Zacks Investment Research Downgrades First Majestic Silver Corp. (AG) to Hold
First Majestic Silver Corp. (NYSE:AG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “First Majestic Silver Corp. is engaged in the production, development, exploration, and acquisition of silver mines in Mexico. First Majestic Silver Corp. is headquartered in Vancouver, Canada. “
Several other equities research analysts have also recently weighed in on AG. TD Securities cut First Majestic Silver Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, June 29th. TheStreet upgraded First Majestic Silver Corp. from a “sell” rating to a “hold” rating in a research report on Thursday, July 7th. Finally, BMO Capital Markets reiterated a “sell” rating and set a $10.00 price target on shares of First Majestic Silver Corp. in a research report on Thursday, July 14th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $13.41.
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First Majestic Silver Corp. (NYSE:AG) traded down 5.37% during midday trading on Tuesday, hitting $7.76. 6,151,179 shares of the stock were exchanged. First Majestic Silver Corp. has a 1-year low of $2.40 and a 1-year high of $19.15. The company’s 50 day moving average is $11.40 and its 200 day moving average is $12.17. The company’s market capitalization is $1.27 billion.
First Majestic Silver Corp. (NYSE:AG) last announced its quarterly earnings data on Wednesday, August 10th. The mining company reported $0.03 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.04 by $0.01. First Majestic Silver Corp. had a negative net margin of 43.62% and a negative return on equity of 0.27%. The firm earned $66.10 million during the quarter. During the same quarter in the prior year, the company earned ($0.03) EPS. The business’s revenue for the quarter was up 22.0% compared to the same quarter last year. Analysts predict that First Majestic Silver Corp. will post $0.18 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Weiss Asset Management LP acquired a new position in shares of First Majestic Silver Corp. during the second quarter valued at approximately $71,299,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new position in shares of First Majestic Silver Corp. during the second quarter valued at approximately $9,719,000. Sprott Inc. raised its position in shares of First Majestic Silver Corp. by 195.4% in the second quarter. Sprott Inc. now owns 787,668 shares of the mining company’s stock valued at $10,697,000 after buying an additional 521,050 shares during the last quarter. Penserra Capital Management LLC acquired a new position in shares of First Majestic Silver Corp. during the second quarter valued at approximately $6,337,000. Finally, TD Asset Management Inc. raised its position in shares of First Majestic Silver Corp. by 30.4% in the second quarter. TD Asset Management Inc. now owns 1,942,431 shares of the mining company’s stock valued at $26,249,000 after buying an additional 453,177 shares during the last quarter. 37.16% of the stock is owned by institutional investors.
About First Majestic Silver Corp.
First Majestic Silver Corp. (First Majestic) is a mining company. The Company is engaged in the business of silver production, development, exploration, and acquisition of mineral properties with a focus on silver production in Mexico. The Company operates through eight segments: six segments located in Mexico, one retail market segment in Canada and one metal trading segment in Europe.
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