First Majestic Silver (NYSE:AG) Stock Rating Lowered by Zacks Research

Key Points

• Zacks Research downgraded First Majestic Silver from “hold” to “strong sell,” despite mixed analyst views. The broader consensus remains “hold,” with a $24.00 average price target.
• First Majestic shares opened at $15.97, below their 50-day and 200-day moving averages, with a 12-month trading range of $10.19 to $32.03.
• The company’s latest quarterly results missed expectations, reporting $0.21 in earnings per share versus a $0.25 consensus estimate and revenue of $415.5 million versus $496.0 million expected, although revenue increased 57.3% year over year.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR was downgraded by Zacks Research from a "hold" rating to a "strong sell" rating in a report released on Monday, Zacks reports.

AG has been the subject of a number of other reports. ATB Cormark Capital Markets raised shares of First Majestic Silver from a "hold" rating to a "moderate buy" rating in a research note on Friday, July 10th. Weiss Ratings restated a "hold (c)" rating on shares of First Majestic Silver in a research note on Wednesday, September 2nd. HC Wainwright dropped their target price on shares of First Majestic Silver from $27.00 to $25.50 and set a "buy" rating for the company in a report on Friday, October 9th. Scotiabank dropped their target price on shares of First Majestic Silver from $23.00 to $22.50 and set a "sector perform" rating for the company in a report on Tuesday, July 14th. Finally, Wall Street Zen lowered First Majestic Silver from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $24.00.

First Majestic Silver Trading Down 0.0%

Shares of NYSE:AG opened at $15.97 on Monday. The stock has a 50 day moving average of $19.00 and a 200 day moving average of $18.86. The company has a market cap of $7.88 billion, a PE ratio of 17.95 and a beta of 0.97. The company has a current ratio of 2.57, a quick ratio of 2.38 and a debt-to-equity ratio of 0.08. First Majestic Silver has a 12-month low of $10.19 and a 12-month high of $32.03.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR last issued its quarterly earnings results on Thursday, July 30th. The mining company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.04). The firm had revenue of $415.50 million for the quarter, compared to analysts' expectations of $496.00 million. First Majestic Silver had a net margin of 21.18% and a return on equity of 13.36%. First Majestic Silver's revenue for the quarter was up 57.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.11 EPS. As a group, equities research analysts expect that First Majestic Silver will post 0.80 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. M Holdings Securities Inc. grew its holdings in First Majestic Silver by 3.1% during the 2nd quarter. M Holdings Securities Inc. now owns 16,960 shares of the mining company's stock valued at $285,000 after buying an additional 515 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of First Majestic Silver by 36.4% during the 1st quarter. Parallel Advisors LLC now owns 2,100 shares of the mining company's stock worth $45,000 after acquiring an additional 560 shares in the last quarter. AdvisorNet Financial Inc raised its holdings in shares of First Majestic Silver by 13.2% during the 1st quarter. AdvisorNet Financial Inc now owns 6,878 shares of the mining company's stock worth $148,000 after acquiring an additional 804 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of First Majestic Silver by 184.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,508 shares of the mining company's stock worth $32,000 after acquiring an additional 978 shares in the last quarter. Finally, Harbor Investment Advisory LLC purchased a new stake in shares of First Majestic Silver during the 1st quarter worth approximately $32,000. 27.16% of the stock is owned by hedge funds and other institutional investors.

About First Majestic Silver

First Majestic Silver Corp. is a mining company focused on the exploration, development, and production of silver and gold. The company operates producing mines in Mexico and the United States and sells silver bullion and related products through its in-house First Mint division.

First Majestic's Mexican operations include the San Dimas Silver/Gold Mine in Durango, the Santa Elena Silver/Gold Mine in Sonora, and the La Encantada Silver Mine in Coahuila. The company also owns the Jerritt Canyon Gold Mine in Nevada, although operations there have been suspended while First Majestic evaluates its future.

Founded in 2002 and headquartered in Vancouver, British Columbia, First Majestic has historically concentrated its growth strategy on acquiring and developing precious-metals assets in the Americas.

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