Scotiabank Raises First Majestic Silver (NYSE:AG) Price Target to $6.50

First Majestic Silver (NYSE:AG) (TSE:FR) had its price target hoisted by Scotiabank from $5.50 to $6.50 in a research note issued to investors on Thursday, Benzinga reports. Scotiabank currently has a sector perform rating on the mining company’s stock.

Several other equities research analysts have also recently commented on the stock. StockNews.com raised shares of First Majestic Silver to a sell rating in a research report on Monday, February 26th. HC Wainwright reaffirmed a buy rating and issued a $8.50 target price on shares of First Majestic Silver in a research report on Thursday, May 9th.

First Majestic Silver Price Performance

AG stock opened at $7.17 on Thursday. The firm has a market cap of $2.06 billion, a P/E ratio of -44.81 and a beta of 1.39. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.77 and a current ratio of 2.33. The firm’s fifty day moving average is $6.86 and its 200 day moving average is $5.83. First Majestic Silver has a 52 week low of $4.17 and a 52 week high of $8.44.

First Majestic Silver (NYSE:AG) (TSE:FR) last announced its quarterly earnings results on Thursday, February 22nd. The mining company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. The business had revenue of $136.95 million during the quarter. First Majestic Silver had a negative net margin of 9.18% and a negative return on equity of 3.28%. During the same period in the previous year, the company earned ($0.07) EPS. Research analysts predict that First Majestic Silver will post -0.03 earnings per share for the current year.

First Majestic Silver Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be paid a $0.004 dividend. The ex-dividend date is Thursday, May 16th. This represents a $0.02 dividend on an annualized basis and a dividend yield of 0.22%. First Majestic Silver’s dividend payout ratio is presently -6.25%.

Institutional Trading of First Majestic Silver

A number of large investors have recently made changes to their positions in AG. Tidal Investments LLC boosted its holdings in shares of First Majestic Silver by 6,929.4% in the first quarter. Tidal Investments LLC now owns 5,174,889 shares of the mining company’s stock worth $30,406,000 after buying an additional 5,101,271 shares during the last quarter. Van ECK Associates Corp boosted its holdings in shares of First Majestic Silver by 5.1% in the first quarter. Van ECK Associates Corp now owns 31,876,555 shares of the mining company’s stock worth $187,433,000 after buying an additional 1,534,710 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of First Majestic Silver by 4.0% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,985,680 shares of the mining company’s stock worth $43,071,000 after buying an additional 266,864 shares during the last quarter. SG Americas Securities LLC boosted its holdings in shares of First Majestic Silver by 145.4% in the first quarter. SG Americas Securities LLC now owns 424,917 shares of the mining company’s stock worth $2,499,000 after buying an additional 251,741 shares during the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of First Majestic Silver in the first quarter worth approximately $1,373,000. 27.16% of the stock is currently owned by institutional investors.

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 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.