Alps Advisors Inc. Sells 246,962 Shares of First Majestic Silver Corp. $AG

Key Points

• Alps Advisors reduced its First Majestic Silver stake by 246,962 shares (2.7%) in the third quarter, retaining 8.96 million shares worth about $158.5 million, or 1.82% of the company.
• First Majestic reported quarterly EPS of $0.19, in line with estimates, and revenue of $394.1 million, above consensus. It also lowered its quarterly dividend from $0.0152 to $0.0142 per share.
• Analysts’ consensus rating is Hold, with a $23.75 average price target; institutional investors own 27.16% of the stock.

Alps Advisors Inc. cut its holdings in shares of First Majestic Silver Corp. (NYSE:AG - Free Report) TSE: FR by 2.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,961,009 shares of the mining company's stock after selling 246,962 shares during the period. First Majestic Silver makes up 0.7% of Alps Advisors Inc.'s holdings, making the stock its 19th biggest holding. Alps Advisors Inc. owned 1.82% of First Majestic Silver worth $158,520,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. The Manufacturers Life Insurance Company purchased a new stake in shares of First Majestic Silver during the second quarter valued at $59,610,000. Renaissance Technologies LLC acquired a new stake in shares of First Majestic Silver in the 1st quarter worth about $62,760,000. Bank of America Corp DE grew its position in First Majestic Silver by 92.3% during the first quarter. Bank of America Corp DE now owns 6,082,824 shares of the mining company's stock valued at $130,659,000 after purchasing an additional 2,919,008 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in First Majestic Silver during the second quarter valued at approximately $37,926,000. Finally, Canada Pension Plan Investment Board acquired a new position in shares of First Majestic Silver in the 2nd quarter valued at $21,879,000. 27.16% of the stock is owned by institutional investors.

First Majestic Silver Stock Up 1.8%

First Majestic Silver stock opened at $15.16 on Friday. The company has a market capitalization of $7.48 billion, a P/E ratio of 16.09 and a beta of 0.98. The firm has a 50 day moving average price of $17.63 and a 200-day moving average price of $19.86. First Majestic Silver Corp. has a twelve month low of $10.72 and a twelve month high of $32.03. The company has a quick ratio of 2.38, a current ratio of 2.57 and a debt-to-equity ratio of 0.08.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR last released its quarterly earnings data on Thursday, November 5th. The mining company reported $0.19 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.19. The firm had revenue of $394.10 million for the quarter, compared to the consensus estimate of $390.00 million. First Majestic Silver had a net margin of 21.18% and a return on equity of 13.36%. As a group, equities analysts predict that First Majestic Silver Corp. will post 0.80 EPS for the current year.

First Majestic Silver Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 30th. Stockholders of record on Monday, November 16th will be given a dividend of $0.0142 per share. The ex-dividend date of this dividend is Monday, November 16th. This represents a $0.06 dividend on an annualized basis and a dividend yield of 0.4%. This is a decrease from First Majestic Silver's previous quarterly dividend of $0.0152. First Majestic Silver's payout ratio is currently 8.45%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on AG. Scotiabank dropped their price target on First Majestic Silver from $23.00 to $22.50 and set a "sector perform" rating for the company in a research note on Tuesday, July 14th. Zacks Research downgraded shares of First Majestic Silver from a "hold" rating to a "strong sell" rating in a research note on Monday, October 19th. Wall Street Zen downgraded shares of First Majestic Silver from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. 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. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of First Majestic Silver in a report on Wednesday, September 2nd. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $23.75.

First Majestic Silver Profile

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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