Short Interest in First Majestic Silver Corp. (NYSE:AG) Drops By 16.2%

First Majestic Silver Corp. (NYSE:AG) (TSE:FR) was the target of a large drop in short interest in the month of March. As of March 15th, there was short interest totalling 22,420,000 shares, a drop of 16.2% from the February 28th total of 26,770,000 shares. Based on an average trading volume of 18,220,000 shares, the short-interest ratio is presently 1.2 days. Approximately 7.2% of the company’s shares are short sold.

First Majestic Silver Stock Performance

AG traded down $0.09 during trading hours on Tuesday, hitting $6.61. 19,413,462 shares of the stock were exchanged, compared to its average volume of 11,386,526. The stock has a market cap of $3.20 billion, a price-to-earnings ratio of -18.87 and a beta of 1.16. The stock has a 50-day simple moving average of $5.98 and a 200-day simple moving average of $6.19. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.56 and a quick ratio of 2.12. First Majestic Silver has a 12 month low of $4.43 and a 12 month high of $8.44.

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 the consensus estimate of $0.05 by ($0.02). The company had revenue of $172.34 million for the quarter, compared to the consensus estimate of $227.77 million. First Majestic Silver had a negative net margin of 18.17% and a negative return on equity of 3.07%. Analysts anticipate that First Majestic Silver will post 0.54 earnings per share for the current year.

First Majestic Silver Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were given a dividend of $0.0057 per share. The ex-dividend date was Friday, February 28th. This represents a $0.02 annualized dividend and a dividend yield of 0.35%. This is a positive change from First Majestic Silver’s previous quarterly dividend of $0.00. First Majestic Silver’s dividend payout ratio is currently -5.71%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of AG. Allworth Financial LP raised its stake in shares of First Majestic Silver by 805.4% during the fourth quarter. Allworth Financial LP now owns 5,161 shares of the mining company’s stock valued at $29,000 after purchasing an additional 4,591 shares in the last quarter. Generali Investments CEE investicni spolecnost a.s. acquired a new position in shares of First Majestic Silver in the 4th quarter worth $55,000. Bank of Nova Scotia acquired a new position in shares of First Majestic Silver in the 4th quarter worth $57,000. Captrust Financial Advisors purchased a new stake in shares of First Majestic Silver during the fourth quarter valued at $58,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in First Majestic Silver in the 3rd quarter worth about $70,000. 27.16% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AG has been the subject of a number of research reports. Scotiabank decreased their price target on shares of First Majestic Silver from $6.50 to $6.00 and set a “sector perform” rating for the company in a research report on Wednesday, January 15th. TD Securities upgraded First Majestic Silver to a “hold” rating in a report on Monday, March 10th. 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, February 21st. Finally, StockNews.com upgraded shares of First Majestic Silver from a “sell” rating to a “hold” rating in a research note on Friday, February 21st. Three analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $8.50.

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.