HC Wainwright Lowers First Majestic Silver (NYSE:AG) Price Target to $26.00

Key Points

• HC Wainwright cut its price target on First Majestic Silver to $26.00 from $30.75, while keeping a buy rating; the new target implies about 51.67% upside from the prior close.
• Analyst sentiment is mixed, with several recent rating changes including downgrades from Zacks Research, Wall Street Zen, and Weiss Ratings, though BMO Capital Markets upgraded the stock to outperform. The overall consensus remains Moderate Buy with an average target price of $23.67.
• First Majestic Silver shares were trading around $17.14, slightly lower on the day, after the company recently reported Q1 earnings and revenue below estimates. Revenue still rose 95.3% year over year, and analysts expect full-year EPS of 0.74.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR had its target price dropped by equities researchers at HC Wainwright from $30.75 to $26.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the mining company's stock. HC Wainwright's price target suggests a potential upside of 51.67% from the stock's previous close.

Several other brokerages have also recently commented on AG. Zacks Research cut shares of First Majestic Silver from a "strong-buy" rating to a "hold" rating in a report on Tuesday, March 31st. Wall Street Zen downgraded shares of First Majestic Silver from a "buy" rating to a "hold" rating in a research note on Saturday, May 16th. Weiss Ratings cut First Majestic Silver from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday, June 5th. Scotiabank raised First Majestic Silver to a "hold" rating in a research report on Thursday, April 23rd. Finally, BMO Capital Markets upgraded First Majestic Silver from a "market perform" rating to an "outperform" rating in a report on Tuesday, March 24th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $23.67.

First Majestic Silver Stock Down 0.1%

Shares of AG traded down $0.02 during midday trading on Friday, hitting $17.14. The stock had a trading volume of 1,111,848 shares, compared to its average volume of 18,923,545. The company has a 50 day simple moving average of $18.96 and a two-hundred day simple moving average of $20.92. First Majestic Silver has a twelve month low of $7.74 and a twelve month high of $32.03. The firm has a market cap of $8.45 billion, a price-to-earnings ratio of 28.51 and a beta of 0.91. 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 issued its quarterly earnings results on Tuesday, May 12th. The mining company reported $0.31 EPS for the quarter, missing analysts' consensus estimates of $0.33 by ($0.02). The firm had revenue of $476.67 million during the quarter, compared to the consensus estimate of $522.00 million. First Majestic Silver had a net margin of 19.51% and a return on equity of 11.19%. The business's revenue for the quarter was up 95.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.05 earnings per share. On average, analysts anticipate that First Majestic Silver will post 0.74 EPS for the current year.

Hedge Funds Weigh In On First Majestic Silver

A number of institutional investors have recently bought and sold shares of the business. Lodestone Wealth Management LLC acquired a new stake in First Majestic Silver in the 4th quarter worth about $25,000. EFG International AG acquired a new stake in shares of First Majestic Silver in the fourth quarter valued at approximately $25,000. Harbor Investment Advisory LLC bought a new stake in shares of First Majestic Silver in the first quarter valued at approximately $32,000. PNC Financial Services Group Inc. boosted its stake in shares of First Majestic Silver by 184.5% in the first quarter. PNC Financial Services Group Inc. now owns 1,508 shares of the mining company's stock valued at $32,000 after buying an additional 978 shares during the period. Finally, Spire Wealth Management acquired a new stake in First Majestic Silver during the fourth quarter worth approximately $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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