First Majestic Silver (NYSE:AG) Given New $6.00 Price Target at Scotiabank

First Majestic Silver (NYSE:AG) (TSE:FR) had its price objective cut by equities researchers at Scotiabank from $6.50 to $6.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “sector perform” rating on the mining company’s stock. Scotiabank’s target price points to a potential upside of 2.92% from the company’s previous close. Scotiabank also issued estimates for First Majestic Silver’s FY2024 earnings at ($0.15) EPS and FY2025 earnings at $0.18 EPS.

Separately, HC Wainwright restated a “buy” rating and set a $11.00 price target on shares of First Majestic Silver in a report on Friday, January 10th.

First Majestic Silver Price Performance

AG stock traded down $0.01 on Wednesday, hitting $5.83. 1,777,950 shares of the company’s stock traded hands, compared to its average volume of 12,661,647. First Majestic Silver has a 1-year low of $4.17 and a 1-year high of $8.44. The stock has a market cap of $1.76 billion, a price-to-earnings ratio of -21.59 and a beta of 1.25. The stock has a fifty day moving average of $6.04 and a 200-day moving average of $6.10. The company has a current ratio of 3.03, a quick ratio of 2.45 and a debt-to-equity ratio of 0.16.

First Majestic Silver (NYSE:AG) (TSE:FR) last released its earnings results on Thursday, November 7th. The mining company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.09 by ($0.12). First Majestic Silver had a negative net margin of 14.89% and a negative return on equity of 4.19%. The business had revenue of $146.09 million for the quarter. On average, analysts forecast that First Majestic Silver will post -0.17 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Van ECK Associates Corp increased its stake in First Majestic Silver by 2.7% in the 3rd quarter. Van ECK Associates Corp now owns 28,912,989 shares of the mining company’s stock valued at $173,478,000 after buying an additional 764,790 shares during the period. Tidal Investments LLC increased its stake in First Majestic Silver by 1.8% in the 3rd quarter. Tidal Investments LLC now owns 5,780,689 shares of the mining company’s stock valued at $34,684,000 after buying an additional 99,640 shares during the period. Dimensional Fund Advisors LP increased its stake in First Majestic Silver by 3.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,158,908 shares of the mining company’s stock valued at $18,701,000 after buying an additional 103,232 shares during the period. National Bank of Canada FI increased its stake in First Majestic Silver by 18.0% in the 3rd quarter. National Bank of Canada FI now owns 683,627 shares of the mining company’s stock valued at $4,102,000 after buying an additional 104,092 shares during the period. Finally, Marshall Wace LLP acquired a new position in shares of First Majestic Silver during the 2nd quarter worth $3,904,000. Institutional investors and hedge funds 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.