First Majestic Silver (NYSE:AG) Shares Down 9% – Time to Sell?

First Majestic Silver Corp. (NYSE:AG) (TSE:FR) was down 9% during trading on Friday . The stock traded as low as $20.46 and last traded at $20.6270. Approximately 4,863,351 shares were traded during trading, a decline of 78% from the average daily volume of 21,695,146 shares. The stock had previously closed at $22.66.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on AG shares. Scotiabank raised First Majestic Silver to a “hold” rating in a research note on Thursday, April 23rd. Wall Street Zen downgraded shares of First Majestic Silver from a “strong-buy” rating to a “buy” rating in a research report on Monday, May 4th. BMO Capital Markets upgraded shares of First Majestic Silver from a “market perform” rating to an “outperform” rating in a research report on Tuesday, March 24th. Zacks Research lowered shares of First Majestic Silver from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 31st. Finally, HC Wainwright raised their price target on shares of First Majestic Silver to $30.75 and gave the stock a “buy” rating in a report on Tuesday. 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $25.25.

First Majestic Silver Stock Down 9.9%

The stock has a market cap of $10.07 billion, a price-to-earnings ratio of 34.06 and a beta of 0.85. The stock has a 50 day simple moving average of $21.71 and a 200 day simple moving average of $19.59. The company has a quick ratio of 2.41, a current ratio of 2.73 and a debt-to-equity ratio of 0.08.

First Majestic Silver (NYSE:AG) (TSE:FR) last issued its earnings results on Tuesday, May 12th. The mining company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.02). First Majestic Silver had a return on equity of 11.19% and a net margin of 19.51%.The firm had revenue of $476.67 million during the quarter, compared to the consensus estimate of $522.00 million. During the same quarter in the prior year, the business earned $0.05 earnings per share. First Majestic Silver’s revenue for the quarter was up 95.3% on a year-over-year basis. As a group, analysts expect that First Majestic Silver Corp. will post 0.79 earnings per share for the current fiscal year.

First Majestic Silver Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Wednesday, May 20th will be given a dividend of $0.0171 per share. The ex-dividend date of this dividend is Wednesday, May 20th. This is a boost from First Majestic Silver’s previous quarterly dividend of $0.01. This represents a $0.07 annualized dividend and a dividend yield of 0.3%. First Majestic Silver’s payout ratio is presently 8.57%.

Hedge Funds Weigh In On First Majestic Silver

Hedge funds have recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership increased its holdings in First Majestic Silver by 408.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 15,041,912 shares of the mining company’s stock worth $250,821,000 after purchasing an additional 12,081,688 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of First Majestic Silver by 32.0% during the third quarter. Van ECK Associates Corp now owns 43,225,807 shares of the mining company’s stock valued at $531,234,000 after buying an additional 10,471,543 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of First Majestic Silver by 38.5% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,932,368 shares of the mining company’s stock valued at $232,539,000 after buying an additional 5,265,612 shares during the last quarter. Teacher Retirement System of Texas bought a new stake in First Majestic Silver during the third quarter worth $55,071,000. Finally, Alps Advisors Inc. raised its position in First Majestic Silver by 108.7% in the 3rd quarter. Alps Advisors Inc. now owns 7,203,207 shares of the mining company’s stock valued at $88,527,000 after buying an additional 3,751,376 shares during the last quarter. Institutional investors and hedge funds own 27.16% of the company’s stock.

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.