7,123,410 Shares in First Majestic Silver Corp. (NYSE:AG) Acquired by Municipal Employees Retirement System of Michigan

Key Points

• The Municipal Employees Retirement System of Michigan acquired a new stake in First Majestic Silver Corp., purchasing **7,123,410 shares** valued at approximately **$47.66 million**, making it the 22nd largest position in their portfolio.
• First Majestic Silver reported **$0.05 earnings per share** for the latest quarter, missing the consensus estimate by **$0.01**, while its revenue was **$241.12 million** compared to an expected **$358.65 million**.
• The company recently declared a dividend of **$0.0045** per share, yielding **0.32%**, with a **dividend payout ratio** currently at **-6.90%**.

Municipal Employees Retirement System of Michigan purchased a new stake in First Majestic Silver Corp. (NYSE:AG - Free Report) TSE: FR during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 7,123,410 shares of the mining company's stock, valued at approximately $47,656,000. First Majestic Silver comprises 0.6% of Municipal Employees Retirement System of Michigan's holdings, making the stock its 22nd largest position. Municipal Employees Retirement System of Michigan owned approximately 1.47% of First Majestic Silver as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its holdings in shares of First Majestic Silver by 3.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 565,982 shares of the mining company's stock valued at $3,109,000 after purchasing an additional 18,219 shares during the period. Raymond James Financial Inc. purchased a new position in First Majestic Silver in the 4th quarter worth $2,442,000. Fox Run Management L.L.C. increased its position in shares of First Majestic Silver by 18.0% during the fourth quarter. Fox Run Management L.L.C. now owns 30,121 shares of the mining company's stock valued at $165,000 after buying an additional 4,596 shares during the period. LPL Financial LLC increased its holdings in shares of First Majestic Silver by 92.9% during the fourth quarter. LPL Financial LLC now owns 592,683 shares of the mining company's stock valued at $3,254,000 after acquiring an additional 285,488 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of First Majestic Silver by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 11,423,691 shares of the mining company's stock valued at $62,784,000 after buying an additional 598,996 shares during the period. Institutional investors and hedge funds own 27.16% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on AG shares. HC Wainwright increased their price objective on shares of First Majestic Silver from $11.50 to $12.75 and gave the stock a "buy" rating in a research note on Thursday, July 10th. Scotiabank lifted their price objective on shares of First Majestic Silver from $6.00 to $6.50 and gave the stock a "sector perform" rating in a research report on Wednesday, July 9th. National Bankshares restated a "sector perform" rating on shares of First Majestic Silver in a research note on Wednesday, April 2nd. Finally, National Bank Financial upgraded shares of First Majestic Silver to a "hold" rating in a research report on Thursday, June 12th. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, First Majestic Silver presently has an average rating of "Hold" and a consensus price target of $9.63.

First Majestic Silver Trading Down 1.4%

Shares of NYSE:AG traded down $0.12 during trading on Wednesday, reaching $8.28. 8,268,675 shares of the stock were exchanged, compared to its average volume of 21,420,021. The firm has a market cap of $4.03 billion, a price-to-earnings ratio of -28.50 and a beta of 0.82. First Majestic Silver Corp. has a 12-month low of $4.43 and a 12-month high of $9.48. The firm's 50-day moving average price is $7.98 and its 200 day moving average price is $6.69. 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 (NYSE:AG - Get Free Report) TSE: FR last issued its earnings results on Wednesday, May 7th. The mining company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.01). First Majestic Silver had a negative return on equity of 0.14% and a negative net margin of 12.32%. The company had revenue of $241.12 million during the quarter, compared to analyst estimates of $358.65 million. During the same period in the prior year, the business earned ($0.05) earnings per share. First Majestic Silver's quarterly revenue was up 41.6% on a year-over-year basis. On average, sell-side analysts anticipate that First Majestic Silver Corp. will post 0.54 earnings per share for the current fiscal year.

First Majestic Silver Announces Dividend

The company also recently declared a dividend, which was paid on Friday, May 30th. Stockholders of record on Monday, May 19th were paid a dividend of $0.0045 per share. This represents a dividend yield of 0.32%. The ex-dividend date of this dividend was Friday, May 16th. First Majestic Silver's dividend payout ratio (DPR) is presently -3.45%.

First Majestic Silver 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.