First Majestic Silver (AG) Raised to “Market Perform” at BMO Capital Markets

First Majestic Silver (NYSE:AG) (TSE:FR) was upgraded by analysts at BMO Capital Markets from an “underperform” rating to a “market perform” rating in a research note issued to investors on Monday, The Fly reports.

Other research analysts have also issued reports about the stock. HC Wainwright reaffirmed a “buy” rating and issued a $14.00 price objective on shares of First Majestic Silver in a research note on Tuesday, January 16th. Roth Capital started coverage on shares of First Majestic Silver in a research note on Wednesday, April 25th. They issued a “buy” rating and a $9.00 price objective on the stock. TheStreet lowered shares of First Majestic Silver from a “c-” rating to a “d” rating in a research note on Friday, March 23rd. ValuEngine raised shares of First Majestic Silver from a “sell” rating to a “hold” rating in a research note on Monday, April 2nd. Finally, Zacks Investment Research raised shares of First Majestic Silver from a “strong sell” rating to a “hold” rating in a research note on Tuesday, March 20th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $9.63.

First Majestic Silver stock opened at $7.17 on Monday. First Majestic Silver has a 1-year low of $4.93 and a 1-year high of $9.36. The firm has a market capitalization of $1.19 billion, a price-to-earnings ratio of -179.25 and a beta of 0.24. The company has a debt-to-equity ratio of 0.21, a quick ratio of 4.15 and a current ratio of 4.41.

First Majestic Silver (NYSE:AG) (TSE:FR) last released its quarterly earnings data on Wednesday, May 9th. The mining company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.04). First Majestic Silver had a negative net margin of 25.47% and a negative return on equity of 3.27%. The business had revenue of $58.59 million during the quarter, compared to the consensus estimate of $63.79 million. equities research analysts predict that First Majestic Silver will post 0.02 EPS for the current year.

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

Several hedge funds have recently made changes to their positions in AG. Van ECK Associates Corp raised its holdings in shares of First Majestic Silver by 3.2% in the first quarter. Van ECK Associates Corp now owns 20,442,201 shares of the mining company’s stock valued at $124,902,000 after purchasing an additional 628,789 shares during the last quarter. Capital Fund Management S.A. raised its holdings 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 last quarter. CIBC Asset Management Inc raised its holdings in shares of First Majestic Silver by 244.9% in the first quarter. CIBC Asset Management Inc now owns 232,884 shares of the mining company’s stock valued at $1,424,000 after purchasing an additional 165,358 shares during the last quarter. Global X Management Co. LLC raised its holdings in shares of First Majestic Silver by 7.0% in the first quarter. Global X Management Co. LLC now owns 2,337,796 shares of the mining company’s stock valued at $14,307,000 after purchasing an additional 153,696 shares during the last quarter. Finally, BNP Paribas Arbitrage SA raised its holdings in shares of First Majestic Silver by 264.7% in the first quarter. BNP Paribas Arbitrage SA now owns 148,379 shares of the mining company’s stock valued at $907,000 after purchasing an additional 107,698 shares during the last quarter. Institutional investors own 28.95% of the company’s stock.

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.

The Fly

Analyst Recommendations for First Majestic Silver (NYSE:AG)

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