HC Wainwright Forecasts Strong Price Appreciation for First Majestic Silver (NYSE:AG) Stock

First Majestic Silver (NYSE:AG) (TSE:FR) had its price objective upped by investment analysts at HC Wainwright from $11.00 to $11.50 in a report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the mining company’s stock. HC Wainwright’s price objective would suggest a potential upside of 94.92% from the stock’s current price.

Several other equities research analysts have also recently commented on the company. TD Securities raised First Majestic Silver to a “hold” rating in a research note on Monday, March 10th. National Bankshares reissued a “sector perform” rating on shares of First Majestic Silver in a report on Wednesday, April 2nd. StockNews.com raised shares of First Majestic Silver from a “sell” rating to a “hold” rating in a research note on Friday, February 21st. Finally, Scotiabank reissued a “sector perform” rating and set a $6.00 price target on shares of First Majestic Silver in a research note on Wednesday, April 2nd. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, First Majestic Silver presently has a consensus rating of “Hold” and a consensus price target of $8.75.

First Majestic Silver Stock Performance

Shares of NYSE:AG opened at $5.90 on Friday. The business has a fifty day moving average of $6.31 and a 200-day moving average of $6.12. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.12 and a current ratio of 2.56. First Majestic Silver has a twelve month low of $4.43 and a twelve month high of $8.09. The firm has a market cap of $2.86 billion, a PE ratio of -16.86 and a beta of 0.81.

First Majestic Silver (NYSE:AG) (TSE:FR) last announced its earnings results on Wednesday, May 7th. The mining company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). First Majestic Silver had a negative return on equity of 3.07% and a negative net margin of 18.17%. The company had revenue of $241.12 million during the quarter, compared to the consensus estimate of $358.65 million. During the same period in the prior year, the firm posted ($0.05) earnings per share. The company’s revenue was up 41.6% on a year-over-year basis. On average, equities research analysts predict that First Majestic Silver will post 0.54 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Parallel Advisors LLC raised its holdings in First Majestic Silver by 1,221.6% in the first quarter. Parallel Advisors LLC now owns 3,793 shares of the mining company’s stock worth $25,000 after purchasing an additional 3,506 shares during the period. Allworth Financial LP raised its stake in First Majestic Silver by 805.4% during the 4th quarter. Allworth Financial LP now owns 5,161 shares of the mining company’s stock worth $29,000 after buying an additional 4,591 shares during the period. Banque Cantonale Vaudoise bought a new position in First Majestic Silver during the first quarter worth about $46,000. Generali Investments CEE investicni spolecnost a.s. acquired a new position in First Majestic Silver in the fourth quarter valued at about $55,000. Finally, Focus Financial Network Inc. bought a new stake in shares of First Majestic Silver in the first quarter worth about $67,000. Institutional investors own 27.16% 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 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.