NEW YORK (TheStreet) -- Shares of First Majestic Silver (AG) - Get Report are gaining 3% to $17.86 in mid-afternoon trading on Monday as silver prices rise.

For September delivery, silver is up 0.78% to $20.51 per ounce on the COMEX this afternoon.

Gold and silver prices are advancing as an economic report indicated manufacturing growth in the U.S. was more subdued than Wall Street anticipated, MarketWatch reports.

The July ISM Manufacturing Index declined to 52.6 from 53.2 in June, suggesting that manufacturers increased at a slightly slower rate in July.

Although the index is at its second-highest reading since June 2015, some traders and investors may see the data as sufficient for the Federal Reserve to hold off raising interest rates at its next meeting in September, MarketWatch noted.

Gold and silver are non-interest paying and struggle to compete with assets that bear a yield when interest rates are hiked.

Silver is set for its best settlement in two years today, MarketWatch added.

First Majestic is a Vancouver-based mining company engaged in silver production, development, exploration and the acquisition of mineral properties.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C- on the stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins.

But the team also finds weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: AG

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