Connor Clark & Lunn Investment Management Ltd. Takes $37.93 Million Position in First Majestic Silver Corp. $AG

by · The Markets Daily

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of First Majestic Silver Corp. (NYSE:AG – Free Report) (TSE:FR) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,236,001 shares of the mining company’s stock, valued at approximately $37,926,000.

A number of other hedge funds have also modified their holdings of AG. Tidal Investments LLC raised its holdings in First Majestic Silver by 14.0% during the third quarter. Tidal Investments LLC now owns 21,014,859 shares of the mining company’s stock worth $258,273,000 after acquiring an additional 2,581,023 shares in the last quarter. Vanguard Group Inc. grew its position in First Majestic Silver by 5.2% during the fourth quarter. Vanguard Group Inc. now owns 18,995,222 shares of the mining company’s stock worth $316,914,000 after buying an additional 945,067 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in First Majestic Silver by 408.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 15,041,912 shares of the mining company’s stock valued at $250,821,000 after buying an additional 12,081,688 shares during the period. Alps Advisors Inc. lifted its stake in First Majestic Silver by 33.6% during the fourth quarter. Alps Advisors Inc. now owns 9,621,720 shares of the mining company’s stock worth $160,298,000 after purchasing an additional 2,418,513 shares during the last quarter. Finally, Bank of America Corp DE lifted its position in shares of First Majestic Silver by 92.3% during the 1st quarter. Bank of America Corp DE now owns 6,082,824 shares of the mining company’s stock worth $130,659,000 after buying an additional 2,919,008 shares during the last quarter. 27.16% of the stock is currently owned by institutional investors.

First Majestic Silver Trading Down 1.1%

Shares of AG opened at $20.86 on Tuesday. The firm has a market cap of $10.28 billion, a P/E ratio of 29.38 and a beta of 0.94. First Majestic Silver Corp. has a fifty-two week low of $8.72 and a fifty-two week high of $32.03. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.38 and a current ratio of 2.57. The business has a 50-day moving average of $17.46 and a 200 day moving average of $20.35.

First Majestic Silver (NYSE:AG – Get Free Report) (TSE:FR) last posted its quarterly earnings results on Thursday, July 30th. The mining company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.04). First Majestic Silver had a return on equity of 13.36% and a net margin of 21.18%.The company had revenue of $415.50 million during the quarter, compared to the consensus estimate of $496.00 million. During the same period in the previous year, the business earned $0.11 earnings per share. First Majestic Silver’s revenue was up 57.3% on a year-over-year basis. As a group, research analysts forecast that First Majestic Silver Corp. will post 0.81 EPS for the current year.

First Majestic Silver Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Friday, August 14th will be issued a $0.0152 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.06 annualized dividend and a dividend yield of 0.3%. First Majestic Silver’s dividend payout ratio (DPR) is presently 8.45%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on AG. HC Wainwright raised their price objective on First Majestic Silver from $26.00 to $27.00 and gave the company a “buy” rating in a report on Friday, July 31st. Wall Street Zen lowered shares of First Majestic Silver from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Weiss Ratings cut First Majestic Silver from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, June 5th. ATB Cormark Capital Markets raised shares of First Majestic Silver from a “hold” rating to a “moderate buy” rating in a research note on Friday, July 10th. Finally, Scotiabank decreased their price objective on 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. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.83.

View Our Latest Analysis on First Majestic Silver

First Majestic Silver Profile

(Free Report)

First Majestic Silver Corp. (NYSE:AG) engages in the production of silver from its wholly owned operations in Mexico. Headquartered in Vancouver, British Columbia, the company focuses on acquiring, developing and operating high-grade silver projects. Established in 2002, First Majestic has built a multi-mine portfolio to supply silver primarily for the global industrial and investment markets while generating by-products such as gold, lead and zinc concentrates.

First Majestic’s principal operations are located in the historic Mexican Silver Belt, with producing mines including La Encantada in Coahuila, Santa Elena in Sonora and La Parrilla in Durango.

Further Reading

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