First Majestic Silver (NYSE:AG) Upgraded at ATB Cormark Capital Markets

First Majestic Silver (NYSE:AG) (TSE:FR) was upgraded by equities research analysts at ATB Cormark Capital Markets from a “hold” rating to a “moderate buy” rating in a report released on Friday,Zacks.com reports.

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

First Majestic Silver Stock Down 1.0%

Shares of NYSE:AG opened at $16.99 on Friday. First Majestic Silver has a 52-week low of $7.74 and a 52-week high of $32.03. The stock has a market cap of $8.38 billion, a P/E ratio of 28.32 and a beta of 0.91. The business has a fifty day moving average of $18.92 and a two-hundred day moving average of $20.90. The company has a quick ratio of 2.54, a current ratio of 2.73 and a debt-to-equity ratio of 0.08.

First Majestic Silver (NYSE:AG) (TSE:FR) last posted its quarterly earnings results on Tuesday, May 12th. The mining company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.33 by ($0.02). The company had revenue of $476.67 million for the quarter, compared to analysts’ expectations of $522.00 million. First Majestic Silver had a return on equity of 11.19% and a net margin of 19.51%.The firm’s revenue was up 95.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.05 EPS. On average, research analysts expect that First Majestic Silver will post 0.74 earnings per share for the current year.

Hedge Funds Weigh In On First Majestic Silver

Hedge funds have recently bought and sold shares of the company. Lodestone Wealth Management LLC purchased a new position in First Majestic Silver during the 4th quarter valued at about $25,000. EFG International AG purchased a new stake in First Majestic Silver during the fourth quarter worth about $25,000. Harbor Investment Advisory LLC acquired a new stake in shares of First Majestic Silver during the first quarter worth about $32,000. PNC Financial Services Group Inc. lifted its position in shares of First Majestic Silver by 184.5% during the first quarter. PNC Financial Services Group Inc. now owns 1,508 shares of the mining company’s stock worth $32,000 after purchasing an additional 978 shares in the last quarter. Finally, Spire Wealth Management purchased a new position in shares of First Majestic Silver in the fourth quarter valued at approximately $35,000. Institutional investors and hedge funds own 27.16% of the company’s stock.

About First Majestic Silver

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.