Bank of Nova Scotia Makes New $1.70 Million Investment in First Majestic Silver Corp. $AG

Key Points

• Bank of Nova Scotia acquired 100,257 First Majestic Silver shares in the second quarter, worth approximately $1.70 million. Several other institutional investors also increased their positions, with institutions collectively owning 27.16% of the company.
• First Majestic reported quarterly revenue of $415.5 million, up 57.3% year over year, but missed estimates on both revenue and earnings per share. The stock opened at $20.97, down 1.3%, with a 52-week range of $8.72 to $32.03.
• The company reduced its quarterly dividend to $0.0152 per share, representing a 0.3% annualized yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $23.83.

Bank of Nova Scotia bought a new stake in shares of First Majestic Silver Corp. (NYSE:AG - Free Report) TSE: FR in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 100,257 shares of the mining company's stock, valued at approximately $1,701,000.

Other large investors also recently modified their holdings of the company. Tidal Investments LLC lifted its stake in First Majestic Silver by 14.0% in the third quarter. Tidal Investments LLC now owns 21,014,859 shares of the mining company's stock valued at $258,273,000 after purchasing an additional 2,581,023 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of First Majestic Silver by 5.2% in the fourth quarter. Vanguard Group Inc. now owns 18,995,222 shares of the mining company's stock valued at $316,914,000 after buying an additional 945,067 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of First Majestic Silver by 408.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 15,041,912 shares of the mining company's stock valued at $250,821,000 after buying an additional 12,081,688 shares during the last quarter. Alps Advisors Inc. lifted its position in shares of First Majestic Silver by 33.6% during the 4th 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 last quarter. Finally, Bank of America Corp DE grew its stake in shares of First Majestic Silver by 92.3% during the 1st quarter. Bank of America Corp DE now owns 6,082,824 shares of the mining company's stock worth $130,659,000 after acquiring an additional 2,919,008 shares during the period. Hedge funds and other institutional investors own 27.16% of the company's stock.

First Majestic Silver Stock Down 1.3%

AG stock opened at $20.97 on Thursday. The company has a quick ratio of 2.38, a current ratio of 2.57 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $10.34 billion, a PE ratio of 29.54 and a beta of 0.94. First Majestic Silver Corp. has a twelve month low of $8.72 and a twelve month high of $32.03. The stock has a 50-day simple moving average of $17.55 and a two-hundred day simple moving average of $20.35.

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

First Majestic Silver Cuts Dividend

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

Wall Street Analyst Weigh In

AG has been the topic of a number of research reports. 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. Wall Street Zen lowered shares of First Majestic Silver from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. Weiss Ratings downgraded shares of First Majestic Silver from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, June 5th. HC Wainwright boosted their price target on shares of First Majestic Silver from $26.00 to $27.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Finally, Scotiabank dropped their price target 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. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, First Majestic Silver presently has an average rating of "Moderate Buy" and an average price target of $23.83.

First Majestic Silver Company Profile

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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