HC Wainwright Reaffirms “Buy” Rating for First Majestic Silver (NYSE:AG)

HC Wainwright reissued their buy rating on shares of First Majestic Silver (NYSE:AG) (TSE:FR) in a report released on Friday, Benzinga reports. The firm currently has a $8.50 target price on the mining company’s stock.

Separately, Scotiabank raised their price target on First Majestic Silver from $5.50 to $6.50 and gave the stock a sector perform rating in a research report on Thursday, May 23rd.

First Majestic Silver Stock Performance

Shares of First Majestic Silver stock opened at $6.11 on Friday. The business’s fifty day simple moving average is $6.63 and its 200-day simple moving average is $6.02. The company has a quick ratio of 1.77, a current ratio of 2.33 and a debt-to-equity ratio of 0.18. The firm has a market cap of $1.77 billion, a PE ratio of -38.19 and a beta of 1.32. First Majestic Silver has a 52 week low of $4.17 and a 52 week high of $8.44.

First Majestic Silver (NYSE:AG) (TSE:FR) last posted its earnings results on Wednesday, May 8th. The mining company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The company had revenue of $106.01 million during the quarter. First Majestic Silver had a negative net margin of 9.18% and a negative return on equity of 3.28%. Equities analysts forecast that First Majestic Silver will post -0.04 earnings per share for the current year.

First Majestic Silver Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 17th were issued a $0.004 dividend. The ex-dividend date was Thursday, May 16th. This represents a $0.02 annualized dividend and a yield of 0.26%. First Majestic Silver’s dividend payout ratio (DPR) is -6.25%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in AG. Van ECK Associates Corp lifted its holdings in First Majestic Silver by 5.1% during the 1st quarter. Van ECK Associates Corp now owns 31,876,555 shares of the mining company’s stock worth $187,433,000 after buying an additional 1,534,710 shares during the last quarter. Vanguard Group Inc. lifted its stake in First Majestic Silver by 1.8% during the first quarter. Vanguard Group Inc. now owns 10,451,621 shares of the mining company’s stock worth $61,456,000 after purchasing an additional 186,570 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in First Majestic Silver by 4.0% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,985,680 shares of the mining company’s stock valued at $43,071,000 after purchasing an additional 266,864 shares in the last quarter. Tidal Investments LLC boosted its holdings in First Majestic Silver by 6,929.4% in the first quarter. Tidal Investments LLC now owns 5,174,889 shares of the mining company’s stock valued at $30,406,000 after purchasing an additional 5,101,271 shares in the last quarter. Finally, Sprott Inc. increased its stake in First Majestic Silver by 0.5% in the fourth quarter. Sprott Inc. now owns 787,862 shares of the mining company’s stock valued at $4,838,000 after purchasing an additional 4,257 shares during the last quarter. Hedge funds and other institutional investors own 27.16% 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 and gold production in North America. Its projects include the San Dimas mine covering an area of approximately 71,867 hectares located in Durango State, Mexico; the Santa Elena that covers an area of approximately 102,244 hectares located in Sonora State, México; and the La Encantada covering an area of approximately 4,076 hectares located in Coahuila State, México.