First Majestic Silver (NYSE:AG) Trading Up 9.1% – Here’s What Happened

First Majestic Silver Corp. (NYSE:AG) (TSE:FR)’s stock price was up 9.1% during trading on Wednesday . The stock traded as high as $13.52 and last traded at $13.54. Approximately 12,665,111 shares were traded during trading, a decline of 39% from the average daily volume of 20,825,438 shares. The stock had previously closed at $12.41.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on AG shares. BMO Capital Markets restated a “market perform” rating on shares of First Majestic Silver in a report on Tuesday, October 7th. National Bankshares set a $22.00 target price on First Majestic Silver and gave the company an “outperform” rating in a report on Monday, October 6th. HC Wainwright set a $17.50 price target on First Majestic Silver in a research note on Friday, October 10th. National Bank Financial raised shares of First Majestic Silver from a “hold” rating to a “strong-buy” rating in a research note on Sunday, October 5th. Finally, Wall Street Zen cut shares of First Majestic Silver from a “buy” rating to a “hold” rating in a research report on Sunday, November 16th. One investment 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 stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $17.33.

First Majestic Silver Price Performance

The company’s 50 day simple moving average is $12.36 and its 200 day simple moving average is $9.67. The company has a current ratio of 3.27, a quick ratio of 2.84 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $6.65 billion, a PE ratio of -1,359.14 and a beta of 0.79.

First Majestic Silver (NYSE:AG) (TSE:FR) last posted its quarterly earnings data on Wednesday, November 5th. The mining company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.04). The business had revenue of $285.10 million for the quarter, compared to analyst estimates of $429.78 million. First Majestic Silver had a return on equity of 1.72% and a net margin of 1.78%.First Majestic Silver’s revenue for the quarter was up 95.3% compared to the same quarter last year. During the same quarter last year, the business earned ($0.09) EPS. On average, equities analysts anticipate that First Majestic Silver Corp. will post 0.54 earnings per share for the current year.

First Majestic Silver Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be paid a dividend of $0.0052 per share. The ex-dividend date of this dividend is Friday, November 14th. This represents a $0.02 dividend on an annualized basis and a dividend yield of 0.2%. This is an increase from First Majestic Silver’s previous quarterly dividend of $0.00. First Majestic Silver’s dividend payout ratio is currently 14.29%.

Institutional Investors Weigh In On First Majestic Silver

Several hedge funds have recently modified their holdings of the stock. Van ECK Associates Corp boosted its holdings in shares of First Majestic Silver by 32.0% in the 3rd quarter. Van ECK Associates Corp now owns 43,225,807 shares of the mining company’s stock valued at $531,234,000 after purchasing an additional 10,471,543 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new stake in shares of First Majestic Silver during the 1st quarter worth $46,070,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of First Majestic Silver by 74.2% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,666,756 shares of the mining company’s stock worth $112,880,000 after buying an additional 5,821,751 shares during the period. Teacher Retirement System of Texas acquired a new position in First Majestic Silver in the third quarter valued at $55,071,000. Finally, Sprott Inc. boosted its holdings in First Majestic Silver by 603.8% in the first quarter. Sprott Inc. now owns 4,612,904 shares of the mining company’s stock valued at $30,856,000 after acquiring an additional 3,957,459 shares during the last quarter. 27.16% of the stock is owned by institutional investors and hedge funds.

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.