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

First Majestic Silver Corp. (NYSE:AG) (TSE:FR) shares gapped down prior to trading on Monday . The stock had previously closed at $17.42, but opened at $16.50. First Majestic Silver shares last traded at $16.58, with a volume of 6,558,731 shares traded.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. BMO Capital Markets reissued a “market perform” rating on shares of First Majestic Silver in a report on Tuesday, October 7th. National Bank Financial upgraded First Majestic Silver from a “hold” rating to a “strong-buy” rating in a report on Sunday, October 5th. National Bankshares set a $22.00 price objective on First Majestic Silver and gave the company an “outperform” rating in a research note on Monday, October 6th. HC Wainwright set a $17.50 price objective on shares of First Majestic Silver in a report on Friday, October 10th. Finally, TD Securities upgraded shares of First Majestic Silver from a “hold” rating to a “buy” rating in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, four 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 a consensus rating of “Moderate Buy” and an average target price of $17.33.

First Majestic Silver Price Performance

The firm has a market cap of $8.29 billion, a PE ratio of 120.44 and a beta of 0.84. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.38 and a quick ratio of 2.96. The business’s fifty day moving average is $13.89 and its 200-day moving average is $11.18.

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 (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $285.10 million for the quarter, compared to analysts’ expectations of $429.78 million. During the same quarter in the previous year, the business earned ($0.09) EPS. The company’s revenue for the quarter was up 95.3% on a year-over-year basis. On average, research analysts predict that First Majestic Silver Corp. will post 0.54 earnings per share for the current fiscal year.

First Majestic Silver Increases Dividend

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

Institutional Investors Weigh In On First Majestic Silver

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

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.