Connor Clark & Lunn Investment Management Ltd. Buys 1,140,700 Shares of First Majestic Silver Corp. (NYSE:AG)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased their stake in First Majestic Silver by 638.3% in the first quarter, owning a total of 1,319,400 shares valued at approximately $8.82 million.
• Several analysts have updated their ratings and price targets for First Majestic Silver, with a consensus target price now set at $9.63 and five analysts giving a "hold" rating while one rates it as a "buy."
• The company announced a dividend of $0.0045 per share, yielding 32.0%, despite a current dividend payout ratio of -6.90%.

Connor Clark & Lunn Investment Management Ltd. increased its position in First Majestic Silver Corp. (NYSE:AG - Free Report) TSE: FR by 638.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 1,319,400 shares of the mining company's stock after buying an additional 1,140,700 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.27% of First Majestic Silver worth $8,822,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Parallel Advisors LLC lifted its stake in First Majestic Silver by 1,221.6% in the 1st quarter. Parallel Advisors LLC now owns 3,793 shares of the mining company's stock worth $25,000 after purchasing an additional 3,506 shares in the last quarter. Banque Cantonale Vaudoise purchased a new stake in First Majestic Silver in the 1st quarter worth $46,000. Bank of Nova Scotia purchased a new stake in First Majestic Silver in the 4th quarter worth $57,000. Captrust Financial Advisors purchased a new stake in First Majestic Silver in the 4th quarter worth $58,000. Finally, Focus Financial Network Inc. purchased a new stake in First Majestic Silver in the 1st quarter worth $67,000. Institutional investors own 27.16% of the company's stock.

First Majestic Silver Trading Up 0.2%

First Majestic Silver stock traded up $0.02 during midday trading on Friday, reaching $8.88. The stock had a trading volume of 21,700,661 shares, compared to its average volume of 14,567,470. The company has a quick ratio of 2.74, a current ratio of 3.19 and a debt-to-equity ratio of 0.08. First Majestic Silver Corp. has a 52-week low of $4.59 and a 52-week high of $9.48. The firm has a market cap of $4.33 billion, a price-to-earnings ratio of -887.11 and a beta of 0.72. The company has a fifty day moving average of $8.47 and a 200 day moving average of $6.94.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR last posted its quarterly earnings data on Thursday, August 14th. The mining company reported $0.04 earnings per share for the quarter, missing analysts' consensus estimates of $0.06 by ($0.02). First Majestic Silver had a return on equity of 1.96% and a net margin of 1.78%. The firm had revenue of $264.20 million during the quarter, compared to analysts' expectations of $387.25 million. During the same period last year, the company earned ($0.07) earnings per share. The business's revenue for the quarter was up 94.0% compared to the same quarter last year. On average, analysts anticipate that First Majestic Silver Corp. will post 0.54 earnings per share for the current fiscal year.

First Majestic Silver Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given a $0.0048 dividend. This represents a $0.02 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Friday, August 29th. First Majestic Silver's dividend payout ratio is -6.90%.

Wall Street Analysts Forecast Growth

Several analysts have commented on AG shares. Scotiabank boosted their price target on shares of First Majestic Silver from $6.00 to $6.50 and gave the stock a "sector perform" rating in a research note on Wednesday, July 9th. HC Wainwright restated a "buy" rating and set a $12.75 target price on shares of First Majestic Silver in a research report on Friday. Finally, National Bank Financial upgraded shares of First Majestic Silver to a "hold" rating in a research report on Thursday, June 12th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $9.63.

About First Majestic Silver

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.