First Majestic Silver (NYSE:AG) (TSE:FR) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday, January 2nd. The firm currently has a $7.75 price target on the mining company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 12.48% from the stock’s previous close.
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. “
Other analysts also recently issued research reports about the company. HC Wainwright reissued a “buy” rating and set a $14.00 target price on shares of First Majestic Silver in a research note on Friday, December 22nd. BMO Capital Markets downgraded First Majestic Silver from a “market perform” rating to an “underperform” rating in a research note on Friday, December 22nd. ValuEngine raised First Majestic Silver from a “sell” rating to a “hold” rating in a research note on Thursday, December 14th. Finally, Scotiabank reduced their price objective on First Majestic Silver from $11.50 to $9.75 and set a “sector perform” rating on the stock in a research note on Friday, November 3rd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $10.50.
First Majestic Silver (AG) opened at $6.89 on Tuesday. The stock has a market capitalization of $1,120.00, a PE ratio of 229.67 and a beta of 0.20. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.77 and a quick ratio of 3.38. First Majestic Silver has a 12-month low of $5.92 and a 12-month high of $10.92.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Van ECK Associates Corp increased its position in First Majestic Silver by 71.0% during the 2nd quarter. Van ECK Associates Corp now owns 19,593,256 shares of the mining company’s stock valued at $162,820,000 after buying an additional 8,137,139 shares in the last quarter. Vanguard Group Inc. grew its stake in First Majestic Silver by 5.4% during the 2nd quarter. Vanguard Group Inc. now owns 3,346,737 shares of the mining company’s stock valued at $27,811,000 after purchasing an additional 172,004 shares during the last quarter. Commerzbank Aktiengesellschaft FI grew its stake in First Majestic Silver by 513.6% during the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 2,109,456 shares of the mining company’s stock valued at $14,429,000 after purchasing an additional 1,765,678 shares during the last quarter. Global X MANAGEMENT CO LLC grew its stake in First Majestic Silver by 8.1% during the 3rd quarter. Global X MANAGEMENT CO LLC now owns 2,052,117 shares of the mining company’s stock valued at $13,980,000 after purchasing an additional 154,623 shares during the last quarter. Finally, ETF Managers Group LLC purchased a new stake in First Majestic Silver during the 2nd quarter valued at about $5,591,000. 29.95% of the stock is owned by hedge funds and other institutional investors.
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About First Majestic Silver
First Majestic Silver Corp. is a mining company. The Company is focused on silver production in Mexico and it is pursuing the development of its existing mineral property assets. The Company operates through eight segments, six of which are located in Mexico; one retail market segment in Canada, and one metal trading segment in Europe.
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