Bank of America Corp DE Sells 2,352,693 Shares of First Majestic Silver Corp. $AG

Key Points

• Bank of America reduced its First Majestic Silver stake by 38.7%, selling 2.35 million shares during the second quarter and retaining 3.73 million shares worth approximately $63.3 million.
• Analyst sentiment remains moderately positive, with an average rating of “Moderate Buy” and an average price target of $23.83, despite mixed actions including target-price cuts and downgrades.
• First Majestic reported year-over-year revenue growth of 57.3% but missed quarterly earnings and revenue estimates. The company also pays a quarterly dividend of $0.0152 per share, equating to a 0.3% annualized yield.

Bank of America Corp DE lowered its holdings in First Majestic Silver Corp. (NYSE:AG - Free Report) TSE: FR by 38.7% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 3,730,131 shares of the mining company's stock after selling 2,352,693 shares during the quarter. Bank of America Corp DE owned approximately 0.76% of First Majestic Silver worth $63,263,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. BlackRock Inc. purchased a new position in First Majestic Silver in the 2nd quarter worth approximately $3,515,000. Entropy Technologies LP purchased a new stake in shares of First Majestic Silver during the 1st quarter valued at about $2,593,000. Pictet Asset Management Holding SA raised its position in First Majestic Silver by 127.6% in the first quarter. Pictet Asset Management Holding SA now owns 182,238 shares of the mining company's stock worth $3,905,000 after acquiring an additional 102,167 shares during the period. Foundations Investment Advisors LLC raised its holdings in First Majestic Silver by 226.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 105,943 shares of the mining company's stock worth $1,765,000 after purchasing an additional 73,443 shares during the period. Finally, Caitong International Asset Management Co. Ltd increased its position in First Majestic Silver by 18,702.6% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 58,476 shares of the mining company's stock worth $974,000 after buying an additional 58,165 shares in the last quarter. 27.16% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Scotiabank decreased their target price on shares of First Majestic Silver from $23.00 to $22.50 and set a "sector perform" rating on the stock in a research note on Tuesday, July 14th. ATB Cormark Capital Markets upgraded First Majestic Silver from a "hold" rating to a "moderate buy" rating in a research note on Friday, July 10th. HC Wainwright lifted their target price on First Majestic Silver from $26.00 to $27.00 and gave the company a "buy" rating in a research note on Friday, July 31st. Weiss Ratings reiterated a "hold (c)" rating on shares of First Majestic Silver in a report on Wednesday, September 2nd. Finally, Wall Street Zen lowered First Majestic Silver from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, First Majestic Silver currently has an average rating of "Moderate Buy" and an average target price of $23.83.

First Majestic Silver Stock Up 1.8%

First Majestic Silver stock opened at $19.85 on Friday. First Majestic Silver Corp. has a twelve month low of $10.01 and a twelve month high of $32.03. The business has a fifty day moving average of $18.63 and a two-hundred day moving average of $19.76. The firm has a market cap of $9.78 billion, a P/E ratio of 27.95 and a beta of 1.00. 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 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). First Majestic Silver had a return on equity of 13.36% and a net margin of 21.18%.The company had revenue of $415.50 million for the quarter, compared to analyst estimates of $496.00 million. During the same quarter in the previous year, the firm posted $0.11 earnings per share. The company's quarterly revenue was up 57.3% on a year-over-year basis. On average, analysts forecast that First Majestic Silver Corp. will post 0.81 earnings per share for the current fiscal year.

First Majestic Silver Cuts Dividend

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

First Majestic Silver Profile

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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