Cormark Lowers Earnings Estimates for First Majestic Silver

First Majestic Silver Corp. (NYSE:AG - Free Report) TSE: FR - Cormark dropped their FY2024 earnings per share estimates for shares of First Majestic Silver in a research report issued to clients and investors on Tuesday, February 18th. Cormark analyst R. Gray now forecasts that the mining company will post earnings of ($0.13) per share for the year, down from their prior estimate of ($0.06). The consensus estimate for First Majestic Silver's current full-year earnings is ($0.18) per share.

A number of other brokerages have also issued reports on AG. Scotiabank cut their target price 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. HC Wainwright reaffirmed a "buy" rating and set a $11.00 target price on shares of First Majestic Silver in a research report on Friday.

First Majestic Silver Trading Down 3.7 %

Shares of First Majestic Silver stock traded down $0.22 on Thursday, reaching $5.55. 25,372,832 shares of the company were exchanged, compared to its average volume of 18,162,666. The stock has a fifty day moving average price of $5.68 and a 200-day moving average price of $6.01. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of -20.54 and a beta of 1.24. 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 has a fifty-two week low of $4.28 and a fifty-two week high of $8.44.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR last announced its earnings results on Thursday, February 20th. The mining company reported $0.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.05 by ($0.02). The company had revenue of $172.34 million for the quarter, compared to analyst estimates of $227.77 million. First Majestic Silver had a negative return on equity of 4.19% and a negative net margin of 14.89%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of AG. Allworth Financial LP raised its position in First Majestic Silver by 805.4% during the fourth quarter. Allworth Financial LP now owns 5,161 shares of the mining company's stock valued at $29,000 after buying an additional 4,591 shares during the period. Blue Trust Inc. raised its position in First Majestic Silver by 77.3% during the third quarter. Blue Trust Inc. now owns 5,166 shares of the mining company's stock valued at $31,000 after buying an additional 2,253 shares during the period. Generali Investments CEE investicni spolecnost a.s. acquired a new position in First Majestic Silver during the fourth quarter valued at $55,000. Bank of Nova Scotia acquired a new position in First Majestic Silver during the fourth quarter valued at $57,000. Finally, Captrust Financial Advisors acquired a new position in First Majestic Silver during the fourth quarter valued at $58,000. 27.16% of the stock is owned by institutional investors and hedge funds.

First Majestic Silver Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be given a dividend of $0.0057 per share. This represents a $0.02 annualized dividend and a yield of 0.41%. This is a positive change from First Majestic Silver's previous quarterly dividend of $0.00. The ex-dividend date of this dividend is Friday, February 28th. First Majestic Silver's payout ratio is presently -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.