First Majestic Silver (NYSE:AG) Shares Up 9.3% Following Earnings Beat

First Majestic Silver Corp. (NYSE:AG) (TSE:FR)’s share price shot up 9.3% during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $24.86 and last traded at $24.6980. 7,144,423 shares were traded during mid-day trading, a decline of 74% from the average session volume of 27,307,006 shares. The stock had previously closed at $22.60.

The mining company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.14. First Majestic Silver had a net margin of 7.07% and a return on equity of 3.14%. First Majestic Silver’s revenue was up 169.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.03 EPS.

Analyst Ratings Changes

AG has been the subject of several recent research reports. Weiss Ratings reissued a “hold (c-)” rating on shares of First Majestic Silver in a research report on Wednesday, January 21st. Wall Street Zen cut First Majestic Silver from a “buy” rating to a “hold” rating in a research note on Sunday, November 16th. BMO Capital Markets reissued a “market perform” rating on shares of First Majestic Silver in a research note on Friday, January 16th. Scotiabank upped their price target on First Majestic Silver from $12.50 to $23.00 and gave the stock a “sector perform” rating in a report on Monday, January 26th. Finally, Cormark raised First Majestic Silver from a “hold” rating to a “moderate buy” rating in a research report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, First Majestic Silver presently has an average rating of “Moderate Buy” and an average target price of $23.17.

Hedge Funds Weigh In On First Majestic Silver

Large investors have recently bought and sold shares of the business. Wealthspire Retirement LLC lifted its holdings in First Majestic Silver by 1.4% during the 4th quarter. Wealthspire Retirement LLC now owns 32,450 shares of the mining company’s stock worth $541,000 after buying an additional 450 shares during the last quarter. Vident Advisory LLC purchased a new position in shares of First Majestic Silver in the 4th quarter valued at about $996,000. State of Tennessee Department of Treasury acquired a new stake in shares of First Majestic Silver during the 4th quarter worth about $182,000. Mackenzie Financial Corp lifted its stake in First Majestic Silver by 67.3% during the fourth quarter. Mackenzie Financial Corp now owns 2,869,121 shares of the mining company’s stock worth $48,502,000 after purchasing an additional 1,154,430 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its stake in First Majestic Silver by 96.0% during the fourth quarter. NewEdge Advisors LLC now owns 296,536 shares of the mining company’s stock worth $4,940,000 after purchasing an additional 145,235 shares during the last quarter. Hedge funds and other institutional investors own 27.16% of the company’s stock.

First Majestic Silver Price Performance

The stock has a market capitalization of $12.18 billion, a price-to-earnings ratio of 176.44 and a beta of 0.85. 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 stock has a fifty day moving average of $20.12 and a 200-day moving average of $14.55.

About First Majestic Silver

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.