Raymond James & Associates reduced its holdings in First Majestic Silver Corp. (NYSE:AG) (TSE:FR) by 10.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 240,529 shares of the mining company’s stock after selling 29,425 shares during the period. Raymond James & Associates’ holdings in First Majestic Silver were worth $1,583,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of AG. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of First Majestic Silver during the 4th quarter worth about $15,705,000. Deutsche Bank AG increased its stake in shares of First Majestic Silver by 3,672.1% during the 4th quarter. Deutsche Bank AG now owns 980,638 shares of the mining company’s stock worth $5,775,000 after purchasing an additional 954,641 shares during the last quarter. Norges Bank acquired a new position in shares of First Majestic Silver during the 4th quarter worth about $2,346,000. Alps Advisors Inc. increased its stake in shares of First Majestic Silver by 57.4% during the 1st quarter. Alps Advisors Inc. now owns 921,133 shares of the mining company’s stock worth $6,061,000 after purchasing an additional 335,918 shares during the last quarter. Finally, Bank of Montreal Can increased its stake in shares of First Majestic Silver by 66.2% during the 1st quarter. Bank of Montreal Can now owns 671,560 shares of the mining company’s stock worth $4,419,000 after purchasing an additional 267,372 shares during the last quarter. Hedge funds and other institutional investors own 26.13% of the company’s stock.

Several research analysts have recently weighed in on the stock. ValuEngine lowered shares of First Majestic Silver from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 3rd. Zacks Investment Research upgraded shares of First Majestic Silver from a “hold” rating to a “buy” rating and set a $7.50 price objective on the stock in a research note on Tuesday, March 19th. BMO Capital Markets restated a “hold” rating on shares of First Majestic Silver in a research note on Tuesday, April 2nd. B. Riley assumed coverage on shares of First Majestic Silver in a research note on Friday, March 1st. They set a “neutral” rating and a $6.00 price objective on the stock. Finally, HC Wainwright set a $8.00 price objective on shares of First Majestic Silver and gave the stock a “buy” rating in a research note on Wednesday, April 17th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $7.31.

Shares of AG stock opened at $6.55 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.78 and a current ratio of 3.24. First Majestic Silver Corp. has a 52 week low of $4.59 and a 52 week high of $8.48.

First Majestic Silver (NYSE:AG) (TSE:FR) last announced its earnings results on Thursday, May 9th. The mining company reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). The business had revenue of $86.80 million during the quarter, compared to the consensus estimate of $124.73 million. First Majestic Silver had a negative net margin of 59.46% and a negative return on equity of 4.63%. First Majestic Silver’s revenue was up 48.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.03) EPS. On average, equities analysts forecast that First Majestic Silver Corp. will post 0.01 EPS for the current fiscal year.

In related news, major shareholder Vinita Lee Piper bought 22,055 shares of First Majestic Silver stock in a transaction that occurred on Tuesday, May 14th. The stock was acquired at an average price of $5.93 per share, with a total value of $130,786.15. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.85% of the company’s stock.

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About First Majestic Silver

First Majestic Silver Corp. engages in the acquisition, exploration, development, and production of mineral properties with a focus on silver production in Mexico. It owns and operates six silver producing mines, including the Santa Elena Silver/Gold Mine covering an area of 101,837 hectares located in Sonora; La Encantada Silver Mine covering an area of 4,076 hectares situated in Coahuila; La Parrilla Silver Mine covering an area of 69,478 hectares located in Durango; Del Toro Silver Mine covering an area of 2,159 hectares situated in Zacatecas; San Martin Silver Mine covering an area of 38,512 hectares located in Jalisco; and La Guitarra Silver Mine that consists of 39,714 hectares situated in México State.

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Institutional Ownership by Quarter for First Majestic Silver (NYSE:AG)

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