MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Boosts Stake in First Majestic Silver Corp. $AG

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in First Majestic Silver Corp. by 11.7%, owning 7,845,005 shares valued at approximately $52.4 million.
• Vanguard Group Inc. and other hedge funds have also raised their stakes in First Majestic Silver, with Vanguard increasing by 26.7% to own 14,475,305 shares worth nearly $96.8 million.
• First Majestic Silver recently reported a missed earnings estimate for the quarter, posting $0.04 EPS compared to the expected $0.06, while revenues also fell short of predictions at $264.2 million.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of First Majestic Silver Corp. (NYSE:AG - Free Report) TSE: FR by 11.7% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 7,845,005 shares of the mining company's stock after purchasing an additional 820,664 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 1.62% of First Majestic Silver worth $52,436,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Parallel Advisors LLC raised its holdings 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 acquiring an additional 3,506 shares during the last quarter. AlphaQuest LLC purchased a new position in First Majestic Silver in the 1st quarter worth approximately $29,000. Banque Cantonale Vaudoise purchased a new stake in First Majestic Silver during the 1st quarter valued at $46,000. Focus Financial Network Inc. purchased a new stake in First Majestic Silver during the 1st quarter valued at $67,000. Finally, Littlejohn Financial Services Inc. purchased a new stake in First Majestic Silver during the 1st quarter valued at $68,000. 27.16% of the stock is currently owned by hedge funds and other institutional investors.

First Majestic Silver Price Performance

Shares of AG traded up $0.28 during midday trading on Wednesday, hitting $9.42. 18,955,998 shares of the company traded hands, compared to its average volume of 20,784,314. The firm has a 50 day moving average of $8.73 and a 200-day moving average of $7.34. First Majestic Silver Corp. has a 52 week low of $4.73 and a 52 week high of $9.83. The stock has a market cap of $4.59 billion, a price-to-earnings ratio of -940.56 and a beta of 0.78. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.84 and a current ratio of 3.27.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR last announced its earnings results on Thursday, August 14th. The mining company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.02). The business had revenue of $264.20 million for the quarter, compared to analysts' expectations of $387.25 million. First Majestic Silver had a net margin of 1.78% and a return on equity of 1.72%. The firm's quarterly revenue was up 94.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.07) earnings per share. On average, analysts forecast that First Majestic Silver Corp. will post 0.54 EPS for the current fiscal year.

First Majestic Silver Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be given a dividend of $0.0048 per share. This represents a $0.02 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Friday, August 29th. First Majestic Silver's dividend payout ratio is currently -200.00%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on AG. Scotiabank boosted their target price on shares of First Majestic Silver from $6.00 to $6.50 and gave the company a "sector perform" rating in a research note on Wednesday, July 9th. National Bank Financial raised shares of First Majestic Silver to a "hold" rating in a research report on Thursday, June 12th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $12.75 target price on shares of First Majestic Silver in a report on Friday, August 15th. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $9.63.

First Majestic Silver Company Profile

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.