First Majestic Silver (NYSE:AG) Upgraded to Buy at Wall Street Zen

First Majestic Silver (NYSE:AG) (TSE:FR) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Sunday.

Several other brokerages have also recently issued reports on AG. Weiss Ratings cut First Majestic Silver from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, June 5th. HC Wainwright dropped their price target on First Majestic Silver from $30.75 to $26.00 and set a “buy” rating for the company in a research report on Friday. Zacks Research cut First Majestic Silver from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 31st. Scotiabank raised First Majestic Silver to a “hold” rating in a research note on Thursday, April 23rd. Finally, BMO Capital Markets upgraded shares of First Majestic Silver from a “market perform” rating to an “outperform” rating in a research report on Tuesday, March 24th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, First Majestic Silver presently has an average rating of “Moderate Buy” and an average target price of $23.67.

First Majestic Silver Price Performance

AG traded down $0.17 on Friday, hitting $16.99. 8,442,059 shares of the company were exchanged, compared to its average volume of 10,635,216. First Majestic Silver has a fifty-two week low of $7.74 and a fifty-two week high of $32.03. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.54 and a current ratio of 2.73. The firm has a market capitalization of $8.38 billion, a P/E ratio of 28.32 and a beta of 0.91. The business’s fifty day moving average is $18.92 and its 200 day moving average is $20.90.

First Majestic Silver (NYSE:AG) (TSE:FR) last announced its quarterly earnings results on Tuesday, May 12th. The mining company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.33 by ($0.02). The firm had revenue of $476.67 million for the quarter, compared to analysts’ expectations of $522.00 million. First Majestic Silver had a return on equity of 11.19% and a net margin of 19.51%.First Majestic Silver’s revenue was up 95.3% compared to the same quarter last year. During the same period last year, the firm earned $0.05 EPS. As a group, sell-side analysts anticipate that First Majestic Silver will post 0.75 EPS for the current year.

Hedge Funds Weigh In On First Majestic Silver

Several hedge funds have recently bought and sold shares of AG. Arrowstreet Capital Limited Partnership increased its position in First Majestic Silver by 408.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 15,041,912 shares of the mining company’s stock worth $250,821,000 after purchasing an additional 12,081,688 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of First Majestic Silver by 38.5% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,932,368 shares of the mining company’s stock worth $232,539,000 after purchasing an additional 5,265,612 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of First Majestic Silver during the 1st quarter worth about $62,760,000. Bank of America Corp DE grew its holdings in shares of First Majestic Silver by 92.3% during the first quarter. Bank of America Corp DE now owns 6,082,824 shares of the mining company’s stock worth $130,659,000 after buying an additional 2,919,008 shares in the last quarter. Finally, Artemis Investment Management LLP purchased a new stake in shares of First Majestic Silver during the fourth quarter worth about $45,898,000. Hedge funds and other institutional investors own 27.16% of the company’s stock.

First Majestic Silver Company Profile

First Majestic Silver Corp. (NYSE:AG) engages in the production of silver from its wholly owned operations in Mexico. Headquartered in Vancouver, British Columbia, the company focuses on acquiring, developing and operating high-grade silver projects. Established in 2002, First Majestic has built a multi-mine portfolio to supply silver primarily for the global industrial and investment markets while generating by-products such as gold, lead and zinc concentrates.

First Majestic’s principal operations are located in the historic Mexican Silver Belt, with producing mines including La Encantada in Coahuila, Santa Elena in Sonora and La Parrilla in Durango.