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

First Majestic Silver (NYSE:AG) (TSE:FR) had its target price dropped by analysts at Scotiabank from $6.50 to $6.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “sector perform” rating on the mining company’s stock. Scotiabank’s price target would indicate a potential upside of 7.82% from the stock’s current price. 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 target price on shares of First Majestic Silver in a research note on Friday, January 10th.

First Majestic Silver Stock Performance

NYSE AG opened at $5.57 on Wednesday. The firm has a market cap of $1.68 billion, a P/E ratio of -20.61 and a beta of 1.25. First Majestic Silver has a 52-week low of $4.17 and a 52-week high of $8.44. The business’s 50-day moving average price is $6.00 and its 200 day moving average price is $6.09. The company has a quick ratio of 2.45, a current ratio of 3.03 and a debt-to-equity ratio of 0.16.

First Majestic Silver (NYSE:AG) (TSE:FR) last released its quarterly 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 company had revenue of $146.09 million for the quarter. On average, equities research analysts expect that First Majestic Silver will post -0.17 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of AG. Synovus Financial Corp acquired a new position in shares of First Majestic Silver during the 3rd quarter worth $452,000. Tidal Investments LLC grew its position in First Majestic Silver by 1.8% during the third quarter. Tidal Investments LLC now owns 5,780,689 shares of the mining company’s stock worth $34,684,000 after buying an additional 99,640 shares during the period. Virtu Financial LLC increased its holdings in First Majestic Silver by 95.9% in the third quarter. Virtu Financial LLC now owns 136,356 shares of the mining company’s stock valued at $818,000 after buying an additional 66,750 shares in the last quarter. Toronto Dominion Bank lifted its position in shares of First Majestic Silver by 6.7% during the 3rd quarter. Toronto Dominion Bank now owns 29,404 shares of the mining company’s stock valued at $176,000 after acquiring an additional 1,855 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of First Majestic Silver by 9.8% during the 3rd quarter. Geode Capital Management LLC now owns 136,901 shares of the mining company’s stock worth $825,000 after acquiring an additional 12,171 shares in the last quarter. Hedge funds and other 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.