Entropy Technologies LP Makes New Investment in First Majestic Silver Corp. (NYSE:AG)

Key Points

• Entropy Technologies LP has acquired a new stake in First Majestic Silver Corp., purchasing 344,064 shares valued at approximately $2.3 million, representing 0.07% ownership of the company.
• Multiple institutional investors, including Franklin Resources and Parallel Advisors, have increased their holdings in First Majestic Silver, reflecting growing institutional interest.
• Analysts have varying views on First Majestic Silver, with a consensus rating of "Hold" and a target price of $9.63, while one firm recently upgraded the stock to a "buy" rating.

Entropy Technologies LP purchased a new stake in shares of First Majestic Silver Corp. (NYSE:AG - Free Report) TSE: FR in the first quarter, according to its most recent filing with the SEC. The firm purchased 344,064 shares of the mining company's stock, valued at approximately $2,302,000. Entropy Technologies LP owned 0.07% of First Majestic Silver at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of AG. Tidal Investments LLC boosted its stake in shares of First Majestic Silver by 135.2% during the fourth quarter. Tidal Investments LLC now owns 13,596,866 shares of the mining company's stock valued at $74,647,000 after acquiring an additional 7,816,177 shares during the last quarter. Municipal Employees Retirement System of Michigan purchased a new position in First Majestic Silver during the first quarter worth about $47,656,000. Jupiter Asset Management Ltd. purchased a new position in First Majestic Silver during the first quarter worth about $46,070,000. Renaissance Technologies LLC lifted its position in First Majestic Silver by 897.8% during the fourth quarter. Renaissance Technologies LLC now owns 3,759,181 shares of the mining company's stock worth $20,638,000 after buying an additional 3,382,443 shares during the period. Finally, Vanguard Group Inc. lifted its position in First Majestic Silver by 26.7% during the first quarter. Vanguard Group Inc. now owns 14,475,305 shares of the mining company's stock worth $96,768,000 after buying an additional 3,051,614 shares during the period. 27.16% of the stock is currently owned by institutional investors and hedge funds.

First Majestic Silver Stock Up 2.4%

Shares of NYSE:AG traded up $0.21 during mid-day trading on Tuesday, hitting $8.95. 11,780,808 shares of the company traded hands, compared to its average volume of 14,324,542. The firm has a market cap of $4.36 billion, a P/E ratio of -30.86 and a beta of 0.72. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.74 and a current ratio of 3.19. First Majestic Silver Corp. has a 52-week low of $4.59 and a 52-week high of $9.48. The firm's 50 day simple moving average is $8.41 and its 200 day simple moving average is $6.87.

First Majestic Silver Dividend Announcement

The business also recently announced a dividend, which was paid on Friday, May 30th. Investors of record on Monday, May 19th were issued a dividend of $0.0045 per share. This represents a dividend yield of 32.0%. The ex-dividend date was Friday, May 16th. First Majestic Silver's dividend payout ratio (DPR) is presently -6.90%.

Wall Street Analyst Weigh In

AG has been the topic of a number of research reports. National Bank Financial upgraded First Majestic Silver to a "hold" rating in a report on Thursday, June 12th. Scotiabank raised their price objective on First Majestic Silver from $6.00 to $6.50 and gave the stock a "sector perform" rating in a report on Wednesday, July 9th. Finally, HC Wainwright raised their price objective on First Majestic Silver from $11.50 to $12.75 and gave the stock a "buy" rating in a report on Thursday, July 10th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price 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.