Amundi Sells 618,520 Shares of First Majestic Silver Corp. $AG

Key Points

• Amundi cut its First Majestic Silver stake by 78.1% in the second quarter, selling 618,520 shares and retaining 173,278 shares valued at approximately $2.94 million.
• Other institutional investors increased their positions, while institutional ownership stood at 27.16%. Analysts maintained a broadly positive outlook, with a consensus “Moderate Buy” rating and an average price target of $23.83.
• First Majestic reported quarterly revenue growth of 57.3% year over year, but missed earnings and revenue estimates. The company also pays a quarterly dividend of $0.0152, equal to a 0.3% annual yield.

Amundi trimmed its position in shares of First Majestic Silver Corp. (NYSE:AG - Free Report) TSE: FR by 78.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 173,278 shares of the mining company's stock after selling 618,520 shares during the period. Amundi's holdings in First Majestic Silver were worth $2,939,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Tidal Investments LLC grew its holdings in First Majestic Silver by 14.0% during the third quarter. Tidal Investments LLC now owns 21,014,859 shares of the mining company's stock worth $258,273,000 after purchasing an additional 2,581,023 shares during the period. Arrowstreet Capital Limited Partnership increased its position in First Majestic Silver by 408.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 15,041,912 shares of the mining company's stock worth $250,821,000 after buying an additional 12,081,688 shares during the last quarter. Alps Advisors Inc. raised its stake in First Majestic Silver by 33.6% in the fourth quarter. Alps Advisors Inc. now owns 9,621,720 shares of the mining company's stock valued at $160,298,000 after buying an additional 2,418,513 shares during the period. Bank of America Corp DE raised its stake in First Majestic Silver by 92.3% in 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 buying an additional 2,919,008 shares during the period. Finally, Morgan Stanley lifted its position in shares of First Majestic Silver by 63.2% in the fourth quarter. Morgan Stanley now owns 3,809,109 shares of the mining company's stock valued at $63,460,000 after buying an additional 1,474,412 shares during the last quarter. 27.16% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

AG has been the subject of several research analyst reports. Scotiabank reduced their target price 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. Weiss Ratings restated a "hold (c)" rating on shares of First Majestic Silver in a research note on Wednesday, September 2nd. ATB Cormark Capital Markets raised First Majestic Silver from a "hold" rating to a "moderate buy" rating in a report on Friday, July 10th. Wall Street Zen cut shares of First Majestic Silver from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. Finally, HC Wainwright lifted their price objective on shares of First Majestic Silver from $26.00 to $27.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $23.83.

First Majestic Silver Price Performance

Shares of NYSE AG opened at $19.55 on Friday. The firm has a market cap of $9.64 billion, a P/E ratio of 27.54 and a beta of 1.00. 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 Corp. has a 1-year low of $9.68 and a 1-year high of $32.03. The business's 50 day moving average is $18.41 and its 200-day moving average is $20.15.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR last released its quarterly earnings results on Thursday, July 30th. The mining company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.04). The firm had revenue of $415.50 million during the quarter, compared to the consensus estimate of $496.00 million. First Majestic Silver had a net margin of 21.18% and a return on equity of 13.36%. The business's revenue for the quarter was up 57.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.11 earnings per share. Equities research analysts predict that First Majestic Silver Corp. will post 0.81 earnings per share for the current year.

First Majestic Silver Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 31st. Investors of record on Friday, August 14th were paid a $0.0152 dividend. The ex-dividend date was Friday, August 14th. This represents a $0.06 annualized dividend and a dividend yield of 0.3%. First Majestic Silver's dividend payout ratio is 8.45%.

About First Majestic Silver

First Majestic Silver Corp. is a mining company focused on the exploration, development, and production of silver, gold, lead, and zinc. The company generates revenue primarily by producing and selling metal concentrates, doré bars, and other refined precious-metal products.

Founded in 2002 and headquartered in Vancouver, British Columbia, First Majestic has historically concentrated its operations in Mexico and the United States. Its principal Mexican mining assets have included the San Dimas, Santa Elena, and La Encantada mines, while its U.S.

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