First Majestic Silver (NYSE:AG) Upgraded at ATB Cormark Capital Markets

Key Points

• First Majestic Silver was upgraded by ATB Cormark Capital Markets from “hold” to “moderate buy”, adding to a mixed but generally positive analyst picture for the stock.
• The company’s shares recently opened at $16.99, with a market cap of $8.38 billion; the stock is trading well below its 12-month high of $32.03.
• In its latest quarterly results, First Majestic reported $0.31 EPS, missing expectations, while revenue of $476.67 million still rose 95.3% year over year.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR was upgraded by investment analysts at ATB Cormark Capital Markets from a "hold" rating to a "moderate buy" rating in a research note issued to investors on Friday,Zacks.com reports.

AG has been the subject of a number of other research reports. Wall Street Zen cut shares of First Majestic Silver from a "buy" rating to a "hold" rating in a report on Saturday, May 16th. Scotiabank upgraded shares of First Majestic Silver to a "hold" rating in a research report on Thursday, April 23rd. BMO Capital Markets upgraded First Majestic Silver from a "market perform" rating to an "outperform" rating in a research report on Tuesday, March 24th. Weiss Ratings lowered First Majestic Silver from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, June 5th. Finally, HC Wainwright reduced their price target on First Majestic Silver from $30.75 to $26.00 and set a "buy" rating for the company in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $23.67.

First Majestic Silver Price Performance

Shares of NYSE AG opened at $16.99 on Friday. The stock has a market capitalization of $8.38 billion, a price-to-earnings ratio of 28.32 and a beta of 0.91. First Majestic Silver has a 12 month low of $7.74 and a 12 month high of $32.03. The firm's 50 day simple moving average is $18.92 and its 200-day simple moving average is $20.90. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.73 and a quick ratio of 2.54.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR last posted its earnings results on Tuesday, May 12th. The mining company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.02). First Majestic Silver had a net margin of 19.51% and a return on equity of 11.19%. The firm had revenue of $476.67 million for the quarter, compared to analysts' expectations of $522.00 million. During the same period last year, the firm earned $0.05 earnings per share. First Majestic Silver's revenue for the quarter was up 95.3% compared to the same quarter last year. Analysts expect that First Majestic Silver will post 0.74 EPS for the current year.

Institutional Investors Weigh In On First Majestic Silver

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Lodestone Wealth Management LLC acquired a new stake in shares of First Majestic Silver in the fourth quarter valued at about $25,000. EFG International AG acquired a new position in First Majestic Silver during the fourth quarter worth about $25,000. Harbor Investment Advisory LLC acquired a new position in First Majestic Silver during the first quarter worth about $32,000. PNC Financial Services Group Inc. grew its stake in First Majestic Silver by 184.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,508 shares of the mining company's stock valued at $32,000 after acquiring an additional 978 shares in the last quarter. Finally, Spire Wealth Management purchased a new stake in First Majestic Silver during the 4th quarter valued at about $35,000. Institutional investors and hedge funds own 27.16% of the company's stock.

First Majestic Silver Company 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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