First Majestic Silver (NYSE:AG) Price Target Cut to $6.00 by Analysts at Scotiabank

First Majestic Silver (NYSE:AG) (TSE:FR) had its target price cut by Scotiabank from $6.50 to $6.00 in a report published on Wednesday,Benzinga reports. They currently have a sector perform rating on the mining company’s stock. Scotiabank also issued estimates for First Majestic Silver’s FY2024 earnings at ($0.15) EPS and FY2025 earnings at $0.18 EPS.

Separately, HC Wainwright restated a “buy” rating and set a $11.00 target price on shares of First Majestic Silver in a research note on Friday, January 10th.

First Majestic Silver Stock Performance

NYSE AG opened at $5.68 on Wednesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.45 and a current ratio of 3.03. First Majestic Silver has a fifty-two week low of $4.17 and a fifty-two week high of $8.44. The stock’s fifty day moving average is $6.02 and its two-hundred day moving average is $6.09. The firm has a market capitalization of $1.71 billion, a P/E ratio of -21.04 and a beta of 1.25.

First Majestic Silver (NYSE:AG) (TSE:FR) last issued its quarterly earnings data on Thursday, November 7th. The mining company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.12). First Majestic Silver had a negative net margin of 14.89% and a negative return on equity of 4.19%. The firm had revenue of $146.09 million during the quarter. On average, research analysts anticipate that First Majestic Silver will post -0.17 earnings per share for the current year.

First Majestic Silver Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were issued a $0.0048 dividend. This represents a $0.02 dividend on an annualized basis and a dividend yield of 0.34%. This is a boost from First Majestic Silver’s previous quarterly dividend of $0.00. The ex-dividend date was Friday, November 15th. First Majestic Silver’s payout ratio is presently -7.41%.

Hedge Funds Weigh In On First Majestic Silver

Large investors have recently bought and sold shares of the company. Van ECK Associates Corp grew its stake in shares of First Majestic Silver by 2.7% during the 3rd quarter. Van ECK Associates Corp now owns 28,912,989 shares of the mining company’s stock worth $173,478,000 after purchasing an additional 764,790 shares during the period. Tidal Investments LLC boosted its holdings in First Majestic Silver by 1.8% during the third quarter. Tidal Investments LLC now owns 5,780,689 shares of the mining company’s stock worth $34,684,000 after buying an additional 99,640 shares in the last quarter. Dimensional Fund Advisors LP grew its position in First Majestic Silver by 3.4% during the second quarter. Dimensional Fund Advisors LP now owns 3,158,908 shares of the mining company’s stock worth $18,701,000 after buying an additional 103,232 shares during the period. National Bank of Canada FI increased its holdings in First Majestic Silver by 18.0% in the third quarter. National Bank of Canada FI now owns 683,627 shares of the mining company’s stock valued at $4,102,000 after buying an additional 104,092 shares in the last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of First Majestic Silver during the 2nd quarter valued at approximately $3,904,000. Hedge funds and other 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.