Zacks Investment Research upgraded shares of First Majestic Silver (NYSE:AG) (TSE:FR) from a hold rating to a buy rating in a research report sent to investors on Wednesday, Zacks.com reports. The firm currently has $8.75 price target on the mining company’s stock.
According to Zacks, “First Majestic Silver Corp. is engaged in the production, development, exploration, and acquisition of silver mines in Mexico. First Majestic Silver Corp. is headquartered in Vancouver, Canada. “
Other analysts have also issued research reports about the company. HC Wainwright set a $11.00 target price on Cerecor and gave the stock a buy rating in a report on Wednesday, April 17th. ValuEngine upgraded Xylem from a hold rating to a buy rating in a report on Friday, June 21st. Finally, BMO Capital Markets reiterated a hold rating on shares of First Majestic Silver in a report on Tuesday, April 2nd. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $7.69.
First Majestic Silver (NYSE:AG) (TSE:FR) last posted its earnings results on Thursday, May 9th. The mining company reported ($0.01) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.01). The company had revenue of $86.80 million during the quarter, compared to analyst estimates of $124.73 million. First Majestic Silver had a negative return on equity of 4.63% and a negative net margin of 59.46%. First Majestic Silver’s revenue was up 48.1% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.03) earnings per share. Research analysts anticipate that First Majestic Silver will post 0.02 earnings per share for the current year.
In other news, major shareholder Vinita Lee Piper bought 22,055 shares of First Majestic Silver stock in a transaction that occurred on Tuesday, May 14th. The stock was bought at an average price of $5.93 per share, for a total transaction of $130,786.15. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.85% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Deutsche Bank AG grew its position in shares of First Majestic Silver by 3,672.1% during the 4th quarter. Deutsche Bank AG now owns 980,638 shares of the mining company’s stock valued at $5,775,000 after acquiring an additional 954,641 shares during the period. Norges Bank acquired a new stake in First Majestic Silver in the 4th quarter worth about $2,346,000. Alps Advisors Inc. boosted its holdings in First Majestic Silver by 57.4% in the 1st quarter. Alps Advisors Inc. now owns 921,133 shares of the mining company’s stock worth $6,061,000 after buying an additional 335,918 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new stake in First Majestic Silver in the 1st quarter worth about $2,621,000. Finally, Bank of Montreal Can boosted its holdings in First Majestic Silver by 66.2% in the 1st quarter. Bank of Montreal Can now owns 671,560 shares of the mining company’s stock worth $4,419,000 after buying an additional 267,372 shares during the last quarter. Institutional investors own 25.84% of the company’s stock.
First Majestic Silver Company Profile
First Majestic Silver Corp. engages in the acquisition, exploration, development, and production of mineral properties with a focus on silver production in Mexico. It owns and operates six silver producing mines, including the Santa Elena Silver/Gold Mine covering an area of 101,837 hectares located in Sonora; La Encantada Silver Mine covering an area of 4,076 hectares situated in Coahuila; La Parrilla Silver Mine covering an area of 69,478 hectares located in Durango; Del Toro Silver Mine covering an area of 2,159 hectares situated in Zacatecas; San Martin Silver Mine covering an area of 38,512 hectares located in Jalisco; and La Guitarra Silver Mine that consists of 39,714 hectares situated in México State.
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