Scotiabank Cuts First Majestic Silver (NYSE:AG) Price Target to $6.00

First Majestic Silver (NYSE:AG) (TSE:FR) had its price objective lowered by Scotiabank from $6.50 to $6.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The firm 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 restated a “buy” rating and issued a $11.00 price objective on shares of First Majestic Silver in a research report on Friday, January 10th.

First Majestic Silver Stock Up 4.9 %

AG opened at $5.84 on Wednesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 3.03 and a quick ratio of 2.45. First Majestic Silver has a one year low of $4.17 and a one year high of $8.44. The firm has a market capitalization of $1.76 billion, a P/E ratio of -21.61 and a beta of 1.25. The company has a fifty day moving average price of $5.99 and a 200-day moving average price of $6.09.

First Majestic Silver (NYSE:AG) (TSE:FR) last posted its earnings results on Thursday, November 7th. The mining company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.09 by ($0.12). First Majestic Silver had a negative return on equity of 4.19% and a negative net margin of 14.89%. The business had revenue of $146.09 million for the quarter. Equities research analysts expect that First Majestic Silver will post -0.17 earnings per share for the current fiscal year.

First Majestic Silver Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were paid a $0.0048 dividend. This represents a $0.02 dividend on an annualized basis and a yield of 0.33%. The ex-dividend date was Friday, November 15th. This is a boost from First Majestic Silver’s previous quarterly dividend of $0.00. First Majestic Silver’s dividend payout ratio is currently -7.41%.

Institutional Investors Weigh In On First Majestic Silver

Several hedge funds have recently added to or reduced their stakes in the company. Barclays PLC bought a new position in shares of First Majestic Silver during the 3rd quarter valued at about $2,419,000. Marshall Wace LLP bought a new position in First Majestic Silver during the second quarter valued at approximately $3,904,000. National Bank of Canada FI grew its position in First Majestic Silver by 18.0% during the third quarter. National Bank of Canada FI now owns 683,627 shares of the mining company’s stock valued at $4,102,000 after acquiring an additional 104,092 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of First Majestic Silver by 3.4% during 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 in the last quarter. Finally, Raymond James & Associates lifted its holdings in shares of First Majestic Silver by 17.7% in 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 during the last quarter. Institutional investors own 27.16% of the company’s stock.

About First Majestic Silver

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.