Bank of America Corp DE Increases Position in First Majestic Silver Corp. $AG

Key Points

• Bank of America nearly doubled its First Majestic Silver position in the first quarter, adding 2.92 million shares to own 6.08 million shares worth approximately $130.7 million. Institutional investors collectively hold 27.16% of the company.
• First Majestic reported quarterly revenue of $415.5 million, up 57.3% year over year, but missed analyst expectations on both revenue and earnings, posting $0.21 per share versus the $0.25 consensus estimate.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $23.83 versus the stock’s reported $17.32 price; the company declared a quarterly dividend of $0.0152 per share, yielding 0.4%.

Bank of America Corp DE increased its position in shares of First Majestic Silver Corp. (NYSE:AG - Free Report) TSE: FR by 92.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,082,824 shares of the mining company's stock after purchasing an additional 2,919,008 shares during the period. Bank of America Corp DE owned 1.23% of First Majestic Silver worth $130,659,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Royal Bank of Canada boosted its stake in First Majestic Silver by 77.4% in the 1st quarter. Royal Bank of Canada now owns 604,186 shares of the mining company's stock worth $4,042,000 after purchasing an additional 263,688 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in First Majestic Silver by 355.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,193,589 shares of the mining company's stock valued at $7,985,000 after acquiring an additional 931,690 shares during the last quarter. Geode Capital Management LLC lifted its stake in First Majestic Silver by 12.4% in the 2nd quarter. Geode Capital Management LLC now owns 240,083 shares of the mining company's stock worth $1,994,000 after purchasing an additional 26,553 shares in the last quarter. Creative Planning lifted its stake in First Majestic Silver by 25.3% in the 2nd quarter. Creative Planning now owns 28,837 shares of the mining company's stock worth $238,000 after purchasing an additional 5,828 shares in the last quarter. Finally, Franklin Resources Inc. boosted its holdings in shares of First Majestic Silver by 12.8% during the 2nd quarter. Franklin Resources Inc. now owns 25,940 shares of the mining company's stock valued at $215,000 after purchasing an additional 2,936 shares during the last quarter. Hedge funds and other institutional investors own 27.16% of the company's stock.

First Majestic Silver Stock Performance

NYSE:AG opened at $17.32 on Friday. The firm has a market capitalization of $8.53 billion, a PE ratio of 24.39 and a beta of 0.94. The stock's fifty day moving average is $17.19 and its 200 day moving average is $20.68. First Majestic Silver Corp. has a fifty-two week low of $8.28 and a fifty-two week high of $32.03. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.38 and a current ratio of 2.57.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR last posted its quarterly earnings data on Thursday, July 30th. The mining company reported $0.21 EPS 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 return on equity of 13.36% and a net margin of 21.18%.The firm's quarterly revenue was up 57.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.11 earnings per share. On average, sell-side analysts anticipate that First Majestic Silver Corp. will post 0.83 earnings per share for the current year.

First Majestic Silver Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Friday, August 14th will be issued a dividend of $0.0152 per share. This represents a $0.06 annualized dividend and a yield of 0.4%. The ex-dividend date is Friday, August 14th. First Majestic Silver's dividend payout ratio is presently 8.45%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Scotiabank cut their price objective on First Majestic Silver from $23.00 to $22.50 and set a "sector perform" rating for the company in a research report on Tuesday, July 14th. 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. Wall Street Zen cut First Majestic Silver from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. HC Wainwright upped their price objective on First Majestic Silver from $26.00 to $27.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Finally, Weiss Ratings downgraded First Majestic Silver from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, First Majestic Silver has a consensus rating of "Moderate Buy" and an average target price of $23.83.

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.

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