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

First Majestic Silver (NYSE:AG) (TSE:FR) had its target price boosted by equities researchers at Scotiabank from $5.50 to $6.50 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has a “sector perform” rating on the mining company’s stock. Scotiabank’s price target suggests a potential downside of 7.54% from the company’s current price.

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

First Majestic Silver Price Performance

AG stock traded down $0.18 during trading hours on Thursday, hitting $7.03. 6,888,363 shares of the stock traded hands, compared to its average volume of 8,744,046. The company has a current ratio of 2.33, a quick ratio of 1.77 and a debt-to-equity ratio of 0.18. The stock has a 50-day simple moving average of $6.80 and a 200 day simple moving average of $5.80. First Majestic Silver has a one year low of $4.17 and a one year high of $8.44. The company has a market cap of $2.02 billion, a P/E ratio of -44.06 and a beta of 1.39.

First Majestic Silver (NYSE:AG) (TSE:FR) last posted its quarterly earnings data 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. First Majestic Silver had a negative net margin of 9.18% and a negative return on equity of 3.28%. The company had revenue of $136.95 million during the quarter. During the same quarter last year, the business posted ($0.07) EPS. Equities analysts forecast that First Majestic Silver will post -0.03 earnings per share for the current year.

Institutional Trading of First Majestic Silver

A number of hedge funds have recently modified their holdings of the business. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of First Majestic Silver by 32.1% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 39,831 shares of the mining company’s stock worth $204,000 after purchasing an additional 9,675 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of First Majestic Silver by 5.8% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 51,806 shares of the mining company’s stock valued at $267,000 after buying an additional 2,852 shares during the period. Jump Financial LLC increased its stake in shares of First Majestic Silver by 471.2% in the third quarter. Jump Financial LLC now owns 155,657 shares of the mining company’s stock worth $799,000 after acquiring an additional 128,405 shares during the last quarter. Monaco Asset Management SAM acquired a new position in shares of First Majestic Silver in the third quarter worth $513,000. Finally, Quantbot Technologies LP acquired a new position in shares of First Majestic Silver in the third quarter worth $471,000. Hedge funds and other institutional investors own 27.16% of the company’s stock.

About First Majestic Silver

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.