First Majestic Silver by 26.7% in the 1st quarter. Vanguard Group Inc. now owns 14,475,305 shares of the mining company’s stock worth $96,768,000 after purchasing an additional 3,051,614 shares during the period. 27.16% of the stock is owned by hedge funds and other institutional investors.

First Majestic Silver Stock Up 6.0%

The company has a current ratio of 3.27, a quick ratio of 2.84 and a debt-to-equity ratio of 0.08. The stock has a 50 day simple moving average of $9.76 and a 200 day simple moving average of $8.04. The firm has a market capitalization of $6.28 billion, a PE ratio of -1,282.72 and a beta of 0.76.

First Majestic Silver (NYSE:AG) (TSE:FR) last issued its quarterly earnings data on Thursday, August 14th. The mining company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.02). The business had revenue of $264.20 million during the quarter, compared to the consensus estimate of $387.25 million. First Majestic Silver had a return on equity of 1.72% and a net margin of 1.78%.First Majestic Silver’s quarterly revenue was up 94.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.07) earnings per share. As a group, sell-side analysts forecast that First Majestic Silver Corp. will post 0.54 earnings per share for the current year.

First Majestic Silver Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were given a $0.0048 dividend. This represents a $0.02 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date was Friday, August 29th. First Majestic Silver’s dividend payout ratio (DPR) is currently -200.00%.

About First Majestic Silver

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.