First Majestic Silver (NYSE:AG) Shares Gap Up - Time to Buy?

First Majestic Silver Corp. (NYSE:AG - Get Free Report) TSE: FR's share price gapped up prior to trading on Monday . The stock had previously closed at $7.30, but opened at $7.72. First Majestic Silver shares last traded at $7.74, with a volume of 2,133,295 shares traded.

Analysts Set New Price Targets

Several research firms recently weighed in on AG. HC Wainwright restated a "buy" rating and set a $8.50 target price on shares of First Majestic Silver in a report on Friday. Cormark raised First Majestic Silver from a "hold" rating to a "moderate buy" rating in a research report on Friday, September 6th.

First Majestic Silver Stock Up 4.0 %

The firm's 50 day moving average price is $5.94 and its two-hundred day moving average price is $6.36. The firm has a market capitalization of $2.20 billion, a PE ratio of -47.44 and a beta of 1.36. The company has a quick ratio of 2.44, a current ratio of 3.05 and a debt-to-equity ratio of 0.17.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR last announced its earnings results on Thursday, August 1st. The mining company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.05). First Majestic Silver had a negative net margin of 15.37% and a negative return on equity of 4.39%. The business had revenue of $136.20 million for the quarter, compared to analyst estimates of $129.74 million. During the same quarter in the prior year, the business earned ($0.02) earnings per share. The firm's revenue was down 7.2% on a year-over-year basis. As a group, research analysts forecast that First Majestic Silver Corp. will post -0.13 EPS for the current fiscal year.

First Majestic Silver Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were given a $0.0046 dividend. This represents a $0.02 dividend on an annualized basis and a dividend yield of 0.24%. The ex-dividend date was Friday, August 16th. First Majestic Silver's payout ratio is -6.25%.

Institutional Trading of First Majestic Silver

A number of hedge funds have recently made changes to their positions in AG. Tidal Investments LLC increased its holdings in First Majestic Silver by 6,929.4% in the first quarter. Tidal Investments LLC now owns 5,174,889 shares of the mining company's stock valued at $30,406,000 after buying an additional 5,101,271 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of First Majestic Silver by 5.1% in the 1st quarter. Van ECK Associates Corp now owns 31,876,555 shares of the mining company's stock valued at $187,433,000 after acquiring an additional 1,534,710 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of First Majestic Silver during the 2nd quarter valued at approximately $3,904,000. SG Americas Securities LLC lifted its stake in First Majestic Silver by 145.4% during the first quarter. SG Americas Securities LLC now owns 424,917 shares of the mining company's stock worth $2,499,000 after purchasing an additional 251,741 shares during the last quarter. Finally, Virtu Financial LLC acquired a new position in First Majestic Silver in the first quarter worth $1,373,000. Institutional investors and hedge funds 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.