Scotiabank Issues Positive Forecast for First Majestic Silver (NYSE:AG) Stock Price

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR had its target price increased by equities researchers at Scotiabank from $6.00 to $6.50 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a "sector perform" rating on the mining company's stock. Scotiabank's target price suggests a potential downside of 29.88% from the stock's current price.

Other equities analysts have also recently issued research reports about the stock. National Bank Financial upgraded shares of First Majestic Silver to a "hold" rating in a research report on Thursday, June 12th. HC Wainwright boosted their price objective on shares of First Majestic Silver from $11.00 to $11.50 and gave the stock a "buy" rating in a research note on Friday, May 9th. Finally, National Bankshares reissued a "sector perform" rating on shares of First Majestic Silver in a research note on Wednesday, April 2nd. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, First Majestic Silver has a consensus rating of "Hold" and an average target price of $9.63.

First Majestic Silver Trading Up 7.3%

Shares of NYSE AG traded up $0.63 during midday trading on Wednesday, hitting $9.27. 35,364,314 shares of the company traded hands, compared to its average volume of 15,869,196. First Majestic Silver has a 12-month low of $4.43 and a 12-month high of $9.33. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.74 and a current ratio of 3.19. The stock has a 50-day moving average price of $7.31 and a 200 day moving average price of $6.44. The firm has a market cap of $4.49 billion, a P/E ratio of -31.96 and a beta of 0.82.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR last announced its quarterly earnings results on Wednesday, May 7th. The mining company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.01). First Majestic Silver had a negative net margin of 12.32% and a negative return on equity of 0.14%. The company had revenue of $241.12 million for the quarter, compared to analysts' expectations of $358.65 million. During the same quarter in the prior year, the firm earned ($0.05) EPS. First Majestic Silver's quarterly revenue was up 41.6% compared to the same quarter last year. As a group, analysts expect that First Majestic Silver will post 0.54 earnings per share for the current year.

Institutional Investors Weigh In On First Majestic Silver

Several hedge funds have recently bought and sold shares of AG. Tidal Investments LLC lifted its stake in shares of First Majestic Silver by 135.2% in the fourth quarter. Tidal Investments LLC now owns 13,596,866 shares of the mining company's stock worth $74,647,000 after buying an additional 7,816,177 shares in the last quarter. Municipal Employees Retirement System of Michigan bought a new position in shares of First Majestic Silver in the first quarter worth approximately $47,656,000. Jupiter Asset Management Ltd. bought a new position in shares of First Majestic Silver in the first quarter worth approximately $46,070,000. Sprott Inc. lifted its stake in shares of First Majestic Silver by 603.8% in the first quarter. Sprott Inc. now owns 4,612,904 shares of the mining company's stock worth $30,856,000 after buying an additional 3,957,459 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in shares of First Majestic Silver by 897.8% in the fourth quarter. Renaissance Technologies LLC now owns 3,759,181 shares of the mining company's stock worth $20,638,000 after buying an additional 3,382,443 shares in the last quarter. Institutional investors 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.