First Majestic Silver (NYSE:AG) Reaches New 52-Week High Following Analyst Upgrade

Key Points

• First Majestic Silver's shares reached a new 52-week high of $13.49 after HC Wainwright raised the price target from $12.75 to $14.00 while maintaining a "buy" rating.
• Institutional investors have shown increased interest in First Majestic Silver, with hedge funds acquiring significant new positions and increasing ownership to 27.16% of the company's stock.
• The company recently reported mixed earnings, missing EPS estimates and revenue forecasts while showing a 94% year-over-year revenue growth.

First Majestic Silver Corp. (NYSE:AG - Get Free Report) TSE: FR's share price hit a new 52-week high during mid-day trading on Monday after HC Wainwright raised their price target on the stock from $12.75 to $14.00. HC Wainwright currently has a buy rating on the stock. First Majestic Silver traded as high as $13.27 and last traded at $13.49, with a volume of 4345416 shares traded. The stock had previously closed at $12.11.

Several other analysts also recently weighed in on AG. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of First Majestic Silver in a report on Saturday, September 27th. National Bank Financial raised shares of First Majestic Silver to a "hold" rating in a report on Thursday, June 12th. National Bankshares set a $22.00 target price on shares of First Majestic Silver and gave the company an "outperform" rating in a report on Monday. Scotiabank lifted 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 report on Wednesday, July 9th. Finally, Wall Street Zen raised shares of First Majestic Silver from a "hold" rating to a "buy" rating in a report on Friday. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, First Majestic Silver presently has a consensus rating of "Hold" and an average target price of $14.17.

Hedge Funds Weigh In On First Majestic Silver

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. B. Riley Wealth Advisors Inc. acquired a new position in First Majestic Silver during the second quarter worth about $162,000. Newbridge Financial Services Group Inc. acquired a new position in First Majestic Silver during the second quarter worth about $425,000. Marex Group plc acquired a new position in First Majestic Silver during the second quarter worth about $224,000. Geneos Wealth Management Inc. raised its position in First Majestic Silver by 33.0% during the second quarter. Geneos Wealth Management Inc. now owns 135,227 shares of the mining company's stock worth $1,118,000 after acquiring an additional 33,575 shares during the last quarter. Finally, FORA Capital LLC raised its position in First Majestic Silver by 1,216.2% during the second quarter. FORA Capital LLC now owns 340,695 shares of the mining company's stock worth $2,818,000 after acquiring an additional 314,811 shares during the last quarter. Institutional investors and hedge funds own 27.16% of the company's stock.

First Majestic Silver Trading Up 7.0%

The company has a debt-to-equity ratio of 0.08, a current ratio of 3.27 and a quick ratio of 2.84. The company has a market cap of $6.34 billion, a price-to-earnings ratio of -1,305.00 and a beta of 0.76. The business's 50-day simple moving average is $9.67 and its 200-day simple moving average is $8.00.

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 analysts' consensus estimates of $0.06 by ($0.02). The business had revenue of $264.20 million for the quarter, compared to analyst estimates of $387.25 million. First Majestic Silver had a return on equity of 1.72% and a net margin of 1.78%.The business's revenue was up 94.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.07) EPS. Research analysts predict that First Majestic Silver Corp. will post 0.54 earnings per share for the current fiscal year.

First Majestic Silver Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were paid a dividend of $0.0048 per share. The ex-dividend date of this dividend was Friday, August 29th. This represents a $0.02 annualized dividend and a dividend yield of 0.1%. First Majestic Silver's payout ratio is currently -100.00%.

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.

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