Engineers Gate Manager LP Purchases 56,675 Shares of First Majestic Silver Corp. $AG

Key Points

• Engineers Gate Manager LP nearly doubled its First Majestic Silver position in the second quarter, purchasing 56,675 shares to hold 116,087 shares valued at approximately $1.97 million. Hedge funds and institutional investors collectively own 27.16% of the company.
• Analyst sentiment remains moderately positive, with a consensus rating of “Moderate Buy” and an average price target of $23.83. Ratings range from Strong Buy and Buy to Hold, while price targets include a high of $27.00.
• First Majestic Silver’s latest quarter showed strong year-over-year revenue growth of 57.3%, but earnings and revenue fell short of estimates. Shares opened at $18.66, and the company’s quarterly dividend equates to $0.06 annually, or a 0.3% yield.

Engineers Gate Manager LP grew its position in shares of First Majestic Silver Corp. (NYSE:AG - Free Report) TSE: FR by 95.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 116,087 shares of the mining company's stock after purchasing an additional 56,675 shares during the period. Engineers Gate Manager LP's holdings in First Majestic Silver were worth $1,969,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Integrated Wealth Concepts LLC raised its position in shares of First Majestic Silver by 18.1% in the second quarter. Integrated Wealth Concepts LLC now owns 11,995 shares of the mining company's stock worth $203,000 after buying an additional 1,838 shares in the last quarter. Cypress Capital Management LLC WY bought a new stake in First Majestic Silver during the second quarter valued at $1,346,000. Nykredit A S purchased a new position in First Majestic Silver during the second quarter worth about $97,000. HighTower Advisors LLC grew its position in First Majestic Silver by 45.8% during the second quarter. HighTower Advisors LLC now owns 64,272 shares of the mining company's stock worth $1,090,000 after buying an additional 20,189 shares in the last quarter. Finally, Morling Financial Advisors LLC grew its position in First Majestic Silver by 40.0% during the second quarter. Morling Financial Advisors LLC now owns 17,500 shares of the mining company's stock worth $297,000 after buying an additional 5,000 shares in the last quarter. 27.16% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. ATB Cormark Capital Markets raised First Majestic Silver from a "hold" rating to a "moderate buy" rating in a report on Friday, July 10th. Scotiabank cut their price objective on First Majestic Silver from $23.00 to $22.50 and set a "sector perform" rating for the company in a report on Tuesday, July 14th. 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. Weiss Ratings restated a "hold (c)" rating on shares of First Majestic Silver in a research report on Wednesday, September 2nd. Finally, Wall Street Zen downgraded shares of First Majestic Silver from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. One research 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 company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $23.83.

First Majestic Silver Stock Down 0.8%

Shares of NYSE:AG opened at $18.66 on Wednesday. The firm has a market capitalization of $9.20 billion, a PE ratio of 26.28 and a beta of 1.00. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.38 and a current ratio of 2.57. First Majestic Silver Corp. has a 52-week low of $9.68 and a 52-week high of $32.03. The firm has a fifty day moving average of $18.48 and a 200 day moving average of $19.94.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR last released its quarterly earnings results on Thursday, July 30th. The mining company reported $0.21 earnings per share for the quarter, missing analysts' consensus estimates 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 firm had revenue of $415.50 million for the quarter, compared to analysts' expectations of $496.00 million. During the same quarter in the previous year, the business earned $0.11 EPS. The company's revenue for the quarter was up 57.3% on a year-over-year basis. As a group, research analysts anticipate 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 was paid on Monday, August 31st. Investors of record on Friday, August 14th were issued a dividend of $0.0152 per share. This represents a $0.06 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Friday, August 14th. First Majestic Silver's dividend payout ratio (DPR) is currently 8.45%.

About First Majestic Silver

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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