First Majestic Silver (NYSE:AG) Given New $6.00 Price Target at Scotiabank

First Majestic Silver (NYSE:AG - Free Report) TSE: FR had its price target decreased by Scotiabank from $6.50 to $6.00 in a research note released on Wednesday morning,Benzinga reports. Scotiabank currently has 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 reissued a "buy" rating and issued a $11.00 target price on shares of First Majestic Silver in a report on Friday, January 10th.

First Majestic Silver Stock Performance

AG stock traded down $0.19 during trading on Wednesday, reaching $5.65. 24,566,976 shares of the stock were exchanged, compared to its average volume of 15,141,901. The stock has a 50 day simple moving average of $6.04 and a 200-day simple moving average of $6.10. The company has a current ratio of 3.03, a quick ratio of 2.45 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $1.71 billion, a P/E ratio of -20.93 and a beta of 1.25. First Majestic Silver has a twelve month low of $4.17 and a twelve month high of $8.44.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR last released its quarterly earnings data on Thursday, November 7th. The mining company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.12). The firm had revenue of $146.09 million for the quarter. First Majestic Silver had a negative net margin of 14.89% and a negative return on equity of 4.19%. As a group, sell-side 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 declared a quarterly dividend, which was paid on Friday, November 29th. Investors 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 currently -3.70%.

Institutional Investors Weigh In On First Majestic Silver

Hedge funds have recently added to or reduced their stakes in the stock. Van ECK Associates Corp raised its position in shares of First Majestic Silver by 2.7% during the third quarter. Van ECK Associates Corp now owns 28,912,989 shares of the mining company's stock worth $173,478,000 after acquiring an additional 764,790 shares during the last quarter. Marshall Wace LLP bought a new stake in First Majestic Silver during the 2nd quarter worth about $3,904,000. Barclays PLC acquired a new position in First Majestic Silver during the 3rd quarter valued at about $2,419,000. Quantbot Technologies LP bought a new position in shares of First Majestic Silver in the 3rd quarter valued at about $2,057,000. Finally, XTX Topco Ltd grew its position in shares of First Majestic Silver by 1,510.1% during the 3rd quarter. XTX Topco Ltd now owns 271,748 shares of the mining company's stock worth $1,630,000 after buying an additional 254,870 shares during the period. Institutional investors own 27.16% of the company's stock.

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.