BlackRock Inc. Makes New Investment in First Majestic Silver Corp. $AG

Key Points

• BlackRock acquired 207,269 shares of First Majestic Silver during the second quarter, valued at approximately $3.5 million. Institutional investors and hedge funds collectively own 27.16% of the company.
• First Majestic’s latest quarterly results missed analyst expectations, with EPS of $0.21 versus $0.25 expected and revenue of $415.5 million versus $496 million forecast, although revenue rose 57.3% year over year.
• Analyst sentiment remains moderately positive, with a consensus “Moderate Buy” rating and an average price target of $23.83. The company also reduced its dividend to an annualized $0.06 per share, yielding about 0.3%.

BlackRock Inc. acquired a new position in First Majestic Silver Corp. (NYSE:AG - Free Report) TSE: FR in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 207,269 shares of the mining company's stock, valued at approximately $3,515,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. EFG International AG acquired a new position in shares of First Majestic Silver in the fourth quarter worth about $25,000. Harbor Investment Advisory LLC acquired a new stake in shares of First Majestic Silver during the 1st quarter valued at about $32,000. PNC Financial Services Group Inc. grew its position in shares of First Majestic Silver by 184.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,508 shares of the mining company's stock valued at $32,000 after acquiring an additional 978 shares during the period. Parallel Advisors LLC increased its stake in shares of First Majestic Silver by 36.4% in the 1st quarter. Parallel Advisors LLC now owns 2,100 shares of the mining company's stock valued at $45,000 after purchasing an additional 560 shares in the last quarter. Finally, Sittner & Nelson LLC purchased a new position in shares of First Majestic Silver in the 4th quarter valued at about $50,000. Institutional investors and hedge funds own 27.16% of the company's stock.

First Majestic Silver Trading Down 2.2%

Shares of AG stock opened at $20.93 on Friday. The company's 50-day moving average price is $18.08 and its 200-day moving average price is $20.26. The company has a current ratio of 2.57, a quick ratio of 2.38 and a debt-to-equity ratio of 0.08. The stock has a market cap of $10.32 billion, a price-to-earnings ratio of 29.48 and a beta of 1.00. First Majestic Silver Corp. has a twelve month low of $9.04 and a twelve month high of $32.03.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR last issued its earnings results on Thursday, July 30th. The mining company reported $0.21 EPS for the quarter, missing analysts' consensus estimates 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 firm had revenue of $415.50 million for the quarter, compared to analysts' expectations of $496.00 million. During the same period last year, the firm earned $0.11 earnings per share. First Majestic Silver's revenue for the quarter was up 57.3% on a year-over-year basis. As a group, equities analysts predict that First Majestic Silver Corp. will post 0.81 earnings per share for the current year.

First Majestic Silver Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Friday, August 14th were issued a dividend of $0.0152 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $0.06 dividend on an annualized basis and a yield of 0.3%. First Majestic Silver's dividend payout ratio (DPR) is presently 8.45%.

Wall Street Analyst Weigh In

AG has been the topic of several research analyst reports. Wall Street Zen lowered First Majestic Silver from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of First Majestic Silver in a research note on Wednesday. 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. ATB Cormark Capital Markets raised shares of First Majestic Silver from a "hold" rating to a "moderate buy" rating in a report on Friday, July 10th. Finally, HC Wainwright upped 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 assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $23.83.

First Majestic Silver 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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