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

First Majestic Silver Corp. (NYSE:AG - Get Free Report) TSE: FR traded down 2.6% 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. 3,498,856 shares were traded during mid-day trading, a decline of 72% from the average session volume of 12,681,053 shares. The stock had previously closed at $5.84.

Separately, HC Wainwright reiterated a "buy" rating and set a $11.00 target price on shares of First Majestic Silver in a report on Friday, January 10th.

Institutional Investors Weigh In On First Majestic Silver

Several hedge funds have recently modified their holdings of AG. Van ECK Associates Corp raised its holdings in shares of First Majestic Silver by 2.7% during the 3rd quarter. Van ECK Associates Corp now owns 28,912,989 shares of the mining company's stock valued at $173,478,000 after buying an additional 764,790 shares during the period. Marshall Wace LLP purchased a new stake in First Majestic Silver during the 2nd quarter worth approximately $3,904,000. Barclays PLC purchased a new stake in First Majestic Silver during the 3rd quarter worth approximately $2,419,000. Quantbot Technologies LP purchased a new stake in First Majestic Silver during the 3rd quarter worth approximately $2,057,000. Finally, XTX Topco Ltd increased its holdings in First Majestic Silver by 1,510.1% during the 3rd quarter. XTX Topco Ltd now owns 271,748 shares of the mining company's stock worth $1,630,000 after purchasing an additional 254,870 shares during the last quarter. 27.16% of the stock is currently owned by hedge funds and other institutional investors.

First Majestic Silver Stock Down 3.3 %

The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.45 and a current ratio of 3.03. The firm has a fifty day simple moving average of $6.04 and a 200-day simple moving average of $6.10. The company has a market capitalization of $1.71 billion, a PE ratio of -20.93 and a beta of 1.25.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR last posted its quarterly earnings data on Thursday, November 7th. The mining company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.12). First Majestic Silver had a negative return on equity of 4.19% and a negative net margin of 14.89%. The business had revenue of $146.09 million for the quarter. Equities 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 disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a dividend of $0.0048 per share. The ex-dividend date was Friday, November 15th. This is an increase from First Majestic Silver's previous quarterly dividend of $0.00. This represents a $0.02 annualized dividend and a yield of 0.34%. First Majestic Silver's payout ratio is currently -3.70%.

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.