First Majestic Silver (NYSE:AG) Stock Price Down 5.2% – Here’s What Happened

First Majestic Silver Corp. (NYSE:AG) (TSE:FR) shares dropped 5.2% during mid-day trading on Wednesday . The stock traded as low as $7.53 and last traded at $7.53. 1,452,156 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 8,182,804 shares. The stock had previously closed at $7.94.

Analysts Set New Price Targets

AG has been the topic of a number of analyst reports. Cormark raised shares of First Majestic Silver from a “hold” rating to a “moderate buy” rating in a research report on Friday, September 6th. HC Wainwright reaffirmed a “buy” rating and issued a $8.50 price target on shares of First Majestic Silver in a report on Friday, October 18th.

First Majestic Silver Trading Down 4.4 %

The stock has a market cap of $2.20 billion, a price-to-earnings ratio of -49.69 and a beta of 1.36. The company has a debt-to-equity ratio of 0.17, a current ratio of 3.05 and a quick ratio of 2.44. The company’s fifty day moving average price is $6.21 and its 200-day moving average price is $6.35.

First Majestic Silver (NYSE:AG) (TSE:FR) last announced its quarterly earnings data on Thursday, August 1st. The mining company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.05). First Majestic Silver had a negative net margin of 15.37% and a negative return on equity of 4.39%. The company had revenue of $136.20 million for the quarter, compared to analysts’ expectations of $129.74 million. During the same period last year, the firm earned ($0.02) earnings per share. First Majestic Silver’s quarterly revenue was down 7.2% compared to the same quarter last year. On average, research analysts expect that First Majestic Silver Corp. will post -0.13 EPS for the current fiscal year.

First Majestic Silver Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were issued a dividend of $0.0046 per share. This represents a $0.02 dividend on an annualized basis and a dividend yield of 0.24%. The ex-dividend date of this dividend was Friday, August 16th. First Majestic Silver’s dividend payout ratio (DPR) is -6.25%.

Hedge Funds Weigh In On First Majestic Silver

Hedge funds and other institutional investors have recently bought and sold shares of the business. Blue Trust Inc. boosted its holdings in shares of First Majestic Silver by 77.3% in the 3rd quarter. Blue Trust Inc. now owns 5,166 shares of the mining company’s stock valued at $31,000 after acquiring an additional 2,253 shares during the last quarter. B. Riley Wealth Advisors Inc. purchased a new stake in First Majestic Silver in the first quarter valued at $62,000. Dark Forest Capital Management LP acquired a new stake in First Majestic Silver during the 2nd quarter worth about $70,000. Corundum Trust Company INC purchased a new position in shares of First Majestic Silver during the 3rd quarter valued at about $72,000. Finally, Creative Planning acquired a new position in shares of First Majestic Silver in the 3rd quarter valued at about $72,000. Institutional investors and hedge funds 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.