Arrowstreet Capital Limited Partnership Cuts Stake in First Majestic Silver Corp. $AG

Arrowstreet Capital Limited Partnership reduced its holdings in shares of First Majestic Silver Corp. (NYSE:AG) (TSE:FR) by 19.1% during the first quarter, Holdings Channel reports. The fund owned 12,166,588 shares of the mining company’s stock after selling 2,875,324 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in First Majestic Silver were worth $261,132,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Wealthspire Retirement LLC grew its holdings in shares of First Majestic Silver by 1.4% during the 4th quarter. Wealthspire Retirement LLC now owns 32,450 shares of the mining company’s stock valued at $541,000 after purchasing an additional 450 shares during the last quarter. Parallel Advisors LLC boosted its position in First Majestic Silver by 36.4% during the first quarter. Parallel Advisors LLC now owns 2,100 shares of the mining company’s stock valued at $45,000 after buying an additional 560 shares during the period. Harbour Investments Inc. grew its stake in shares of First Majestic Silver by 2.9% during the fourth quarter. Harbour Investments Inc. now owns 24,656 shares of the mining company’s stock valued at $411,000 after buying an additional 697 shares during the last quarter. Orion Porfolio Solutions LLC grew its stake in shares of First Majestic Silver by 3.0% during the fourth quarter. Orion Porfolio Solutions LLC now owns 24,999 shares of the mining company’s stock valued at $416,000 after buying an additional 718 shares during the last quarter. Finally, AdvisorNet Financial Inc increased its holdings in shares of First Majestic Silver by 13.2% in the first quarter. AdvisorNet Financial Inc now owns 6,878 shares of the mining company’s stock worth $148,000 after buying an additional 804 shares during the period. 27.16% of the stock is owned by hedge funds and other institutional investors.

First Majestic Silver Trading Down 0.9%

NYSE AG opened at $16.30 on Friday. The stock has a market cap of $8.04 billion, a P/E ratio of 27.18 and a beta of 0.91. First Majestic Silver Corp. has a fifty-two week low of $7.74 and a fifty-two week high of $32.03. The stock has a 50 day simple moving average of $17.85 and a two-hundred day simple moving average of $20.86. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.54 and a current ratio of 2.73.

First Majestic Silver (NYSE:AG) (TSE:FR) last posted its earnings results on Tuesday, May 12th. The mining company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by ($0.02). The business had revenue of $476.67 million for the quarter, compared to analysts’ expectations of $522.00 million. First Majestic Silver had a net margin of 19.51% and a return on equity of 11.19%. First Majestic Silver’s quarterly revenue was up 95.3% on a year-over-year basis. During the same period last year, the firm posted $0.05 earnings per share. On average, analysts forecast that First Majestic Silver Corp. will post 0.8 earnings per share for the current year.

First Majestic Silver Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Wednesday, May 20th were given a dividend of $0.0171 per share. This represents a $0.07 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Wednesday, May 20th. This is an increase from First Majestic Silver’s previous quarterly dividend of $0.01. First Majestic Silver’s payout ratio is presently 11.67%.

Analyst Ratings Changes

A number of research firms have recently weighed in on AG. ATB Cormark Capital Markets raised First Majestic Silver from a “hold” rating to a “moderate buy” rating in a research note on Friday, July 10th. HC Wainwright decreased their price target on First Majestic Silver from $30.75 to $26.00 and set a “buy” rating on the stock in a research note on Friday, July 10th. Wall Street Zen downgraded First Majestic Silver from a “buy” rating to a “hold” rating in a research report on Saturday. Weiss Ratings lowered First Majestic Silver from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Finally, Scotiabank cut their target price on shares of First Majestic Silver from $23.00 to $22.50 and set a “sector perform” rating on the stock in a report on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $23.50.

About First Majestic Silver

First Majestic Silver Corp. (NYSE:AG) engages in the production of silver from its wholly owned operations in Mexico. Headquartered in Vancouver, British Columbia, the company focuses on acquiring, developing and operating high-grade silver projects. Established in 2002, First Majestic has built a multi-mine portfolio to supply silver primarily for the global industrial and investment markets while generating by-products such as gold, lead and zinc concentrates.

First Majestic’s principal operations are located in the historic Mexican Silver Belt, with producing mines including La Encantada in Coahuila, Santa Elena in Sonora and La Parrilla in Durango.