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

First Majestic Silver Corp. (NYSE:AG) (TSE:FR)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $19.86, but opened at $20.48. First Majestic Silver shares last traded at $20.9960, with a volume of 1,691,435 shares.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on AG shares. HC Wainwright increased their price objective on First Majestic Silver from $26.00 to $27.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Weiss Ratings lowered shares of First Majestic Silver from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, June 5th. Scotiabank reduced their price target on shares of First Majestic Silver from $23.00 to $22.50 and set a “sector perform” rating on the stock in a research report on Tuesday, July 14th. Wall Street Zen downgraded shares of First Majestic Silver from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Finally, ATB Cormark Capital Markets raised First Majestic Silver from a “hold” rating to a “moderate buy” rating in a report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $23.83.

First Majestic Silver Price Performance

The company has a 50 day moving average price of $18.00 and a 200-day moving average price of $20.26. The company has a market cap of $10.57 billion, a price-to-earnings ratio of 30.21 and a beta of 1.00. The company has a quick ratio of 2.38, a current ratio of 2.57 and a debt-to-equity ratio of 0.08.

First Majestic Silver (NYSE:AG) (TSE:FR) last posted its earnings results on Thursday, July 30th. The mining company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.04). The business had revenue of $415.50 million for the quarter, compared to the consensus estimate of $496.00 million. First Majestic Silver had a return on equity of 13.36% and a net margin of 21.18%.The company’s revenue was up 57.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.11 earnings per share. As a group, equities research analysts predict that First Majestic Silver Corp. will post 0.81 EPS for the current fiscal year.

First Majestic Silver Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Friday, August 14th were paid a $0.0152 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a $0.06 annualized dividend and a dividend yield of 0.3%. First Majestic Silver’s dividend payout ratio is presently 8.45%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership increased its position in shares of First Majestic Silver by 408.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 15,041,912 shares of the mining company’s stock worth $250,821,000 after buying an additional 12,081,688 shares during the period. The Manufacturers Life Insurance Company acquired a new stake in shares of First Majestic Silver during the 2nd quarter worth approximately $59,610,000. Renaissance Technologies LLC bought a new stake in shares of First Majestic Silver in the 1st quarter valued at $62,760,000. Bank of America Corp DE raised its holdings in shares of First Majestic Silver by 92.3% during the first quarter. Bank of America Corp DE now owns 6,082,824 shares of the mining company’s stock valued at $130,659,000 after purchasing an additional 2,919,008 shares during the period. Finally, Tidal Investments LLC boosted its holdings in First Majestic Silver by 14.0% in the third quarter. Tidal Investments LLC now owns 21,014,859 shares of the mining company’s stock worth $258,273,000 after acquiring an additional 2,581,023 shares in the last quarter. Institutional investors 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.