Wall Street Zen Downgrades First Majestic Silver (NYSE:AG) to Hold

First Majestic Silver (NYSE:AG) (TSE:FR) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Saturday.

Other equities research analysts also recently issued reports about the company. ATB Cormark Capital Markets raised First Majestic Silver from a “hold” rating to a “moderate buy” rating in a report on Friday, July 10th. Zacks Research downgraded First Majestic Silver from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 31st. HC Wainwright decreased their price target on First Majestic Silver from $30.75 to $26.00 and set a “buy” rating on the stock in a research note on Friday, July 10th. Scotiabank lowered their price target on First Majestic Silver from $23.00 to $22.50 and set a “sector perform” rating on the stock in a research report on Tuesday, July 14th. Finally, Weiss Ratings cut First Majestic Silver from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, June 5th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.50.

First Majestic Silver Price Performance

NYSE:AG opened at $16.30 on Friday. The company has a 50-day moving average of $17.85 and a 200-day moving average of $20.89. The company has a market capitalization of $8.04 billion, a price-to-earnings ratio of 27.18 and a beta of 0.91. First Majestic Silver has a 52 week low of $7.74 and a 52 week high of $32.03. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.54 and a current ratio of 2.73.

First Majestic Silver (NYSE:AG) (TSE:FR) last issued its earnings results on Tuesday, May 12th. The mining company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.02). First Majestic Silver had a net margin of 19.51% and a return on equity of 11.19%. The business had revenue of $476.67 million for the quarter, compared to analyst estimates of $522.00 million. During the same quarter last year, the firm posted $0.05 earnings per share. First Majestic Silver’s revenue was up 95.3% on a year-over-year basis. As a group, equities research analysts anticipate that First Majestic Silver will post 0.8 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of AG. Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. grew its position in First Majestic Silver by 28.7% during the 2nd quarter. Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. now owns 53,400 shares of the mining company’s stock worth $906,000 after acquiring an additional 11,900 shares during the last quarter. VectorGlobal IAG Inc. bought a new position in First Majestic Silver in the 1st quarter valued at $494,000. Empowered Funds LLC raised its position in First Majestic Silver by 14.2% in the 1st quarter. Empowered Funds LLC now owns 37,940 shares of the mining company’s stock valued at $815,000 after purchasing an additional 4,704 shares during the last quarter. Rathbones Group PLC boosted its stake in First Majestic Silver by 66.6% in the first quarter. Rathbones Group PLC now owns 185,720 shares of the mining company’s stock worth $3,983,000 after purchasing an additional 74,260 shares in the last quarter. Finally, Parallel Advisors LLC boosted its stake in First Majestic Silver by 36.4% in the first quarter. Parallel Advisors LLC now owns 2,100 shares of the mining company’s stock worth $45,000 after purchasing an additional 560 shares in the last quarter. 27.16% of the stock is owned by institutional investors and hedge funds.

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.