Municipal Employees Retirement System of Michigan Buys Shares of 7,123,410 First Majestic Silver Corp. (NYSE:AG)

Municipal Employees Retirement System of Michigan bought a new stake in shares of First Majestic Silver Corp. (NYSE:AG) (TSE:FR) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund bought 7,123,410 shares of the mining company’s stock, valued at approximately $47,656,000. First Majestic Silver accounts for 0.6% of Municipal Employees Retirement System of Michigan’s investment portfolio, making the stock its 22nd biggest position. Municipal Employees Retirement System of Michigan owned 1.47% of First Majestic Silver at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. TD Asset Management Inc increased its stake in shares of First Majestic Silver by 197.2% in the first quarter. TD Asset Management Inc now owns 2,492,865 shares of the mining company’s stock worth $16,662,000 after acquiring an additional 1,654,011 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of First Majestic Silver in the first quarter worth $729,000. SBI Securities Co. Ltd. increased its stake in shares of First Majestic Silver by 770.1% in the first quarter. SBI Securities Co. Ltd. now owns 21,075 shares of the mining company’s stock worth $141,000 after acquiring an additional 18,653 shares during the last quarter. Sigma Planning Corp increased its stake in shares of First Majestic Silver by 29.0% in the first quarter. Sigma Planning Corp now owns 15,030 shares of the mining company’s stock worth $101,000 after acquiring an additional 3,380 shares during the last quarter. Finally, Signaturefd LLC increased its stake in shares of First Majestic Silver by 16.0% in the first quarter. Signaturefd LLC now owns 24,377 shares of the mining company’s stock worth $163,000 after acquiring an additional 3,357 shares during the last quarter. 27.16% of the stock is owned by institutional investors and hedge funds.

First Majestic Silver Stock Down 1.1%

AG stock opened at $8.58 on Friday. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.19 and a quick ratio of 2.74. First Majestic Silver Corp. has a 52-week low of $4.43 and a 52-week high of $9.48. The company has a 50-day moving average of $7.88 and a two-hundred day moving average of $6.65. The stock has a market capitalization of $4.18 billion, a price-to-earnings ratio of -29.57 and a beta of 0.82.

First Majestic Silver (NYSE:AG) (TSE:FR) last released its earnings results on Wednesday, May 7th. The mining company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.01). First Majestic Silver had a negative net margin of 12.32% and a negative return on equity of 0.14%. The company had revenue of $241.12 million during the quarter, compared to the consensus estimate of $358.65 million. During the same quarter in the previous year, the business posted ($0.05) EPS. The firm’s quarterly revenue was up 41.6% on a year-over-year basis. As a group, equities research analysts anticipate that First Majestic Silver Corp. will post 0.54 EPS for the current year.

First Majestic Silver Announces Dividend

The firm also recently declared a dividend, which was paid on Friday, May 30th. Investors of record on Monday, May 19th were given a $0.0045 dividend. This represents a yield of 0.32%. The ex-dividend date of this dividend was Friday, May 16th. First Majestic Silver’s dividend payout ratio (DPR) is presently -6.90%.

Analyst Ratings Changes

A number of research firms have recently weighed in on AG. Scotiabank upped their price target on shares of First Majestic Silver from $6.00 to $6.50 and gave the stock a “sector perform” rating in a research note on Wednesday, July 9th. HC Wainwright upped their price objective on shares of First Majestic Silver from $11.50 to $12.75 and gave the stock a “buy” rating in a report on Thursday, July 10th. National Bank Financial upgraded shares of First Majestic Silver to a “hold” rating in a report on Thursday, June 12th. Finally, National Bankshares reiterated a “sector perform” rating on shares of First Majestic Silver in a report on Wednesday, April 2nd. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $9.63.

First Majestic Silver Profile

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.