First Majestic Silver Corp. (NYSE:AG) Stock Has Consensus Price Target of $24.00

First Majestic Silver Corp. (NYSE:AG) (TSE:FR) has received an average rating of “Hold” from the seven analysts that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and four have issued a buy recommendation on the company. The average 12 month target price among brokers that have covered the stock in the last year is $24.00.

Several analysts have issued reports on AG shares. ATB Cormark Capital Markets raised shares of First Majestic Silver from a “hold” rating to a “moderate buy” rating in a research report on Friday, July 10th. HC Wainwright decreased their target price on shares of 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. Scotiabank lowered their price target on shares of First Majestic Silver from $23.00 to $22.50 and set a “sector perform” rating for the company in a report on Tuesday, July 14th. Zacks Research lowered shares of First Majestic Silver from a “hold” rating to a “strong sell” rating in a report on Monday, October 19th. Finally, Wall Street Zen downgraded shares of First Majestic Silver from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th.

Institutional Trading of First Majestic Silver

Large investors have recently modified their holdings of the business. Bank of America Corp DE lifted its position in shares of First Majestic Silver by 92.3% during the first quarter. Bank of America Corp DE now owns 6,082,824 shares of the mining company’s stock worth $130,659,000 after purchasing an additional 2,919,008 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new position in First Majestic Silver in the second quarter worth about $59,610,000. Renaissance Technologies LLC acquired a new position in First Majestic Silver in the first quarter worth about $62,760,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in First Majestic Silver in the second quarter worth about $37,926,000. Finally, Hillsdale Investment Management Inc. increased its holdings in First Majestic Silver by 2.7% in the first quarter. Hillsdale Investment Management Inc. now owns 1,683,825 shares of the mining company’s stock valued at $36,086,000 after buying an additional 44,135 shares during the last quarter. 27.16% of the stock is currently owned by institutional investors and hedge funds.

First Majestic Silver Stock Performance

First Majestic Silver stock opened at $14.84 on Tuesday. The stock’s 50 day moving average price is $17.76 and its 200 day moving average price is $19.90. The firm has a market capitalization of $7.31 billion, a PE ratio of 17.29 and a beta of 0.98. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.38 and a current ratio of 2.57. First Majestic Silver has a one year low of $10.72 and a one year high of $32.03.

First Majestic Silver Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 30th. Shareholders of record on Monday, November 16th will be given a $0.0142 dividend. This represents a $0.06 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Monday, November 16th. This is a decrease from First Majestic Silver’s previous quarterly dividend of $0.0152. First Majestic Silver’s dividend payout ratio is currently 8.45%.

About First Majestic Silver

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.