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

First Majestic Silver (NYSE:AG) (TSE:FR) had its price target decreased by investment analysts at Scotiabank from $6.50 to $6.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “sector perform” rating on the mining company’s stock. Scotiabank’s price objective suggests a potential upside of 7.82% from the company’s previous close. 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 Price Performance

AG stock opened at $5.57 on Wednesday. The business’s 50-day moving average is $6.00 and its two-hundred day moving average is $6.09. The company has a debt-to-equity ratio of 0.16, a current ratio of 3.03 and a quick ratio of 2.45. The firm has a market capitalization of $1.68 billion, a P/E ratio of -20.61 and a beta of 1.25. First Majestic Silver has a 1 year low of $4.17 and a 1 year high of $8.44.

First Majestic Silver (NYSE:AG) (TSE:FR) last released its earnings results on Thursday, November 7th. The mining company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $146.09 million for the quarter. Analysts anticipate that First Majestic Silver will post -0.17 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Van ECK Associates Corp lifted its position in First Majestic Silver by 2.7% in the third quarter. Van ECK Associates Corp now owns 28,912,989 shares of the mining company’s stock valued at $173,478,000 after acquiring an additional 764,790 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of First Majestic Silver in the 2nd quarter valued at about $3,904,000. Barclays PLC acquired a new stake in shares of First Majestic Silver in the 3rd quarter valued at about $2,419,000. Quantbot Technologies LP purchased a new position in First Majestic Silver during the 3rd quarter worth approximately $2,057,000. Finally, XTX Topco Ltd increased its position in First Majestic Silver by 1,510.1% during the third 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. 27.16% of the stock is owned by hedge funds and other 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 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.