PCJ Investment Counsel Ltd. Acquires New Position in First Majestic Silver Corp. (NYSE:AG)

Key Points

• PCJ Investment Counsel Ltd. recently acquired 300,470 shares of First Majestic Silver Corp. (NYSE:AG), valued at approximately $2,009,000.
• First Majestic Silver reported a net loss of $0.05 earnings per share, missing estimates, with revenue of $241.12 million compared to expected revenue of $358.65 million.
• The company declared a dividend of $0.0045 per share, with a recent payout ratio of -3.45%, and a dividend yield of 32.0%.

PCJ Investment Counsel Ltd. purchased a new stake in shares of First Majestic Silver Corp. (NYSE:AG - Free Report) TSE: FR during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 300,470 shares of the mining company's stock, valued at approximately $2,009,000. PCJ Investment Counsel Ltd. owned about 0.06% of First Majestic Silver at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AG. LPL Financial LLC raised its holdings in First Majestic Silver by 92.9% during the fourth quarter. LPL Financial LLC now owns 592,683 shares of the mining company's stock worth $3,254,000 after purchasing an additional 285,488 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of First Majestic Silver by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 11,423,691 shares of the mining company's stock valued at $62,784,000 after buying an additional 598,996 shares during the period. Alliancebernstein L.P. boosted its stake in shares of First Majestic Silver by 17.5% during the 4th quarter. Alliancebernstein L.P. now owns 84,223 shares of the mining company's stock valued at $462,000 after buying an additional 12,520 shares during the period. Franklin Resources Inc. lifted its stake in shares of First Majestic Silver by 8.3% in the 4th quarter. Franklin Resources Inc. now owns 23,240 shares of the mining company's stock valued at $128,000 after purchasing an additional 1,776 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of First Majestic Silver by 5.2% in the 4th quarter. Geode Capital Management LLC now owns 144,011 shares of the mining company's stock valued at $799,000 after purchasing an additional 7,110 shares during the last quarter. Institutional investors own 27.16% of the company's stock.

Analysts Set New Price Targets

AG has been the subject of a number of research analyst reports. National Bank Financial raised shares of First Majestic Silver to a "hold" rating in a research report on Thursday, June 12th. HC Wainwright upped their target price on shares of First Majestic Silver from $11.50 to $12.75 and gave the company a "buy" rating in a research note on Thursday, July 10th. Finally, Scotiabank upped their price objective on shares of First Majestic Silver from $6.00 to $6.50 and gave the stock a "sector perform" rating in a research note on Wednesday, July 9th. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, First Majestic Silver has a consensus rating of "Hold" and an average target price of $9.63.

First Majestic Silver Price Performance

Shares of AG stock traded up $0.07 during trading hours on Tuesday, reaching $8.81. 7,026,306 shares of the company were exchanged, compared to its average volume of 20,981,563. First Majestic Silver Corp. has a fifty-two week low of $4.59 and a fifty-two week high of $9.48. The stock's fifty day moving average is $8.37 and its two-hundred day moving average is $6.86. The company has a market cap of $4.29 billion, a price-to-earnings ratio of -30.34 and a beta of 0.72. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.19 and a quick ratio of 2.74.

First Majestic Silver Dividend Announcement

The firm also recently disclosed a dividend, which was paid on Friday, May 30th. Investors of record on Monday, May 19th were issued a $0.0045 dividend. This represents a yield of 32.0%. The ex-dividend date was Friday, May 16th. First Majestic Silver's dividend payout ratio is currently -6.90%.

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.