First Majestic Silver (NYSE:AG) (TSE:FR) announced that its board has authorized a stock repurchase program, which allows the company to repurchase 8,290,000 shares on Monday, March 19th, EventVestor reports. This repurchase authorization allows the mining company to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
Shares of First Majestic Silver stock opened at $6.13 on Thursday. The firm has a market capitalization of $989.40, a P/E ratio of -19.16 and a beta of 0.32. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.14 and a quick ratio of 2.79. First Majestic Silver has a fifty-two week low of $4.93 and a fifty-two week high of $9.59.
First Majestic Silver (NYSE:AG) (TSE:FR) last released its earnings results on Wednesday, February 28th. The mining company reported ($0.04) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.01) by ($0.03). The firm had revenue of $61.17 million during the quarter, compared to analysts’ expectations of $65.00 million. First Majestic Silver had a negative net margin of 21.12% and a negative return on equity of 1.00%. sell-side analysts forecast that First Majestic Silver will post 0.03 earnings per share for the current year.
Several research firms have weighed in on AG. BMO Capital Markets cut First Majestic Silver from a “market perform” rating to an “underperform” rating in a report on Friday, December 22nd. ValuEngine upgraded First Majestic Silver from a “sell” rating to a “hold” rating in a report on Thursday, December 14th. HC Wainwright reiterated a “buy” rating and issued a $12.00 price objective on shares of First Majestic Silver in a report on Friday, March 2nd. Finally, Zacks Investment Research cut First Majestic Silver from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 3rd. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $9.83.
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About First Majestic Silver
First Majestic Silver Corp. is a mining company. The Company is focused on silver production in Mexico and it is pursuing the development of its existing mineral property assets. The Company operates through eight segments, six of which are located in Mexico; one retail market segment in Canada, and one metal trading segment in Europe.
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