Zacks Investment Research Lowers First Majestic Silver (AG) to Sell

First Majestic Silver (NYSE:AG) (TSE:FR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Friday, January 19th.

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. “

Several other analysts have also issued reports on AG. HC Wainwright reiterated a “buy” rating and set a $14.00 price target on shares of First Majestic Silver in a research report on Wednesday, October 18th. Scotiabank cut their target price on shares of First Majestic Silver from $11.50 to $9.75 and set a “sector perform” rating on the stock in a research report on Friday, November 3rd. ValuEngine lowered shares of First Majestic Silver from a “hold” rating to a “sell” rating in a research report on Friday, November 10th. Finally, BMO Capital Markets started coverage on shares of First Majestic Silver in a research report on Friday, November 17th. They issued a “market perform” rating on the stock. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $10.50.

First Majestic Silver (NYSE:AG) traded up $0.31 during midday trading on Friday, hitting $5.99. 4,880,000 shares of the company traded hands, compared to its average volume of 5,010,000. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.77 and a quick ratio of 3.38. The firm has a market cap of $942.43, a price-to-earnings ratio of 199.67 and a beta of 0.19. First Majestic Silver has a twelve month low of $4.93 and a twelve month high of $10.63.

A number of institutional investors have recently modified their holdings of AG. Legal & General Group Plc boosted its position in First Majestic Silver by 4.0% in the second quarter. Legal & General Group Plc now owns 28,252 shares of the mining company’s stock valued at $234,000 after buying an additional 1,089 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of First Majestic Silver by 18.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,536 shares of the mining company’s stock valued at $129,000 after acquiring an additional 2,408 shares during the last quarter. Swiss National Bank raised its stake in shares of First Majestic Silver by 2.2% during the second quarter. Swiss National Bank now owns 275,600 shares of the mining company’s stock valued at $2,287,000 after acquiring an additional 6,000 shares during the last quarter. UBS Asset Management Americas Inc. raised its stake in shares of First Majestic Silver by 31.4% during the second quarter. UBS Asset Management Americas Inc. now owns 56,477 shares of the mining company’s stock valued at $468,000 after acquiring an additional 13,500 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of First Majestic Silver by 5.4% during the second quarter. Vanguard Group Inc. now owns 3,346,737 shares of the mining company’s stock valued at $27,811,000 after acquiring an additional 172,004 shares during the last quarter. Hedge funds and other institutional investors own 29.52% of the company’s stock.

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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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