First Majestic Silver (NYSE:AG) Shares Down 4% – Here’s What Happened

First Majestic Silver Corp. (NYSE:AG) (TSE:FR)’s share price traded down 4% during mid-day trading on Thursday . The company traded as low as $14.84 and last traded at $15.0650. 10,674,725 shares traded hands during mid-day trading, a decline of 49% from the average session volume of 20,831,459 shares. The stock had previously closed at $15.69.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on AG shares. Scotiabank lifted their price objective on First Majestic Silver from $9.00 to $12.50 and gave the company a “sector perform” rating in a research note on Thursday, October 23rd. National Bank Financial raised First Majestic Silver from a “hold” rating to a “strong-buy” rating in a report on Sunday, October 5th. HC Wainwright set a $17.50 price objective on shares of First Majestic Silver in a research note on Friday, October 10th. Weiss Ratings reiterated a “hold (c-)” rating on shares of First Majestic Silver in a research report on Wednesday, October 8th. Finally, TD Securities upgraded First Majestic Silver from a “hold” rating to a “buy” rating in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, First Majestic Silver presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.33.

First Majestic Silver Trading Up 0.3%

The company has a quick ratio of 2.96, a current ratio of 3.38 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $7.40 billion, a PE ratio of 107.57 and a beta of 0.84. The business’s fifty day moving average price is $12.96 and its 200 day moving average price is $10.13.

First Majestic Silver (NYSE:AG) (TSE:FR) last issued its quarterly earnings results on Wednesday, November 5th. The mining company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.04). First Majestic Silver had a return on equity of 3.14% and a net margin of 7.07%.The business had revenue of $285.10 million for the quarter, compared to analysts’ expectations of $429.78 million. During the same period in the prior year, the company earned ($0.09) EPS. The company’s revenue for the quarter was up 95.3% compared to the same quarter last year. As a group, analysts expect that First Majestic Silver Corp. will post 0.54 EPS for the current fiscal year.

First Majestic Silver Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Stockholders of record on Friday, November 14th were paid a $0.0052 dividend. The ex-dividend date of this dividend was Friday, November 14th. This represents a $0.02 annualized dividend and a dividend yield of 0.1%. This is an increase from First Majestic Silver’s previous quarterly dividend of $0.00. First Majestic Silver’s dividend payout ratio is presently 14.29%.

Institutional Trading of First Majestic Silver

Hedge funds and other institutional investors have recently modified their holdings of the business. Bogart Wealth LLC acquired a new stake in shares of First Majestic Silver during the third quarter worth $28,000. AlphaQuest LLC bought a new stake in shares of First Majestic Silver during the 1st quarter valued at about $29,000. Sound Income Strategies LLC raised its stake in First Majestic Silver by 29,900.0% during the third quarter. Sound Income Strategies LLC now owns 3,000 shares of the mining company’s stock worth $37,000 after acquiring an additional 2,990 shares during the period. CWM LLC lifted its holdings in First Majestic Silver by 57.2% in the second quarter. CWM LLC now owns 5,114 shares of the mining company’s stock worth $42,000 after acquiring an additional 1,860 shares during the last quarter. Finally, AdvisorNet Financial Inc lifted its holdings in First Majestic Silver by 33.2% in the third quarter. AdvisorNet Financial Inc now owns 3,898 shares of the mining company’s stock worth $48,000 after acquiring an additional 971 shares during the last quarter. 27.16% of the stock is owned by hedge funds and other institutional investors.

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.