First Majestic Silver (NYSE:AG) Cut to Buy at ValuEngine

First Majestic Silver (NYSE:AG) (TSE:FR) was downgraded by analysts at ValuEngine from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Monday, ValuEngine reports.

Other research analysts have also issued reports about the company. TheStreet raised First Majestic Silver from a “d+” rating to a “c-” rating in a research report on Thursday, July 18th. Zacks Investment Research lowered First Majestic Silver from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. B. Riley upped their target price on First Majestic Silver from $5.95 to $8.20 and gave the stock a “neutral” rating in a research report on Monday, September 9th. Finally, HC Wainwright upped their target price on First Majestic Silver from $8.00 to $11.50 and gave the stock a “buy” rating in a research report on Monday, August 19th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $9.11.

NYSE:AG traded down $0.54 during trading hours on Monday, hitting $9.09. 7,230,000 shares of the company’s stock traded hands, compared to its average volume of 3,948,510. The firm has a market cap of $1.90 billion, a P/E ratio of -43.29 and a beta of 0.08. First Majestic Silver has a twelve month low of $4.59 and a twelve month high of $11.62. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.66 and a current ratio of 3.13. The stock’s fifty day moving average price is $10.26 and its two-hundred day moving average price is $7.93.

First Majestic Silver (NYSE:AG) (TSE:FR) last posted its quarterly earnings results on Wednesday, August 7th. The mining company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.01). First Majestic Silver had a negative net margin of 50.33% and a negative return on equity of 3.57%. The business had revenue of $83.67 million for the quarter, compared to analyst estimates of $87.77 million. During the same period in the previous year, the firm posted ($0.07) earnings per share. On average, equities research analysts predict that First Majestic Silver will post 0.06 earnings per share for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in AG. Nordea Investment Management AB bought a new stake in shares of First Majestic Silver during the 1st quarter worth about $27,000. Resources Investment Advisors LLC. boosted its stake in shares of First Majestic Silver by 281.3% during the 2nd quarter. Resources Investment Advisors LLC. now owns 6,100 shares of the mining company’s stock worth $48,000 after acquiring an additional 4,500 shares in the last quarter. CoreCommodity Management LLC bought a new stake in shares of First Majestic Silver during the 2nd quarter worth about $96,000. Paloma Partners Management Co bought a new stake in shares of First Majestic Silver during the 2nd quarter worth about $96,000. Finally, FNY Investment Advisers LLC bought a new stake in shares of First Majestic Silver during the 2nd quarter worth about $102,000. Institutional investors own 27.21% of the company’s stock.

First Majestic Silver Company Profile

First Majestic Silver Corp. engages in the acquisition, exploration, development, and production of mineral properties with a focus on silver production in Mexico. It owns and operates six silver producing mines, including the Santa Elena Silver/Gold Mine covering an area of 101,837 hectares located in Sonora; La Encantada Silver Mine covering an area of 4,076 hectares situated in Coahuila; La Parrilla Silver Mine covering an area of 69,478 hectares located in Durango; Del Toro Silver Mine covering an area of 2,159 hectares situated in Zacatecas; San Martin Silver Mine covering an area of 38,512 hectares located in Jalisco; and La Guitarra Silver Mine that consists of 39,714 hectares situated in México State.

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Analyst Recommendations for First Majestic Silver (NYSE:AG)

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