First Majestic Silver (NYSE:AG) Shares Gap Up - Here's Why

First Majestic Silver Corp. (NYSE:AG - Get Free Report) TSE: FR's share price gapped up before the market opened on Tuesday . The stock had previously closed at $6.96, but opened at $7.21. First Majestic Silver shares last traded at $7.07, with a volume of 2,276,956 shares trading hands.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. TD Securities raised shares of First Majestic Silver to a "hold" rating in a research note on Monday, March 10th. StockNews.com upgraded First Majestic Silver from a "sell" rating to a "hold" rating in a research report on Friday, February 21st. Scotiabank decreased their price objective on First Majestic Silver from $6.50 to $6.00 and set a "sector perform" rating on the stock in a research report on Wednesday, January 15th. Finally, HC Wainwright reiterated a "buy" rating and issued a $11.00 target price on shares of First Majestic Silver in a report on Friday, February 21st. Three investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $8.50.

Remove Ads

First Majestic Silver Stock Down 3.1 %

The company has a debt-to-equity ratio of 0.16, a current ratio of 2.56 and a quick ratio of 2.12. The company has a 50-day simple moving average of $5.96 and a 200-day simple moving average of $6.17. The firm has a market cap of $3.27 billion, a PE ratio of -19.30 and a beta of 1.16.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR last announced its quarterly earnings data 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 business had revenue of $172.34 million during 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 expect that First Majestic Silver Corp. will post 0.54 earnings per share for the current fiscal year.

First Majestic Silver Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were paid a dividend of $0.0057 per share. This represents a $0.02 annualized dividend and a dividend yield of 0.34%. The ex-dividend date was Friday, February 28th. This is an increase from First Majestic Silver's previous quarterly dividend of $0.00. First Majestic Silver's payout ratio is currently -5.71%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of AG. PKO Investment Management Joint Stock Co bought a new position in shares of First Majestic Silver during the 4th quarter worth $723,000. Integrated Advisors Network LLC purchased a new position in First Majestic Silver in the fourth quarter valued at about $399,000. Mackenzie Financial Corp raised its holdings in First Majestic Silver by 8.1% in the fourth quarter. Mackenzie Financial Corp now owns 155,262 shares of the mining company's stock worth $852,000 after purchasing an additional 11,649 shares in the last quarter. Public Employees Retirement System of Ohio grew its position in shares of First Majestic Silver by 6.1% in the 4th quarter. Public Employees Retirement System of Ohio now owns 88,896 shares of the mining company's stock worth $488,000 after buying an additional 5,099 shares during the last quarter. Finally, Two Sigma Advisers LP raised its stake in shares of First Majestic Silver by 90.6% during the 4th quarter. Two Sigma Advisers LP now owns 118,715 shares of the mining company's stock worth $652,000 after acquiring an additional 56,415 shares in the last quarter. Institutional investors own 27.16% of the company's stock.

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.