Crescent Grove Advisors LLC Acquires 119,850 Shares of First Majestic Silver Corp. $AG

Crescent Grove Advisors LLC bought a new position in shares of First Majestic Silver Corp. (NYSE:AG) (TSE:FR) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 119,850 shares of the mining company’s stock, valued at approximately $2,120,000.

Several other large investors have also recently bought and sold shares of AG. Bank of America Corp DE raised its stake in First Majestic Silver by 92.3% in the first quarter. Bank of America Corp DE now owns 6,082,824 shares of the mining company’s stock valued at $130,659,000 after buying an additional 2,919,008 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in First Majestic Silver during the 1st quarter worth about $62,760,000. The Manufacturers Life Insurance Company purchased a new stake in First Majestic Silver during the 2nd quarter worth about $59,610,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in First Majestic Silver during the 2nd quarter worth about $37,926,000. Finally, Hillsdale Investment Management Inc. boosted its position in shares of First Majestic Silver by 2.7% during the 1st quarter. Hillsdale Investment Management Inc. now owns 1,683,825 shares of the mining company’s stock worth $36,086,000 after acquiring an additional 44,135 shares in the last quarter. Hedge funds and other institutional investors own 27.16% of the company’s stock.

First Majestic Silver Trading Up 0.7%

NYSE AG opened at $16.09 on Thursday. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.57 and a quick ratio of 2.38. The firm’s fifty day moving average price is $18.94 and its 200 day moving average price is $18.82. The company has a market capitalization of $7.94 billion, a price-to-earnings ratio of 22.67 and a beta of 0.97. First Majestic Silver Corp. has a 12 month low of $10.19 and a 12 month high of $32.03.

First Majestic Silver (NYSE:AG) (TSE:FR) last announced its quarterly earnings results on Thursday, July 30th. The mining company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.04). First Majestic Silver had a return on equity of 13.36% and a net margin of 21.18%. The company had revenue of $415.50 million for the quarter, compared to analyst estimates of $496.00 million. During the same quarter in the prior year, the business earned $0.11 earnings per share. First Majestic Silver’s revenue was up 57.3% compared to the same quarter last year. On average, sell-side analysts expect that First Majestic Silver Corp. will post 0.80 earnings per share for the current fiscal year.

First Majestic Silver Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Friday, August 14th were issued a dividend of $0.0152 per share. The ex-dividend date of this dividend was Friday, August 14th. This is a negative change from First Majestic Silver’s previous quarterly dividend of $0.0171. This represents a $0.06 annualized dividend and a dividend yield of 0.4%. First Majestic Silver’s dividend payout ratio is 8.45%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on AG shares. ATB Cormark Capital Markets upgraded First Majestic Silver from a “hold” rating to a “moderate buy” rating in a report on Friday, July 10th. Weiss Ratings reissued a “hold (c)” rating on shares of First Majestic Silver in a research report on Wednesday, September 2nd. Wall Street Zen cut First Majestic Silver from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. HC Wainwright decreased their target price on First Majestic Silver from $27.00 to $25.50 and set a “buy” rating for the company in a research note on Friday, October 9th. Finally, Zacks Research downgraded First Majestic Silver from a “hold” rating to a “strong sell” rating in a report on Monday. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $24.00.

First Majestic Silver Profile

First Majestic Silver Corp. is a mining company focused on the exploration, development, and production of silver and gold. The company operates producing mines in Mexico and the United States and sells silver bullion and related products through its in-house First Mint division.

First Majestic’s Mexican operations include the San Dimas Silver/Gold Mine in Durango, the Santa Elena Silver/Gold Mine in Sonora, and the La Encantada Silver Mine in Coahuila. The company also owns the Jerritt Canyon Gold Mine in Nevada, although operations there have been suspended while First Majestic evaluates its future.

Founded in 2002 and headquartered in Vancouver, British Columbia, First Majestic has historically concentrated its growth strategy on acquiring and developing precious-metals assets in the Americas.