Municipal Employees Retirement System of Michigan Has $50.87 Million Position in First Majestic Silver Corp. $AG

Municipal Employees Retirement System of Michigan lowered its stake in shares of First Majestic Silver Corp. (NYSE:AG) (TSE:FR) by 13.6% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 6,151,289 shares of the mining company’s stock after selling 972,121 shares during the period. First Majestic Silver makes up 0.6% of Municipal Employees Retirement System of Michigan’s investment portfolio, making the stock its 22nd biggest holding. Municipal Employees Retirement System of Michigan’s holdings in First Majestic Silver were worth $50,871,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in AG. Jupiter Asset Management Ltd. bought a new stake in First Majestic Silver in the first quarter valued at about $46,070,000. Sprott Inc. grew its stake in First Majestic Silver by 603.8% during the first quarter. Sprott Inc. now owns 4,612,904 shares of the mining company’s stock worth $30,856,000 after buying an additional 3,957,459 shares during the last quarter. Vanguard Group Inc. grew its stake in First Majestic Silver by 26.7% during the first quarter. Vanguard Group Inc. now owns 14,475,305 shares of the mining company’s stock worth $96,768,000 after buying an additional 3,051,614 shares during the last quarter. TD Asset Management Inc grew its stake in First Majestic Silver by 197.2% during the first quarter. TD Asset Management Inc now owns 2,492,865 shares of the mining company’s stock worth $16,662,000 after buying an additional 1,654,011 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in First Majestic Silver by 638.3% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,319,400 shares of the mining company’s stock worth $8,822,000 after buying an additional 1,140,700 shares during the last quarter. Institutional investors own 27.16% of the company’s stock.

First Majestic Silver Trading Up 2.6%

Shares of NYSE:AG opened at $12.77 on Wednesday. First Majestic Silver Corp. has a 12 month low of $5.09 and a 12 month high of $15.69. The company has a quick ratio of 2.84, a current ratio of 3.27 and a debt-to-equity ratio of 0.08. The company’s fifty day simple moving average is $11.37 and its 200 day simple moving average is $8.86. The firm has a market cap of $6.26 billion, a price-to-earnings ratio of -1,275.22 and a beta of 0.76.

First Majestic Silver (NYSE:AG) (TSE:FR) last issued its quarterly earnings data on Thursday, August 14th. The mining company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.02). First Majestic Silver had a return on equity of 1.72% and a net margin of 1.78%.The company had revenue of $264.20 million for the quarter, compared to analyst estimates of $387.25 million. During the same quarter in the previous year, the business earned ($0.07) earnings per share. The company’s revenue was up 94.0% on a year-over-year basis. As a group, research analysts forecast that First Majestic Silver Corp. will post 0.54 EPS for the current fiscal year.

First Majestic Silver Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were paid a $0.0048 dividend. This represents a $0.02 annualized dividend and a yield of 0.2%. The ex-dividend date was Friday, August 29th. First Majestic Silver’s payout ratio is presently -200.00%.

Analysts Set New Price Targets

Several analysts have weighed in on AG shares. HC Wainwright set a $17.50 price objective on shares of First Majestic Silver in a research note on Friday, October 10th. National Bankshares set a $22.00 price target on shares of First Majestic Silver and gave the company an “outperform” rating in a research note on Monday, October 6th. BMO Capital Markets reissued a “market perform” rating on shares of First Majestic Silver in a research note on Tuesday, October 7th. Weiss Ratings reissued a “hold (c-)” rating on shares of First Majestic Silver in a research note on Wednesday, October 8th. Finally, Scotiabank raised their price objective on shares of First Majestic Silver from $9.00 to $12.50 and gave the company a “sector perform” rating in a research note on Thursday, October 23rd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.33.

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 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.