Cardinal Point Capital Management ULC Makes New Investment in First Majestic Silver Corp. $AG

Key Points

• Cardinal Point Capital Management ULC purchased a new stake in First Majestic Silver Corp. during the 2nd quarter, acquiring 22,400 shares valued at approximately $185,000.
• First Majestic Silver recently reported a loss of $0.02 per share for the last quarter, missing expectations, while its revenue increased by 94.0% year-over-year to $264.20 million.
• The company has cut its dividend to $0.0048 quarterly, resulting in an annualized yield of just 0.1%, with a payout ratio of -200.00%.

Cardinal Point Capital Management ULC purchased a new stake in First Majestic Silver Corp. (NYSE:AG - Free Report) TSE: FR in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 22,400 shares of the mining company's stock, valued at approximately $185,000.

Several other hedge funds also recently made changes to their positions in the stock. Harbour Investments Inc. grew its position in shares of First Majestic Silver by 7.3% in the second quarter. Harbour Investments Inc. now owns 23,696 shares of the mining company's stock valued at $196,000 after purchasing an additional 1,620 shares in the last quarter. CWM LLC grew its position in shares of First Majestic Silver by 57.2% in the second quarter. CWM LLC now owns 5,114 shares of the mining company's stock valued at $42,000 after purchasing an additional 1,860 shares in the last quarter. Rathbones Group PLC grew its position in shares of First Majestic Silver by 3.3% in the first quarter. Rathbones Group PLC now owns 58,732 shares of the mining company's stock valued at $393,000 after purchasing an additional 1,880 shares in the last quarter. U.S. Capital Wealth Advisors LLC grew its position in shares of First Majestic Silver by 9.2% in the second quarter. U.S. Capital Wealth Advisors LLC now owns 23,703 shares of the mining company's stock valued at $196,000 after purchasing an additional 2,001 shares in the last quarter. Finally, Synovus Financial Corp grew its position in First Majestic Silver by 6.8% during the first quarter. Synovus Financial Corp now owns 39,852 shares of the mining company's stock worth $267,000 after buying an additional 2,552 shares in the last quarter. 27.16% of the stock is currently owned by hedge funds and other institutional investors.

First Majestic Silver Trading Down 0.2%

Shares of AG stock opened at $12.87 on Friday. The company has a quick ratio of 2.84, a current ratio of 3.27 and a debt-to-equity ratio of 0.08. The business has a 50-day moving average price of $11.21 and a two-hundred day moving average price of $8.72. First Majestic Silver Corp. has a 12-month low of $5.09 and a 12-month high of $15.69. The firm has a market cap of $6.30 billion, a P/E ratio of -1,285.21 and a beta of 0.76.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR last issued its quarterly earnings results on Thursday, August 14th. The mining company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.02). First Majestic Silver had a return on equity of 1.72% and a net margin of 1.78%.The firm had revenue of $264.20 million for the quarter, compared to the consensus estimate of $387.25 million. During the same period last year, the firm earned ($0.07) EPS. The company's revenue for the quarter was up 94.0% on a year-over-year basis. Equities analysts anticipate that First Majestic Silver Corp. will post 0.54 EPS for the current fiscal year.

First Majestic Silver Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were paid a $0.0048 dividend. This represents a $0.02 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date of this dividend was Friday, August 29th. First Majestic Silver's payout ratio is -200.00%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on AG shares. BMO Capital Markets restated a "market perform" rating on shares of First Majestic Silver in a research report on Tuesday, October 7th. National Bank Financial upgraded First Majestic Silver from a "hold" rating to a "strong-buy" rating in a research report on Sunday, October 5th. National Bankshares set a $22.00 target price on First Majestic Silver and gave the stock an "outperform" rating in a research report on Monday, October 6th. Wall Street Zen upgraded First Majestic Silver from a "hold" rating to a "buy" rating in a research report on Friday, October 3rd. Finally, HC Wainwright set a $17.50 target price on First Majestic Silver in a research report on Friday, October 10th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $17.33.

First Majestic Silver Profile

First Majestic Silver Corp. engages in the acquisition, exploration, development, and production of mineral properties with a focus on silver and gold production in North America. Its projects include the San Dimas mine covering an area of approximately 71,867 hectares located in Durango State, Mexico; the Santa Elena that covers an area of approximately 102,244 hectares located in Sonora State, México; and the La Encantada covering an area of approximately 4,076 hectares located in Coahuila State, México.

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