Municipal Employees Retirement System of Michigan Reduces Holdings in First Majestic Silver Corp. $AG

Key Points

• Municipal Employees Retirement System of Michigan cut its stake in First Majestic by 81.7% in Q3, selling 5,025,000 shares and leaving 1,126,289 shares (about 0.23%) valued at $13.84M.
• First Majestic beat EPS ($0.30 vs. $0.27) but missed revenue expectations ($463.9M vs. $561.3M) despite 169% YoY revenue growth, raised its quarterly dividend to $0.0083, and holds an average analyst rating of "Moderate Buy" with a $25 price target.

Municipal Employees Retirement System of Michigan trimmed its holdings in shares of First Majestic Silver Corp. (NYSE:AG - Free Report) TSE: FR by 81.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,126,289 shares of the mining company's stock after selling 5,025,000 shares during the quarter. Municipal Employees Retirement System of Michigan owned approximately 0.23% of First Majestic Silver worth $13,842,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bogart Wealth LLC purchased a new position in shares of First Majestic Silver during the 3rd quarter worth $28,000. Sound Income Strategies LLC increased its stake in shares of First Majestic Silver by 29,900.0% in the 3rd quarter. Sound Income Strategies LLC now owns 3,000 shares of the mining company's stock worth $37,000 after purchasing an additional 2,990 shares in the last quarter. CWM LLC raised its holdings in First Majestic Silver by 57.2% in the 2nd quarter. CWM LLC now owns 5,114 shares of the mining company's stock worth $42,000 after purchasing an additional 1,860 shares during the period. AdvisorNet Financial Inc lifted its position in First Majestic Silver by 33.2% during the third quarter. AdvisorNet Financial Inc now owns 3,898 shares of the mining company's stock valued at $48,000 after purchasing an additional 971 shares in the last quarter. Finally, Global Retirement Partners LLC lifted its position in First Majestic Silver by 7,831.6% during the third quarter. Global Retirement Partners LLC now owns 6,028 shares of the mining company's stock valued at $74,000 after purchasing an additional 5,952 shares in the last quarter. 27.16% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. BMO Capital Markets restated a "market perform" rating on shares of First Majestic Silver in a research report on Friday, January 16th. Weiss Ratings reiterated a "hold (c-)" rating on shares of First Majestic Silver in a research note on Wednesday, January 21st. Cormark raised shares of First Majestic Silver from a "hold" rating to a "moderate buy" rating in a report on Thursday, November 6th. Wall Street Zen upgraded shares of First Majestic Silver from a "hold" rating to a "buy" rating in a research note on Saturday, February 21st. Finally, Zacks Research raised shares of First Majestic Silver from a "hold" rating to a "strong-buy" rating in a report on Thursday, February 19th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, First Majestic Silver currently has an average rating of "Moderate Buy" and an average price target of $25.00.

First Majestic Silver Stock Performance

NYSE AG opened at $28.64 on Thursday. The company has a quick ratio of 2.96, a current ratio of 3.38 and a debt-to-equity ratio of 0.07. First Majestic Silver Corp. has a twelve month low of $5.18 and a twelve month high of $32.03. The business has a 50-day moving average price of $22.62 and a 200-day moving average price of $15.98. The firm has a market cap of $14.12 billion, a price-to-earnings ratio of 81.83 and a beta of 0.76.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR last issued its earnings results on Thursday, February 19th. The mining company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.03. First Majestic Silver had a return on equity of 7.41% and a net margin of 13.12%.The company had revenue of $463.92 million for the quarter, compared to the consensus estimate of $561.30 million. During the same quarter last year, the company earned $0.03 EPS. The firm's quarterly revenue was up 169.2% on a year-over-year basis. As a group, equities research analysts predict that First Majestic Silver Corp. will post 0.54 EPS for the current fiscal year.

First Majestic Silver Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Friday, February 27th will be issued a $0.0083 dividend. This represents a $0.03 annualized dividend and a dividend yield of 0.1%. This is a boost from First Majestic Silver's previous quarterly dividend of $0.01. The ex-dividend date of this dividend is Friday, February 27th. First Majestic Silver's payout ratio is presently 8.57%.

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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