PCJ Investment Counsel Ltd. Boosts Position in First Majestic Silver Corp. $AG

PCJ Investment Counsel Ltd. lifted its holdings in First Majestic Silver Corp. (NYSE:AG) (TSE:FR) by 66.2% during the second quarter, Holdings Channel reports. The fund owned 499,280 shares of the mining company’s stock after buying an additional 198,810 shares during the quarter. First Majestic Silver makes up 1.4% of PCJ Investment Counsel Ltd.’s holdings, making the stock its 25th largest holding. PCJ Investment Counsel Ltd.’s holdings in First Majestic Silver were worth $4,135,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. AlphaQuest LLC acquired a new position in shares of First Majestic Silver in the 1st quarter valued at about $29,000. CWM LLC increased its holdings in shares of First Majestic Silver by 57.2% during the 2nd quarter. CWM LLC now owns 5,114 shares of the mining company’s stock valued at $42,000 after purchasing an additional 1,860 shares in the last quarter. Banque Cantonale Vaudoise purchased a new stake in First Majestic Silver during the first quarter worth $46,000. American National Bank & Trust acquired a new stake in First Majestic Silver during the second quarter valued at $66,000. Finally, Headlands Technologies LLC raised its position in shares of First Majestic Silver by 118.3% in the first quarter. Headlands Technologies LLC now owns 12,063 shares of the mining company’s stock worth $81,000 after acquiring an additional 6,538 shares during the period. 27.16% of the stock is owned by hedge funds and other institutional investors.

First Majestic Silver Stock Performance

Shares of First Majestic Silver stock opened at $11.39 on Friday. The business’s 50 day moving average price is $11.85 and its 200 day moving average price is $9.14. The company has a market cap of $5.58 billion, a price-to-earnings ratio of -1,137.76 and a beta of 0.79. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.84 and a current ratio of 3.27. First Majestic Silver Corp. has a one year low of $5.09 and a one year high of $15.69.

First Majestic Silver (NYSE:AG) (TSE:FR) last issued its earnings results on Wednesday, November 5th. The mining company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.04). First Majestic Silver had a net margin of 1.78% and a return on equity of 1.72%. The company had revenue of $285.10 million during the quarter, compared to analysts’ expectations of $429.78 million. During the same quarter in the previous year, the company earned ($0.09) earnings per share. The firm’s quarterly revenue was up 95.3% compared to the same quarter last year. On average, research analysts predict that First Majestic Silver Corp. will post 0.54 EPS for the current year.

First Majestic Silver Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be issued a $0.0052 dividend. This is a boost from First Majestic Silver’s previous quarterly dividend of $0.00. This represents a $0.02 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Friday, November 14th. First Majestic Silver’s payout ratio is currently 14.29%.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Cormark raised First Majestic Silver from a “hold” rating to a “moderate buy” rating in a report on Thursday. Wall Street Zen cut shares of First Majestic Silver from a “buy” rating to a “hold” rating in a research note on Saturday. TD Securities raised shares of First Majestic Silver from a “hold” rating to a “buy” rating in a report on Wednesday, October 8th. National Bankshares set a $22.00 target price on shares of First Majestic Silver and gave the stock an “outperform” rating in a research note on Monday, October 6th. Finally, HC Wainwright set a $17.50 price target on shares of First Majestic Silver in a research note on Friday, October 10th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, First Majestic Silver presently has a consensus rating of “Moderate Buy” and an average target price of $17.33.

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.