First Majestic Silver (NYSE:AG) Shares Gap Up – What’s Next?

First Majestic Silver Corp. (NYSE:AG) (TSE:FR)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $20.40, but opened at $22.19. First Majestic Silver shares last traded at $21.6770, with a volume of 3,805,518 shares trading hands.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on AG shares. Wall Street Zen downgraded shares of First Majestic Silver from a “buy” rating to a “hold” rating in a research report on Sunday, November 16th. Weiss Ratings restated a “hold (c-)” rating on shares of First Majestic Silver in a report on Wednesday, January 21st. HC Wainwright lifted their target price on First Majestic Silver from $17.50 to $24.50 and gave the company a “buy” rating in a research report on Friday, January 16th. TD Securities raised shares of First Majestic Silver from a “hold” rating to a “buy” rating in a research note on Wednesday, October 8th. Finally, Scotiabank increased their target price on shares of First Majestic Silver from $12.50 to $23.00 and gave the stock a “sector perform” rating in a report on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $23.17.

First Majestic Silver Stock Down 9.9%

The company has a market cap of $9.93 billion, a price-to-earnings ratio of 144.39 and a beta of 0.85. The firm has a 50-day moving average price of $18.64 and a 200 day moving average price of $13.56. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.38 and a quick ratio of 2.96.

First Majestic Silver (NYSE:AG) (TSE:FR) last posted its quarterly earnings data on Wednesday, November 5th. The mining company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.04). The firm had revenue of $285.10 million for the quarter, compared to the consensus estimate of $429.78 million. First Majestic Silver had a return on equity of 3.14% and a net margin of 7.07%.The firm’s quarterly revenue was up 95.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.09) EPS. Sell-side analysts predict that First Majestic Silver Corp. will post 0.54 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in AG. Royal Bank of Canada boosted its stake in shares of First Majestic Silver by 77.4% in the first quarter. Royal Bank of Canada now owns 604,186 shares of the mining company’s stock valued at $4,042,000 after buying an additional 263,688 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of First Majestic Silver by 355.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,193,589 shares of the mining company’s stock valued at $7,985,000 after acquiring an additional 931,690 shares during the period. Capital Management Associates Inc bought a new position in shares of First Majestic Silver in the second quarter worth $333,000. Vontobel Holding Ltd. increased its position in shares of First Majestic Silver by 1,127.3% in the second quarter. Vontobel Holding Ltd. now owns 166,611 shares of the mining company’s stock worth $1,378,000 after purchasing an additional 153,036 shares during the period. Finally, CWM LLC raised its stake in First Majestic Silver by 57.2% in the second quarter. CWM LLC now owns 5,114 shares of the mining company’s stock valued at $42,000 after purchasing an additional 1,860 shares in the last quarter. 27.16% of the stock is owned by institutional investors.

First Majestic Silver Company Profile

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.