First Majestic Silver (NYSE:AG) Stock Price Down 2.6% on Analyst Downgrade

Shares of First Majestic Silver Corp. (NYSE:AG) (TSE:FR) dropped 2.6% during trading on Wednesday after Scotiabank lowered their price target on the stock from $6.50 to $6.00. Scotiabank currently has a sector perform rating on the stock. First Majestic Silver traded as low as $5.66 and last traded at $5.69. Approximately 3,498,856 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 12,681,053 shares. The stock had previously closed at $5.84.

Separately, HC Wainwright restated a “buy” rating and issued a $11.00 target price on shares of First Majestic Silver in a research note on Friday, January 10th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Blue Trust Inc. boosted its holdings in First Majestic Silver by 77.3% during the third quarter. Blue Trust Inc. now owns 5,166 shares of the mining company’s stock worth $31,000 after buying an additional 2,253 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of First Majestic Silver during the 3rd quarter worth $70,000. Dark Forest Capital Management LP bought a new stake in shares of First Majestic Silver during the 2nd quarter worth $70,000. Creative Planning purchased a new stake in shares of First Majestic Silver during the third quarter valued at $72,000. Finally, Corundum Trust Company INC purchased a new stake in shares of First Majestic Silver during the third quarter valued at $72,000. Institutional investors own 27.16% of the company’s stock.

First Majestic Silver Price Performance

The stock has a 50 day moving average of $6.04 and a two-hundred day moving average of $6.10. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.45 and a current ratio of 3.03. The stock has a market cap of $1.70 billion, a PE ratio of -20.85 and a beta of 1.25.

First Majestic Silver (NYSE:AG) (TSE:FR) last announced its quarterly earnings data on Thursday, November 7th. The mining company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.12). The company had revenue of $146.09 million for the quarter. First Majestic Silver had a negative net margin of 14.89% and a negative return on equity of 4.19%. Equities analysts anticipate that First Majestic Silver Corp. will post -0.17 EPS for the current year.

First Majestic Silver Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were given a dividend of $0.0048 per share. This is a boost from First Majestic Silver’s previous quarterly dividend of $0.00. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.02 dividend on an annualized basis and a yield of 0.34%. First Majestic Silver’s dividend payout ratio (DPR) is presently -3.70%.

About First Majestic Silver

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.