First Majestic Silver (NYSE:AG) Trading 8.7% Higher – Time to Buy?

Shares of First Majestic Silver Corp. (NYSE:AG) (TSE:FR) rose 8.7% during mid-day trading on Thursday . The company traded as high as $5.97 and last traded at $5.97. Approximately 7,937,051 shares traded hands during mid-day trading, a decline of 6% from the average daily volume of 8,488,041 shares. The stock had previously closed at $5.49.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Cormark upgraded shares of First Majestic Silver from a “hold” rating to a “moderate buy” rating in a research report on Friday, September 6th. HC Wainwright reissued a “buy” rating and set a $8.50 price objective on shares of First Majestic Silver in a research report on Friday, October 18th.

First Majestic Silver Stock Up 7.7 %

The firm has a market cap of $1.78 billion, a P/E ratio of -21.89 and a beta of 1.25. The company’s 50-day simple moving average is $6.34 and its 200 day simple moving average is $6.11. The company has a debt-to-equity ratio of 0.16, a current ratio of 3.03 and a quick ratio of 2.45.

First Majestic Silver (NYSE:AG) (TSE:FR) last issued its earnings results 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 during the quarter. First Majestic Silver had a negative return on equity of 4.19% and a negative net margin of 14.89%. Research analysts anticipate that First Majestic Silver Corp. will post -0.17 EPS for the current fiscal year.

First Majestic Silver Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were issued a $0.0048 dividend. The ex-dividend date was Friday, November 15th. This represents a $0.02 annualized dividend and a dividend yield of 0.32%. This is a positive change from First Majestic Silver’s previous quarterly dividend of $0.00. First Majestic Silver’s payout ratio is currently -3.70%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of First Majestic Silver by 11.1% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 203,260 shares of the mining company’s stock valued at $1,203,000 after purchasing an additional 20,270 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of First Majestic Silver by 6.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,320 shares of the mining company’s stock valued at $493,000 after buying an additional 4,797 shares during the last quarter. International Assets Investment Management LLC raised its stake in First Majestic Silver by 39.5% in the 2nd quarter. International Assets Investment Management LLC now owns 13,995 shares of the mining company’s stock worth $83,000 after acquiring an additional 3,960 shares during the last quarter. Commonwealth Equity Services LLC acquired a new stake in First Majestic Silver during the 2nd quarter worth about $325,000. Finally, CIBC Asset Management Inc grew its stake in First Majestic Silver by 7.7% during the 2nd quarter. CIBC Asset Management Inc now owns 356,769 shares of the mining company’s stock valued at $2,111,000 after purchasing an additional 25,463 shares during the last quarter. 27.16% of the stock is currently owned by hedge funds and other institutional investors.

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.