The Manufacturers Life Insurance Company Has $59.61 Million Position in First Majestic Silver Corp. $AG

The Manufacturers Life Insurance Company lifted its stake in First Majestic Silver Corp. (NYSE:AG) (TSE:FR) by 63.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,516,832 shares of the mining company’s stock after buying an additional 1,371,189 shares during the period. The Manufacturers Life Insurance Company owned about 0.71% of First Majestic Silver worth $59,610,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in AG. BlackRock Inc. bought a new stake in shares of First Majestic Silver in the 2nd quarter worth approximately $3,515,000. Entropy Technologies LP bought a new stake in shares of First Majestic Silver during the first quarter valued at approximately $2,593,000. Pictet Asset Management Holding SA increased its position in shares of First Majestic Silver by 127.6% during the first quarter. Pictet Asset Management Holding SA now owns 182,238 shares of the mining company’s stock valued at $3,905,000 after purchasing an additional 102,167 shares during the period. Foundations Investment Advisors LLC raised its stake in shares of First Majestic Silver by 226.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 105,943 shares of the mining company’s stock valued at $1,765,000 after purchasing an additional 73,443 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its stake in shares of First Majestic Silver by 18,702.6% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 58,476 shares of the mining company’s stock valued at $974,000 after purchasing an additional 58,165 shares in the last quarter. 27.16% of the stock is owned by institutional investors and hedge funds.

First Majestic Silver Trading Down 3.0%

Shares of AG opened at $19.55 on Friday. First Majestic Silver Corp. has a 1 year low of $9.68 and a 1 year high of $32.03. The company has a current ratio of 2.57, a quick ratio of 2.38 and a debt-to-equity ratio of 0.08. The stock has a 50 day simple moving average of $18.41 and a 200-day simple moving average of $20.15. The stock has a market cap of $9.64 billion, a PE ratio of 27.54 and a beta of 1.00.

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

First Majestic Silver Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Friday, August 14th were paid a dividend of $0.0152 per share. This represents a $0.06 annualized dividend and a yield of 0.3%. The ex-dividend date was Friday, August 14th. First Majestic Silver’s dividend payout ratio is currently 8.45%.

Wall Street Analyst Weigh In

AG has been the subject of several research reports. ATB Cormark Capital Markets raised First Majestic Silver from a “hold” rating to a “moderate buy” rating in a research report on Friday, July 10th. Weiss Ratings reissued a “hold (c)” rating on shares of First Majestic Silver in a report on Wednesday, September 2nd. HC Wainwright increased 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 reduced their price objective 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. Finally, Wall Street Zen lowered shares of First Majestic Silver from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.83.

About First Majestic Silver

First Majestic Silver Corp. is a mining company focused on the exploration, development, and production of silver, gold, lead, and zinc. The company generates revenue primarily by producing and selling metal concentrates, doré bars, and other refined precious-metal products.

Founded in 2002 and headquartered in Vancouver, British Columbia, First Majestic has historically concentrated its operations in Mexico and the United States. Its principal Mexican mining assets have included the San Dimas, Santa Elena, and La Encantada mines, while its U.S.