First Majestic Silver (NYSE:AG) Stock Price Expected to Rise, Scotiabank Analyst Says

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR had its price target increased by stock analysts at Scotiabank from $6.00 to $6.50 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a "sector perform" rating on the mining company's stock. Scotiabank's price objective would suggest a potential downside of 22.30% from the company's previous close.

Several other research firms have also weighed in on AG. National Bank Financial raised First Majestic Silver to a "hold" rating in a research report on Thursday, June 12th. HC Wainwright upped their target price on First Majestic Silver from $11.00 to $11.50 and gave the stock a "buy" rating in a research report on Friday, May 9th. Finally, National Bankshares reaffirmed a "sector perform" rating on shares of First Majestic Silver in a research report on Wednesday, April 2nd. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $9.00.

First Majestic Silver Trading Up 4.7%

Shares of First Majestic Silver stock traded up $0.38 on Wednesday, reaching $8.37. 20,906,764 shares of the company were exchanged, compared to its average volume of 15,597,971. The stock has a fifty day moving average price of $7.11 and a 200-day moving average price of $6.36. The firm has a market capitalization of $4.05 billion, a price-to-earnings ratio of -28.94 and a beta of 0.82. The company has a current ratio of 3.19, a quick ratio of 2.74 and a debt-to-equity ratio of 0.08. First Majestic Silver has a fifty-two week low of $4.43 and a fifty-two week high of $8.74.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR last posted its quarterly 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). The business had revenue of $241.12 million for the quarter, compared to analyst estimates of $358.65 million. First Majestic Silver had a negative net margin of 12.32% and a negative return on equity of 0.14%. The firm's quarterly revenue was up 41.6% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.05) earnings per share. On average, analysts expect that First Majestic Silver will post 0.54 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Marotta Asset Management acquired a new position in shares of First Majestic Silver during the 2nd quarter valued at about $633,000. Geneos Wealth Management Inc. increased its position in First Majestic Silver by 3.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 101,652 shares of the mining company's stock worth $680,000 after buying an additional 3,300 shares during the period. Bayforest Capital Ltd increased its position in First Majestic Silver by 1,978.6% in the 1st quarter. Bayforest Capital Ltd now owns 213,843 shares of the mining company's stock worth $1,431,000 after buying an additional 203,555 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in First Majestic Silver by 355.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,193,589 shares of the mining company's stock worth $7,985,000 after buying an additional 931,690 shares during the period. Finally, Dynamic Technology Lab Private Ltd increased its position in First Majestic Silver by 66.4% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 100,855 shares of the mining company's stock worth $675,000 after buying an additional 40,228 shares during the period. Institutional investors and hedge funds own 27.16% of the company's stock.

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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