HC Wainwright Reaffirms “Buy” Rating for First Majestic Silver (NYSE:AG)

HC Wainwright reiterated their buy rating on shares of First Majestic Silver (NYSE:AG) (TSE:FR) in a report issued on Friday, AnalystRatings.com reports. The brokerage currently has a $11.50 target price on the mining company’s stock.

Several other analysts have also recently issued reports on the company. B. Riley upped their price objective on First Majestic Silver from $5.95 to $8.20 and gave the company a neutral rating in a research note on Monday, September 9th. TheStreet upgraded First Majestic Silver from a d+ rating to a c- rating in a research note on Thursday, July 18th. Zacks Investment Research cut First Majestic Silver from a buy rating to a hold rating in a research note on Wednesday, November 6th. Finally, ValuEngine cut First Majestic Silver from a strong-buy rating to a buy rating in a research note on Monday, September 30th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company presently has an average rating of Buy and an average price target of $10.23.

AG traded up $0.43 on Friday, reaching $10.23. The company’s stock had a trading volume of 5,032,258 shares, compared to its average volume of 3,969,111. The stock has a market cap of $2.00 billion, a price-to-earnings ratio of -48.71 and a beta of 0.08. First Majestic Silver has a 1 year low of $4.59 and a 1 year high of $11.62. The company has a debt-to-equity ratio of 0.24, a current ratio of 3.13 and a quick ratio of 2.66. The business’s 50 day moving average is $9.98 and its 200 day moving average is $8.65.

First Majestic Silver (NYSE:AG) (TSE:FR) last announced its quarterly earnings data on Thursday, November 7th. The mining company reported $0.06 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by ($0.01). First Majestic Silver had a negative net margin of 50.33% and a negative return on equity of 3.57%. The firm had revenue of $97.00 million for the quarter, compared to analyst estimates of $134.54 million. During the same quarter in the previous year, the company earned ($0.03) EPS. The company’s quarterly revenue was up 9.6% compared to the same quarter last year. As a group, research analysts forecast that First Majestic Silver will post 0.14 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC raised its stake in First Majestic Silver by 35,738.7% during the third quarter. Tower Research Capital LLC TRC now owns 22,220 shares of the mining company’s stock valued at $202,000 after buying an additional 22,158 shares in the last quarter. Creative Planning raised its stake in First Majestic Silver by 4.4% during the third quarter. Creative Planning now owns 30,777 shares of the mining company’s stock valued at $280,000 after buying an additional 1,295 shares in the last quarter. ARP Americas LP acquired a new stake in First Majestic Silver during the third quarter valued at approximately $109,000. Commonwealth Equity Services LLC raised its stake in First Majestic Silver by 56.2% during the third quarter. Commonwealth Equity Services LLC now owns 57,965 shares of the mining company’s stock valued at $526,000 after buying an additional 20,853 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in First Majestic Silver by 17.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,302 shares of the mining company’s stock valued at $103,000 after buying an additional 1,646 shares in the last quarter. Hedge funds and other institutional investors own 27.39% 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 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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