3,516,832 Shares in First Majestic Silver Corp. $AG Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company purchased a new position in First Majestic Silver Corp. (NYSE:AG) (TSE:FR) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 3,516,832 shares of the mining company’s stock, valued at approximately $59,610,000. The Manufacturers Life Insurance Company owned about 0.71% of First Majestic Silver as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. Royal Bank of Canada boosted its stake in shares of First Majestic Silver by 77.4% during the 1st quarter. Royal Bank of Canada now owns 604,186 shares of the mining company’s stock worth $4,042,000 after acquiring an additional 263,688 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of First Majestic Silver by 355.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,193,589 shares of the mining company’s stock worth $7,985,000 after purchasing an additional 931,690 shares during the period. Geode Capital Management LLC lifted its holdings in shares of First Majestic Silver by 12.4% during the second quarter. Geode Capital Management LLC now owns 240,083 shares of the mining company’s stock valued at $1,994,000 after purchasing an additional 26,553 shares during the last quarter. Creative Planning lifted its holdings in shares of First Majestic Silver by 25.3% during the second quarter. Creative Planning now owns 28,837 shares of the mining company’s stock valued at $238,000 after purchasing an additional 5,828 shares during the last quarter. Finally, Franklin Resources Inc. boosted its position in shares of First Majestic Silver by 12.8% in the 2nd quarter. Franklin Resources Inc. now owns 25,940 shares of the mining company’s stock valued at $215,000 after purchasing an additional 2,936 shares during the period. Institutional investors own 27.16% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on AG. ATB Cormark Capital Markets raised First Majestic Silver from a “hold” rating to a “moderate buy” rating in a research note on Friday, July 10th. HC Wainwright upped 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. Scotiabank decreased their target price on shares of First Majestic Silver from $23.00 to $22.50 and set a “sector perform” rating for the company in a report on Tuesday, July 14th. Wall Street Zen downgraded shares of First Majestic Silver from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Finally, Weiss Ratings lowered shares of First Majestic Silver from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, June 5th. One 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 company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $23.83.

First Majestic Silver Price Performance

AG opened at $21.23 on Wednesday. The firm has a market capitalization of $10.47 billion, a P/E ratio of 29.91 and a beta of 0.94. The stock has a fifty day moving average of $17.50 and a 200-day moving average of $20.34. The company has a quick ratio of 2.38, a current ratio of 2.57 and a debt-to-equity ratio of 0.08. First Majestic Silver Corp. has a 12-month low of $8.72 and a 12-month high of $32.03.

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

First Majestic Silver Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Friday, August 14th will be given a dividend of $0.0152 per share. 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%.

About First Majestic Silver

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.