First Majestic Silver (AG) Receives Consensus Rating of “Hold” from Brokerages

First Majestic Silver (NYSE:AG) (TSE:FR) has been assigned a consensus rating of “Hold” from the eight brokerages that are currently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $10.88.

A number of analysts recently issued reports on the stock. BMO Capital Markets downgraded shares of First Majestic Silver from a “market perform” rating to an “underperform” rating in a report on Friday, December 22nd. HC Wainwright reissued a “buy” rating and set a $14.00 price target on shares of First Majestic Silver in a report on Friday, December 22nd. ValuEngine raised shares of First Majestic Silver from a “sell” rating to a “hold” rating in a report on Thursday, December 14th. Zacks Investment Research downgraded shares of First Majestic Silver from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 3rd. Finally, National Bank Financial cut shares of First Majestic Silver from an “outperform” rating to a “sector perform” rating in a research report on Friday, January 26th.

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Several hedge funds and other institutional investors have recently bought and sold shares of the company. Global X Management Co. LLC boosted its stake in shares of First Majestic Silver by 6.4% in the fourth quarter. Global X Management Co. LLC now owns 2,184,100 shares of the mining company’s stock valued at $14,782,000 after purchasing an additional 131,983 shares during the period. Commerzbank Aktiengesellschaft FI boosted its stake in shares of First Majestic Silver by 513.6% in the third 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 period. Capital Fund Management S.A. boosted its stake in shares of First Majestic Silver by 87.9% in the fourth quarter. Capital Fund Management S.A. now owns 379,074 shares of the mining company’s stock valued at $2,555,000 after purchasing an additional 177,300 shares during the period. Raymond James & Associates boosted its stake in shares of First Majestic Silver by 29.1% in the fourth quarter. Raymond James & Associates now owns 264,043 shares of the mining company’s stock valued at $1,780,000 after purchasing an additional 59,537 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of First Majestic Silver by 38.4% in the fourth quarter. The Manufacturers Life Insurance Company now owns 190,333 shares of the mining company’s stock valued at $1,282,000 after purchasing an additional 52,776 shares during the period. 29.46% of the stock is owned by institutional investors and hedge funds.

NYSE AG traded down $0.05 during mid-day trading on Friday, reaching $6.12. 1,812,276 shares of the stock were exchanged, compared to its average volume of 2,461,560. First Majestic Silver has a 1 year low of $4.93 and a 1 year high of $9.59. The company has a market capitalization of $1,022.53, a PE ratio of -153.00 and a beta of 0.20. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.79 and a current ratio of 3.14.

First Majestic Silver (NYSE:AG) (TSE:FR) last announced its quarterly earnings results on Wednesday, February 28th. The mining company reported ($0.04) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.01) by ($0.03). First Majestic Silver had a negative return on equity of 1.00% and a negative net margin of 21.12%. The firm had revenue of $61.17 million for the quarter, compared to analysts’ expectations of $65.00 million. equities analysts expect that First Majestic Silver will post 0.03 EPS for the current year.

First Majestic Silver declared that its board has approved a stock buyback plan on Monday, March 19th that allows the company to repurchase 8,290,000 shares. This repurchase authorization allows the mining company to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

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About First Majestic Silver

First Majestic Silver Corp. engages in the acquisition, exploration, development, and production of mineral properties with a focus on silver production in Mexico. It owns and operates six silver producing mines, including the Santa Elena Silver/Gold Mine covering an area of 101,837 hectares located in Sonora; La Encantada Silver Mine covering an area of 4,076 hectares situated in Coahuila; La Parrilla Silver Mine covering an area of 69,478 hectares located in Durango; Del Toro Silver Mine covering an area of 2,159 hectares situated in Zacatecas; San Martin Silver Mine covering an area of 38,512 hectares located in Jalisco; and La Guitarra Silver Mine that consists of 39,714 hectares situated in México State.

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