First Majestic Silver (NYSE:AG) Price Target Raised to $12.50 at Scotiabank

Key Points

• Scotiabank has raised its price target for First Majestic Silver from $9.00 to $12.50, indicating a potential downside of 3.36% from the current stock price.
• The stock currently has a consensus rating of "Moderate Buy" and an average price target of $17.33, with varying ratings from different analysts.
• First Majestic Silver's quarterly earnings report showed a revenue of $264.20 million, which was below analysts' expectations, and the company missed earnings per share estimates by $0.02.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR had its price target lifted by investment analysts at Scotiabank from $9.00 to $12.50 in a research note issued on Thursday, MarketBeat Ratings reports. The brokerage presently has a "sector perform" rating on the mining company's stock. Scotiabank's target price would suggest a potential downside of 3.36% from the stock's current price.

Other analysts also recently issued research reports about the stock. BMO Capital Markets reaffirmed a "market perform" rating on shares of First Majestic Silver in a report on Tuesday, October 7th. National Bank Financial raised shares of First Majestic Silver from a "hold" rating to a "strong-buy" rating in a research note on Sunday, October 5th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of First Majestic Silver in a research report on Wednesday, October 8th. National Bankshares set a $22.00 price target on shares of First Majestic Silver and gave the stock an "outperform" rating in a research report on Monday, October 6th. Finally, Wall Street Zen raised shares of First Majestic Silver from a "hold" rating to a "buy" rating in a research report on Friday, October 3rd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $17.33.

First Majestic Silver Price Performance

AG stock traded up $0.28 during trading on Thursday, reaching $12.94. 5,588,529 shares of the company were exchanged, compared to its average volume of 21,440,924. The company has a market cap of $6.34 billion, a P/E ratio of -1,290.21 and a beta of 0.76. First Majestic Silver has a 52-week low of $5.09 and a 52-week high of $15.69. The stock's 50 day moving average price is $11.05 and its 200 day moving average price is $8.61. 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 released its quarterly earnings data on Thursday, August 14th. The mining company reported $0.04 EPS for the quarter, missing analysts' consensus estimates of $0.06 by ($0.02). The company had revenue of $264.20 million for the quarter, compared to analysts' expectations of $387.25 million. First Majestic Silver had a return on equity of 1.72% and a net margin of 1.78%.The firm's quarterly revenue was up 94.0% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.07) EPS. As a group, analysts predict that First Majestic Silver will post 0.54 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of AG. Tidal Investments LLC increased its holdings in shares of First Majestic Silver by 5.1% in the 2nd quarter. Tidal Investments LLC now owns 18,433,836 shares of the mining company's stock worth $152,448,000 after acquiring an additional 890,153 shares during the period. Vanguard Group Inc. raised its position in shares of First Majestic Silver by 26.7% in the first quarter. Vanguard Group Inc. now owns 14,475,305 shares of the mining company's stock valued at $96,768,000 after purchasing an additional 3,051,614 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in First Majestic Silver by 74.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,666,756 shares of the mining company's stock worth $112,880,000 after acquiring an additional 5,821,751 shares during the period. Lingotto Investment Management LLP boosted its stake in shares of First Majestic Silver by 2.2% in the 2nd quarter. Lingotto Investment Management LLP now owns 9,964,096 shares of the mining company's stock valued at $82,403,000 after purchasing an additional 213,577 shares in the last quarter. Finally, Jupiter Asset Management Ltd. lifted its position in First Majestic Silver by 30.9% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 9,013,216 shares of the mining company's stock worth $74,539,000 after buying an additional 2,126,803 shares in the last quarter. 27.16% of the stock is currently owned by institutional investors.

About First Majestic Silver

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.

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