CIBC Asset Management Inc lowered its stake in First Majestic Silver Corp. (NYSE:AG) (TSE:FR) by 19.1% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 417,879 shares of the mining company’s stock after selling 98,469 shares during the quarter. CIBC Asset Management Inc owned approximately 0.22% of First Majestic Silver worth $2,370,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently bought and sold shares of the stock. Kovack Advisors Inc. purchased a new position in shares of First Majestic Silver during the 2nd quarter worth $101,000. Fox Run Management L.L.C. purchased a new position in shares of First Majestic Silver during the 2nd quarter worth $153,000. Tower Research Capital LLC TRC lifted its stake in shares of First Majestic Silver by 235.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 20,171 shares of the mining company’s stock worth $154,000 after purchasing an additional 14,154 shares during the period. BlackRock Inc. lifted its stake in shares of First Majestic Silver by 170.5% during the 1st quarter. BlackRock Inc. now owns 33,792 shares of the mining company’s stock worth $206,000 after purchasing an additional 21,301 shares during the period. Finally, AGF Investments Inc. purchased a new position in shares of First Majestic Silver during the 2nd quarter worth $239,000. 25.78% of the stock is currently owned by hedge funds and other institutional investors.
Shares of First Majestic Silver stock opened at $5.40 on Friday. First Majestic Silver Corp. has a fifty-two week low of $4.93 and a fifty-two week high of $8.48. The company has a debt-to-equity ratio of 0.20, a current ratio of 3.20 and a quick ratio of 2.74.
First Majestic Silver (NYSE:AG) (TSE:FR) last issued its earnings results on Wednesday, November 7th. The mining company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.01. The business had revenue of $88.50 million for the quarter, compared to analyst estimates of $126.56 million. First Majestic Silver had a negative return on equity of 5.36% and a negative net margin of 33.27%. The firm’s revenue for the quarter was up 43.0% compared to the same quarter last year. Equities research analysts expect that First Majestic Silver Corp. will post -0.19 earnings per share for the current fiscal year.
A number of brokerages have weighed in on AG. HC Wainwright reduced their price target on First Majestic Silver from $11.50 to $10.00 and set a “buy” rating on the stock in a research note on Tuesday, July 17th. BMO Capital Markets raised First Majestic Silver from a “market perform” rating to an “outperform” rating in a research note on Monday, August 27th. National Bank Financial reissued a “sector perform market weight” rating on shares of First Majestic Silver in a research note on Monday, August 13th. ValuEngine lowered First Majestic Silver from a “hold” rating to a “sell” rating in a research note on Monday, August 13th. Finally, TD Securities reissued a “buy” rating on shares of First Majestic Silver in a research note on Monday, October 22nd. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. First Majestic Silver currently has an average rating of “Buy” and an average price target of $8.75.
First Majestic Silver Profile
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.
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