First Majestic Silver (NYSE:AG) (TSE:FR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports. The brokerage currently has a $8.75 target price on the mining company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 10.34% from the stock’s previous close.
According to Zacks, “First Majestic Silver Corp. is engaged in the production, development, exploration, and acquisition of silver mines in Mexico. First Majestic Silver Corp. is headquartered in Vancouver, Canada. “
A number of other equities analysts also recently weighed in on the stock. ValuEngine raised shares of Xylem from a “hold” rating to a “buy” rating in a research note on Friday, June 21st. HC Wainwright set a $11.00 price target on shares of Cerecor and gave the stock a “buy” rating in a research note on Wednesday, April 17th. Finally, BMO Capital Markets reaffirmed a “hold” rating on shares of First Majestic Silver in a research note on Tuesday, April 2nd. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $7.69.
First Majestic Silver (NYSE:AG) (TSE:FR) last announced its quarterly earnings data on Thursday, May 9th. The mining company reported ($0.01) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.01). The business had revenue of $86.80 million for the quarter, compared to the consensus estimate of $124.73 million. First Majestic Silver had a negative net margin of 59.46% and a negative return on equity of 4.63%. The company’s quarterly revenue was up 48.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.03) earnings per share. As a group, equities research analysts expect that First Majestic Silver will post 0.02 earnings per share for the current fiscal year.
In other First Majestic Silver news, major shareholder Vinita Lee Piper acquired 22,055 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was bought at an average price of $5.93 per share, with a total value of $130,786.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.85% of the stock is owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in the company. Nordea Investment Management AB acquired a new stake in shares of First Majestic Silver during the first quarter worth approximately $27,000. QCM Cayman Ltd. acquired a new stake in shares of First Majestic Silver during the first quarter worth approximately $168,000. Trexquant Investment LP boosted its holdings in shares of First Majestic Silver by 119.1% during the first quarter. Trexquant Investment LP now owns 170,094 shares of the mining company’s stock worth $1,119,000 after purchasing an additional 92,469 shares during the period. Teza Capital Management LLC acquired a new stake in shares of First Majestic Silver during the first quarter worth approximately $192,000. Finally, CIBC World Markets Inc. boosted its holdings in shares of First Majestic Silver by 18.4% during the first quarter. CIBC World Markets Inc. now owns 144,906 shares of the mining company’s stock worth $953,000 after purchasing an additional 22,550 shares during the period. 25.84% of the stock is owned by institutional investors.
About First Majestic Silver
First Majestic Silver Corp. engages in the acquisition, exploration, development, and production of mineral properties with a focus on silver production in Mexico. It owns and operates six silver producing mines, including the Santa Elena Silver/Gold Mine covering an area of 101,837 hectares located in Sonora; La Encantada Silver Mine covering an area of 4,076 hectares situated in Coahuila; La Parrilla Silver Mine covering an area of 69,478 hectares located in Durango; Del Toro Silver Mine covering an area of 2,159 hectares situated in Zacatecas; San Martin Silver Mine covering an area of 38,512 hectares located in Jalisco; and La Guitarra Silver Mine that consists of 39,714 hectares situated in México State.
Featured Article: Treasury Bonds
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for First Majestic Silver Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Majestic Silver and related companies with MarketBeat.com's FREE daily email newsletter.