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

First Majestic Silver Corp. (NYSE:AG - Get Free Report) TSE: FR's share price 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 reiterated a "buy" rating and issued a $11.00 price objective on shares of First Majestic Silver in a report on Friday, January 10th.

Institutional Trading of First Majestic Silver

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

First Majestic Silver Price Performance

The stock's fifty day moving average price is $6.00 and its 200-day moving average price is $6.09. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of -20.61 and a beta of 1.25. The company has a current ratio of 3.03, a quick ratio of 2.45 and a debt-to-equity ratio of 0.16.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR last announced its quarterly earnings results on Thursday, November 7th. The mining company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.12). The firm had revenue of $146.09 million for the quarter. First Majestic Silver had a negative return on equity of 4.19% and a negative net margin of 14.89%. As a group, equities research analysts forecast that First Majestic Silver Corp. will post -0.17 earnings per share for the current fiscal year.

First Majestic Silver Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were issued a dividend of $0.0048 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.02 dividend on an annualized basis and a dividend yield of 0.35%. This is an increase from First Majestic Silver's previous quarterly dividend of $0.00. First Majestic Silver's dividend payout ratio (DPR) is currently -7.41%.

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.