First Majestic Silver (NYSE:AG) Trading 7% Higher – Should You Buy?

First Majestic Silver Corp. (NYSE:AG) (TSE:FR)’s stock price rose 7% during trading on Wednesday . The stock traded as high as $5.76 and last traded at $5.76. Approximately 4,932,010 shares were traded during mid-day trading, a decline of 52% from the average daily volume of 10,285,332 shares. The stock had previously closed at $5.38.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on AG. HC Wainwright reiterated a “buy” rating and set a $11.00 price objective on shares of First Majestic Silver in a research report on Friday, February 21st. Scotiabank reduced their price target on First Majestic Silver from $6.50 to $6.00 and set a “sector perform” rating on the stock in a report on Wednesday, January 15th. Finally, StockNews.com raised shares of First Majestic Silver from a “sell” rating to a “hold” rating in a report on Friday, February 21st.

First Majestic Silver Trading Up 1.1 %

The stock has a market cap of $1.84 billion, a PE ratio of -16.87 and a beta of 1.24. The company’s 50-day moving average price is $5.65 and its 200 day moving average price is $6.03. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.12 and a current ratio of 2.56.

First Majestic Silver (NYSE:AG) (TSE:FR) last posted its earnings results on Thursday, February 20th. The mining company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.02). The business had revenue of $172.34 million during the quarter, compared to analysts’ expectations of $227.77 million. First Majestic Silver had a negative net margin of 18.17% and a negative return on equity of 3.07%. On average, sell-side analysts forecast that First Majestic Silver Corp. will post 0.54 EPS for the current fiscal year.

First Majestic Silver Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be paid a $0.0057 dividend. This represents a $0.02 dividend on an annualized basis and a dividend yield of 0.39%. This is an increase from First Majestic Silver’s previous quarterly dividend of $0.00. The ex-dividend date is Friday, February 28th. First Majestic Silver’s payout ratio is -5.71%.

Hedge Funds Weigh In On First Majestic Silver

A number of hedge funds have recently made changes to their positions in the stock. Barclays PLC acquired a new position in First Majestic Silver during the third quarter worth $2,419,000. Realta Investment Advisors lifted its stake in First Majestic Silver by 16.8% during the 4th quarter. Realta Investment Advisors now owns 497,726 shares of the mining company’s stock worth $2,882,000 after acquiring an additional 71,456 shares in the last quarter. National Bank of Canada FI boosted its holdings in First Majestic Silver by 18.0% during the 3rd quarter. National Bank of Canada FI now owns 683,627 shares of the mining company’s stock valued at $4,102,000 after acquiring an additional 104,092 shares during the period. Point72 Asset Management L.P. acquired a new position in First Majestic Silver in the 3rd quarter valued at about $748,000. Finally, XTX Topco Ltd increased its stake in First Majestic Silver by 1,510.1% during the third quarter. XTX Topco Ltd now owns 271,748 shares of the mining company’s stock worth $1,630,000 after purchasing an additional 254,870 shares during the period. Hedge funds and other institutional investors own 27.16% of the company’s stock.

First Majestic Silver Company Profile

First Majestic Silver Corp. engages in the acquisition, exploration, development, and production of mineral properties with a focus on silver and gold production in North America. Its projects include the San Dimas mine covering an area of approximately 71,867 hectares located in Durango State, Mexico; the Santa Elena that covers an area of approximately 102,244 hectares located in Sonora State, México; and the La Encantada covering an area of approximately 4,076 hectares located in Coahuila State, México.