First Majestic Silver (NYSE:AG) Trading Up 10.8% – Still a Buy?

First Majestic Silver Corp. (NYSE:AG) (TSE:FR)’s share price was up 10.8% during trading on Wednesday . The company traded as high as $21.07 and last traded at $21.1560. Approximately 3,890,576 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 21,929,727 shares. The stock had previously closed at $19.10.

Wall Street Analyst Weigh In

A number of analysts recently commented on AG shares. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of First Majestic Silver in a research report on Wednesday, January 21st. BMO Capital Markets raised First Majestic Silver from a “market perform” rating to an “outperform” rating in a research report on Tuesday, March 24th. Zacks Research lowered First Majestic Silver from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 31st. Wall Street Zen lowered First Majestic Silver from a “strong-buy” rating to a “buy” rating in a research report on Monday. Finally, HC Wainwright boosted their price objective on First Majestic Silver to $30.00 and gave the stock a “buy” rating in a report on Friday, February 20th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, First Majestic Silver currently has a consensus rating of “Moderate Buy” and an average price target of $25.00.

First Majestic Silver Price Performance

The company has a current ratio of 2.60, a quick ratio of 2.41 and a debt-to-equity ratio of 0.09. The business has a fifty day simple moving average of $22.43 and a 200 day simple moving average of $19.23. The stock has a market capitalization of $10.79 billion, a P/E ratio of 62.56 and a beta of 0.85.

First Majestic Silver (NYSE:AG) (TSE:FR) last issued its quarterly earnings data on Thursday, February 19th. The mining company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.03. The firm had revenue of $463.92 million during the quarter, compared to analyst estimates of $561.30 million. First Majestic Silver had a return on equity of 7.25% and a net margin of 13.12%.The company’s revenue for the quarter was up 169.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.03 EPS. On average, analysts expect that First Majestic Silver Corp. will post 0.72 earnings per share for the current year.

First Majestic Silver Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Friday, February 27th were issued a dividend of $0.0083 per share. The ex-dividend date of this dividend was Friday, February 27th. This represents a $0.03 dividend on an annualized basis and a yield of 0.2%. This is an increase from First Majestic Silver’s previous quarterly dividend of $0.01. First Majestic Silver’s dividend payout ratio is presently 8.57%.

Hedge Funds Weigh In On First Majestic Silver

Several institutional investors have recently modified their holdings of AG. Arrowstreet Capital Limited Partnership grew its holdings in shares of First Majestic Silver by 408.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 15,041,912 shares of the mining company’s stock valued at $250,821,000 after acquiring an additional 12,081,688 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of First Majestic Silver by 32.0% in the third quarter. Van ECK Associates Corp now owns 43,225,807 shares of the mining company’s stock valued at $531,234,000 after acquiring an additional 10,471,543 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of First Majestic Silver by 38.5% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,932,368 shares of the mining company’s stock valued at $232,539,000 after acquiring an additional 5,265,612 shares in the last quarter. Teacher Retirement System of Texas bought a new position in shares of First Majestic Silver in the third quarter valued at approximately $55,071,000. Finally, Alps Advisors Inc. grew its holdings in shares of First Majestic Silver by 108.7% in the third quarter. Alps Advisors Inc. now owns 7,203,207 shares of the mining company’s stock valued at $88,527,000 after acquiring an additional 3,751,376 shares in the last quarter. 27.16% of the stock is owned by institutional investors.

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.