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

First Majestic Silver (NYSE:AG - Free Report) TSE: FR had its target price cut by Scotiabank from $6.50 to $6.00 in a research report sent to investors on Wednesday morning,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 reiterated 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 Price Performance

NYSE:AG traded down $0.08 during trading hours on Wednesday, reaching $5.57. The stock had a trading volume of 17,046,998 shares, compared to its average volume of 15,404,575. The stock has a market capitalization of $1.68 billion, a PE ratio of -20.61 and a beta of 1.25. First Majestic Silver has a 52 week low of $4.17 and a 52 week high of $8.44. The company has a 50 day moving average price of $6.00 and a two-hundred day moving average price of $6.09. 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 (NYSE:AG - Get Free Report) TSE: FR last issued its quarterly earnings data on Thursday, November 7th. The mining company reported ($0.03) EPS for the quarter, missing analysts' consensus estimates of $0.09 by ($0.12). The business had revenue of $146.09 million during the quarter. First Majestic Silver had a negative return on equity of 4.19% and a negative net margin of 14.89%. As a group, sell-side analysts anticipate that First Majestic Silver will post -0.17 earnings per share for the current fiscal year.

First Majestic Silver Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were issued a dividend of $0.0048 per share. This is a positive change from First Majestic Silver's previous quarterly dividend of $0.00. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.02 dividend on an annualized basis and a yield of 0.35%. First Majestic Silver's dividend payout ratio (DPR) is presently -7.41%.

Hedge Funds Weigh In On First Majestic Silver

A number of institutional investors have recently modified their holdings of AG. Barclays PLC purchased a new position in First Majestic Silver during the 3rd quarter worth $2,419,000. Marshall Wace LLP purchased a new position in shares of First Majestic Silver during the second quarter valued at $3,904,000. National Bank of Canada FI lifted its stake 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 worth $4,102,000 after acquiring an additional 104,092 shares during the period. Dimensional Fund Advisors LP lifted its stake in First Majestic Silver by 3.4% in the second quarter. Dimensional Fund Advisors LP now owns 3,158,908 shares of the mining company's stock worth $18,701,000 after acquiring an additional 103,232 shares during the period. Finally, Raymond James & Associates grew its holdings in First Majestic Silver by 17.7% during the 3rd quarter. Raymond James & Associates now owns 558,096 shares of the mining company's stock worth $3,349,000 after acquiring an additional 83,867 shares in the last quarter. 27.16% of the stock is owned by hedge funds and other institutional investors.

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.