Legal & General Group Plc Makes New $15.64 Million Investment in First Majestic Silver Corp. $AG

Key Points

• Legal & General Group Plc acquired 921,410 First Majestic Silver shares worth approximately $15.64 million, while several other institutional investors also initiated positions. Institutions and hedge funds now own 27.16% of the company.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $23.83. Individual analysts recently raised targets as high as $27, though some downgraded the stock or reduced their targets.
• First Majestic’s quarterly revenue rose 57.3% year over year to $415.5 million, but earnings of $0.21 per share and revenue both missed estimates. The company declared a quarterly dividend of $0.0152, equivalent to a 0.3% annual yield.

Legal & General Group Plc acquired a new position in shares of First Majestic Silver Corp. (NYSE:AG - Free Report) TSE: FR during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 921,410 shares of the mining company's stock, valued at approximately $15,639,000. Legal & General Group Plc owned 0.19% of First Majestic Silver as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also made changes to their positions in AG. The Manufacturers Life Insurance Company bought a new stake in shares of First Majestic Silver in the second quarter valued at about $59,610,000. Asset One Wealth Management LLC bought a new position in First Majestic Silver during the second quarter valued at about $504,000. Sanctuary Advisors LLC acquired a new position in First Majestic Silver in the 2nd quarter valued at approximately $271,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in First Majestic Silver in the 2nd quarter valued at approximately $37,926,000. Finally, Bank of Nova Scotia acquired a new position in First Majestic Silver in the 2nd quarter valued at approximately $1,701,000. Institutional investors and hedge funds own 27.16% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Wall Street Zen lowered First Majestic Silver from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. HC Wainwright upped their target price on First Majestic Silver from $26.00 to $27.00 and gave the company a "buy" rating in a research note on Friday, July 31st. Weiss Ratings cut First Majestic Silver from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, June 5th. ATB Cormark Capital Markets upgraded shares of First Majestic Silver from a "hold" rating to a "moderate buy" rating in a research note on Friday, July 10th. Finally, Scotiabank lowered their price target on shares of First Majestic Silver from $23.00 to $22.50 and set a "sector perform" rating on the stock in a report on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $23.83.

First Majestic Silver Stock Up 0.2%

Shares of AG opened at $20.81 on Monday. The company has a quick ratio of 2.38, a current ratio of 2.57 and a debt-to-equity ratio of 0.08. The company has a 50-day moving average price of $17.68 and a two-hundred day moving average price of $20.32. The stock has a market cap of $10.26 billion, a price-to-earnings ratio of 29.31 and a beta of 0.94. First Majestic Silver Corp. has a 12 month low of $8.90 and a 12 month high of $32.03.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR last released its quarterly earnings data on Thursday, July 30th. The mining company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.04). The company had revenue of $415.50 million during the quarter, compared to the consensus estimate of $496.00 million. First Majestic Silver had a net margin of 21.18% and a return on equity of 13.36%. The company's revenue for the quarter was up 57.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.11 earnings per share. Equities analysts predict that First Majestic Silver Corp. will post 0.81 EPS for the current fiscal year.

First Majestic Silver Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Friday, August 14th will be given a $0.0152 dividend. This represents a $0.06 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Friday, August 14th. First Majestic Silver's dividend payout ratio is 8.45%.

About First Majestic Silver

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.

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