First Majestic Silver's (AG) Buy Rating Reiterated at HC Wainwright

Key Points

• HC Wainwright has reiterated a "buy" rating for First Majestic Silver with a price target of $12.75, indicating a potential upside of 43.82% from the stock's previous close.
• First Majestic Silver reported $0.04 earnings per share for the last quarter, falling short of analysts' expectations, with a year-over-year revenue increase of 94.0%.
• Institutional investors now own 27.16% of First Majestic Silver's stock, reflecting ongoing interest from large financial players in the company.

HC Wainwright reiterated their buy rating on shares of First Majestic Silver (NYSE:AG - Free Report) TSE: FR in a research note issued to investors on Friday morning,Benzinga reports. They currently have a $12.75 price objective on the mining company's stock.

Several other analysts also recently weighed in on the stock. National Bank Financial raised shares of First Majestic Silver to a "hold" rating in a research note on Thursday, June 12th. Scotiabank lifted their price target on shares of First Majestic Silver from $6.00 to $6.50 and gave the company a "sector perform" rating in a research note on Wednesday, July 9th. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, First Majestic Silver currently has a consensus rating of "Hold" and an average target price of $9.63.

First Majestic Silver Trading Up 1.6%

Shares of NYSE:AG traded up $0.1350 during trading hours on Friday, hitting $8.4950. 6,552,207 shares of the company's stock traded hands, compared to its average volume of 20,840,588. First Majestic Silver has a 1 year low of $4.59 and a 1 year high of $9.48. The business has a fifty day moving average price of $8.48 and a 200-day moving average price of $6.98. The firm has a market capitalization of $4.14 billion, a P/E ratio of -848.65 and a beta of 0.72. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.27 and a quick ratio of 2.74.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR last posted its quarterly earnings results on Thursday, August 14th. The mining company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.02). First Majestic Silver had a net margin of 1.78% and a return on equity of 1.72%. The company had revenue of $264.20 million for the quarter, compared to the consensus estimate of $387.25 million. During the same period in the prior year, the firm posted ($0.07) EPS. The business's revenue was up 94.0% on a year-over-year basis. Equities analysts expect that First Majestic Silver will post 0.54 earnings per share for the current year.

First Majestic Silver Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be given a dividend of $0.0048 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $0.02 dividend on an annualized basis and a dividend yield of 0.2%. First Majestic Silver's dividend payout ratio is presently -200.00%.

Hedge Funds Weigh In On First Majestic Silver

Large investors have recently made changes to their positions in the business. Alps Advisors Inc. acquired a new position in shares of First Majestic Silver during the first quarter worth $1,935,000. Oppenheimer & Co. Inc. acquired a new position in shares of First Majestic Silver during the first quarter worth $79,000. Municipal Employees Retirement System of Michigan acquired a new position in shares of First Majestic Silver during the first quarter worth $47,656,000. Raymond James Financial Inc. acquired a new position in shares of First Majestic Silver during the fourth quarter worth $2,442,000. Finally, PCJ Investment Counsel Ltd. acquired a new position in shares of First Majestic Silver during the first quarter worth $2,009,000. 27.16% of the stock is owned by institutional investors and hedge funds.

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.