First Majestic Silver (NYSE:AG) Stock Gets Price Target Cut from HC Wainwright

First Majestic Silver (NYSE:AG) (TSE:FR) had its price target cut by HC Wainwright from $27.00 to $25.50 in a research report sent to investors on Friday morning, Marketbeat reports. They currently have a buy rating on the mining company’s stock.

AG has been the subject of several other reports. Weiss Ratings restated a “hold (c)” rating on shares of First Majestic Silver in a research note on Wednesday, September 2nd. Wall Street Zen lowered First Majestic Silver from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Scotiabank decreased their price target on First Majestic Silver from $23.00 to $22.50 and set a “sector perform” rating on the stock in a research note on Tuesday, July 14th. Finally, ATB Cormark Capital Markets raised First Majestic Silver from a “hold” rating to a “moderate buy” rating in a report on Friday, July 10th. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, First Majestic Silver currently has an average rating of “Moderate Buy” and a consensus price target of $24.00.

First Majestic Silver Stock Performance

Shares of First Majestic Silver stock opened at $17.29 on Friday. The company has a 50 day moving average of $19.22 and a 200-day moving average of $19.08. First Majestic Silver has a 1-year low of $10.19 and a 1-year high of $32.03. The company has a current ratio of 2.57, a quick ratio of 2.38 and a debt-to-equity ratio of 0.08. The company has a market cap of $8.53 billion, a PE ratio of 24.35 and a beta of 0.97.

First Majestic Silver (NYSE:AG) (TSE:FR) last posted its quarterly earnings results on Thursday, July 30th. The mining company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.04). First Majestic Silver had a return on equity of 13.36% and a net margin of 21.18%. The firm had revenue of $415.50 million for the quarter, compared to analyst estimates of $496.00 million. During the same quarter in the prior year, the business posted $0.11 EPS. The business’s revenue was up 57.3% on a year-over-year basis. As a group, equities research analysts forecast that First Majestic Silver will post 0.81 earnings per share for the current fiscal year.

First Majestic Silver Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Friday, August 14th were paid a $0.0152 dividend. This represents a $0.06 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Friday, August 14th. This is a decrease from First Majestic Silver’s previous quarterly dividend of $0.0171. First Majestic Silver’s dividend payout ratio is 8.45%.

Institutional Investors Weigh In On First Majestic Silver

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Envestnet Asset Management Inc. grew its stake in shares of First Majestic Silver by 173.6% during the second quarter. Envestnet Asset Management Inc. now owns 67,600 shares of the mining company’s stock worth $1,146,000 after buying an additional 42,893 shares during the last quarter. State Street Corp lifted its stake in shares of First Majestic Silver by 17.0% in the 2nd quarter. State Street Corp now owns 12,773 shares of the mining company’s stock valued at $217,000 after acquiring an additional 1,856 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of First Majestic Silver by 63.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,516,832 shares of the mining company’s stock valued at $59,610,000 after acquiring an additional 1,371,189 shares during the last quarter. WINTON GROUP Ltd bought a new position in shares of First Majestic Silver in the 2nd quarter valued at $422,000. Finally, Engineers Gate Manager LP boosted its holdings in shares of First Majestic Silver by 95.4% during the 2nd quarter. Engineers Gate Manager LP now owns 116,087 shares of the mining company’s stock valued at $1,969,000 after acquiring an additional 56,675 shares in the last quarter. 27.16% of the stock is owned by institutional investors.

About First Majestic Silver

First Majestic Silver Corp. is a mining company focused on the exploration, development and production of silver, gold and related metals. The company also produces and sells investment-grade silver bullion through its own minting and retail operations.

Founded in 2002 and headquartered in Vancouver, British Columbia, First Majestic has historically operated a portfolio of silver-producing mines in Mexico, including San Dimas in Durango, Santa Elena in Sonora and La Encantada in Coahuila.