Renaissance Technologies LLC Makes New Investment in First Majestic Silver Corp. $AG

Key Points

• Renaissance Technologies bought 2.92 million First Majestic Silver shares worth approximately $62.8 million, representing a 0.59% stake. Institutional investors and hedge funds collectively own 27.16% of the company.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and a $23.50 price target, although several firms recently downgraded the stock or reduced their targets.
• First Majestic’s latest quarter showed 95.3% year-over-year revenue growth, but earnings and revenue missed estimates. The company also increased its quarterly dividend to $0.0171 per share, producing an annualized yield of about 0.4%.

Renaissance Technologies LLC purchased a new stake in First Majestic Silver Corp. (NYSE:AG - Free Report) TSE: FR during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 2,921,792 shares of the mining company's stock, valued at approximately $62,760,000. Renaissance Technologies LLC owned 0.59% of First Majestic Silver as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the stock. Tidal Investments LLC boosted its position in shares of First Majestic Silver by 14.0% during the 3rd quarter. Tidal Investments LLC now owns 21,014,859 shares of the mining company's stock worth $258,273,000 after purchasing an additional 2,581,023 shares during the period. Vanguard Group Inc. raised its position in First Majestic Silver by 5.2% in the fourth quarter. Vanguard Group Inc. now owns 18,995,222 shares of the mining company's stock valued at $316,914,000 after purchasing an additional 945,067 shares during the period. Arrowstreet Capital Limited Partnership raised its position in First Majestic Silver by 408.1% in the fourth 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 during the period. Alps Advisors Inc. lifted its stake in First Majestic Silver by 33.6% during the fourth quarter. Alps Advisors Inc. now owns 9,621,720 shares of the mining company's stock worth $160,298,000 after purchasing an additional 2,418,513 shares in the last quarter. Finally, Teacher Retirement System of Texas lifted its stake in First Majestic Silver by 9.8% during the fourth quarter. Teacher Retirement System of Texas now owns 4,918,000 shares of the mining company's stock worth $81,934,000 after purchasing an additional 437,000 shares in the last quarter. 27.16% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

AG has been the subject of several research analyst reports. Wall Street Zen lowered First Majestic Silver from a "buy" rating to a "hold" rating in a research report on Saturday. Zacks Research lowered First Majestic Silver from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, March 31st. 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 downgraded First Majestic Silver from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, June 5th. Finally, Scotiabank dropped their target price on First Majestic Silver from $23.00 to $22.50 and set a "sector perform" rating for the company in a research report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $23.50.

First Majestic Silver Trading Down 0.0%

Shares of NYSE:AG opened at $16.30 on Monday. First Majestic Silver Corp. has a 52 week low of $7.74 and a 52 week high of $32.03. The company's 50 day moving average is $17.85 and its two-hundred day moving average is $20.89. The company has a market cap of $8.04 billion, a PE ratio of 27.18 and a beta of 0.91. The company has a current ratio of 2.73, a quick ratio of 2.54 and a debt-to-equity ratio of 0.08.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR last released its quarterly earnings data on Tuesday, May 12th. The mining company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by ($0.02). The firm had revenue of $476.67 million for the quarter, compared to analysts' expectations of $522.00 million. First Majestic Silver had a return on equity of 11.19% and a net margin of 19.51%.First Majestic Silver's revenue for the quarter was up 95.3% on a year-over-year basis. During the same period last year, the firm posted $0.05 earnings per share. Equities analysts predict that First Majestic Silver Corp. will post 0.8 earnings per share for the current fiscal year.

First Majestic Silver Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Wednesday, May 20th were issued a dividend of $0.0171 per share. This is a positive change from First Majestic Silver's previous quarterly dividend of $0.01. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $0.07 dividend on an annualized basis and a yield of 0.4%. First Majestic Silver's dividend payout ratio (DPR) is presently 11.67%.

First Majestic Silver 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.

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