The Manufacturers Life Insurance Company Acquires Shares of 3,516,832 First Majestic Silver Corp. $AG

The Manufacturers Life Insurance Company bought a new stake in shares of First Majestic Silver Corp. (NYSE:AG) (TSE:FR) in the second quarter, Holdings Channel reports. The firm bought 3,516,832 shares of the mining company’s stock, valued at approximately $59,610,000.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of First Majestic Silver by 5.2% during the 4th quarter. Vanguard Group Inc. now owns 18,995,222 shares of the mining company’s stock valued at $316,914,000 after buying an additional 945,067 shares during the last quarter. PKO Investment Management Joint Stock Co grew its stake in shares of First Majestic Silver by 50.5% in the 4th quarter. PKO Investment Management Joint Stock Co now owns 238,500 shares of the mining company’s stock valued at $3,986,000 after buying an additional 80,000 shares in the last quarter. Entropy Technologies LP acquired a new position in First Majestic Silver in the first quarter worth approximately $2,593,000. Artemis Investment Management LLP bought a new position in First Majestic Silver during the fourth quarter valued at approximately $45,898,000. Finally, Pictet Asset Management Holding SA lifted its stake in First Majestic Silver by 127.6% in the first quarter. Pictet Asset Management Holding SA now owns 182,238 shares of the mining company’s stock valued at $3,905,000 after acquiring an additional 102,167 shares during the last quarter. 27.16% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AG has been the topic of several analyst reports. Wall Street Zen lowered shares of First Majestic Silver from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. HC Wainwright lifted their price objective on shares of First Majestic Silver from $26.00 to $27.00 and gave the company a “buy” rating in a research note on Friday, July 31st. ATB Cormark Capital Markets upgraded shares of First Majestic Silver from a “hold” rating to a “moderate buy” rating in a report on Friday, July 10th. Scotiabank lowered their target price on shares of First Majestic Silver from $23.00 to $22.50 and set a “sector perform” rating on the stock in a research report on Tuesday, July 14th. Finally, Weiss Ratings lowered First Majestic Silver from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, June 5th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, First Majestic Silver has a consensus rating of “Moderate Buy” and an average target price of $23.83.

First Majestic Silver Trading Up 1.9%

Shares of AG stock opened at $21.23 on Wednesday. First Majestic Silver Corp. has a 12 month low of $8.72 and a 12 month high of $32.03. The company has a quick ratio of 2.38, a current ratio of 2.57 and a debt-to-equity ratio of 0.08. The business’s 50 day moving average is $17.50 and its two-hundred day moving average is $20.34. The company has a market cap of $10.47 billion, a PE ratio of 29.91 and a beta of 0.94.

First Majestic Silver (NYSE:AG) (TSE:FR) last released its quarterly earnings results on Thursday, July 30th. The mining company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.04). First Majestic Silver had a net margin of 21.18% and a return on equity of 13.36%. The firm had revenue of $415.50 million during the quarter, compared to the consensus estimate of $496.00 million. During the same period in the prior year, the business earned $0.11 EPS. The company’s revenue for the quarter was up 57.3% compared to the same quarter last year. Equities analysts predict that First Majestic Silver Corp. will post 0.81 EPS for the current year.

First Majestic Silver Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Friday, August 14th will be paid a $0.0152 dividend. The ex-dividend date is Friday, August 14th. This represents a $0.06 dividend on an annualized basis and a yield of 0.3%. First Majestic Silver’s dividend payout ratio (DPR) is presently 8.45%.

First Majestic Silver 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.