First Majestic Silver Corp. $AG Shares Sold by NewEdge Advisors LLC

Key Points

• NewEdge Advisors cut its First Majestic Silver stake by 25.5% in the first quarter, selling 75,722 shares and retaining 220,814 shares valued at approximately $4.74 million. Institutional investors collectively own 27.16% of the company.
• First Majestic reported quarterly revenue growth of 57.3% year over year to $415.5 million, but missed analyst expectations for both revenue and earnings, posting $0.21 in EPS versus the $0.25 consensus estimate.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $23.83, compared with the stock’s recent opening price of $18.98. The company also announced a quarterly dividend of $0.0152 per share, yielding about 0.3%.

NewEdge Advisors LLC lessened its stake in shares of First Majestic Silver Corp. (NYSE:AG - Free Report) TSE: FR by 25.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 220,814 shares of the mining company's stock after selling 75,722 shares during the quarter. NewEdge Advisors LLC's holdings in First Majestic Silver were worth $4,743,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership lifted its holdings in First Majestic Silver by 408.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 15,041,912 shares of the mining company's stock valued at $250,821,000 after purchasing an additional 12,081,688 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of First Majestic Silver during the first quarter worth about $62,760,000. Bank of America Corp DE raised its position in shares of First Majestic Silver by 92.3% in the first quarter. Bank of America Corp DE now owns 6,082,824 shares of the mining company's stock valued at $130,659,000 after buying an additional 2,919,008 shares during the last quarter. Artemis Investment Management LLP acquired a new position in shares of First Majestic Silver in the fourth quarter valued at approximately $45,898,000. Finally, Tidal Investments LLC raised its position in shares of First Majestic Silver by 14.0% in the third quarter. Tidal Investments LLC now owns 21,014,859 shares of the mining company's stock valued at $258,273,000 after buying an additional 2,581,023 shares during the last quarter. Institutional investors and hedge funds own 27.16% of the company's stock.

First Majestic Silver Price Performance

AG opened at $18.98 on Wednesday. The company's 50 day simple moving average is $17.06 and its 200 day simple moving average is $20.61. 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 1 year low of $8.34 and a 1 year high of $32.03. The stock has a market capitalization of $9.35 billion, a PE ratio of 26.74 and a beta of 0.94.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR last issued its quarterly earnings results on Thursday, July 30th. The mining company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.04). The company had revenue of $415.50 million for the quarter, compared to analyst estimates of $496.00 million. First Majestic Silver had a return on equity of 13.36% and a net margin of 21.18%.The business's revenue for the quarter was up 57.3% on a year-over-year basis. During the same period last year, the company posted $0.11 EPS. As a group, sell-side analysts expect that First Majestic Silver Corp. will post 0.81 EPS for the current year.

First Majestic Silver Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Friday, August 14th will be paid a dividend of $0.0152 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.06 annualized dividend and a dividend yield of 0.3%. First Majestic Silver's payout ratio is currently 9.86%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Scotiabank decreased their target price on shares of First Majestic Silver from $23.00 to $22.50 and set a "sector perform" rating on the stock in a research report on Tuesday, July 14th. ATB Cormark Capital Markets upgraded First Majestic Silver from a "hold" rating to a "moderate buy" rating in a report on Friday, July 10th. Weiss Ratings lowered First Majestic Silver from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, June 5th. Wall Street Zen cut First Majestic Silver from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. Finally, HC Wainwright lifted their price objective on First Majestic Silver from $26.00 to $27.00 and gave the company 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 given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, First Majestic Silver presently has a consensus rating of "Moderate Buy" and an average price target of $23.83.

First Majestic Silver Company 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.

Want to see what other hedge funds are holding AG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Majestic Silver Corp. (NYSE:AG - Free Report) TSE: FR.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source