First Majestic Silver (NYSE:AG) Stock Price Down 9% – What’s Next?

First Majestic Silver Corp. (NYSE:AG) (TSE:FR)’s stock price traded down 9% on Friday . The stock traded as low as $20.46 and last traded at $20.6270. 4,863,351 shares were traded during trading, a decline of 78% from the average session volume of 21,695,146 shares. The stock had previously closed at $22.66.

Analysts Set New Price Targets

Several research analysts have commented on AG shares. Scotiabank raised First Majestic Silver to a “hold” rating in a research report on Thursday, April 23rd. Weiss Ratings raised First Majestic Silver from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday. BMO Capital Markets upgraded shares of First Majestic Silver from a “market perform” rating to an “outperform” rating in a research note on Tuesday, March 24th. Wall Street Zen lowered shares of First Majestic Silver from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, Zacks Research downgraded shares of First Majestic Silver from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 31st. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $25.25.

First Majestic Silver Price Performance

The stock has a market cap of $10.09 billion, a P/E ratio of 34.05 and a beta of 0.85. The company has a current ratio of 2.73, a quick ratio of 2.41 and a debt-to-equity ratio of 0.08. The company’s fifty day simple moving average is $21.54 and its 200-day simple moving average is $19.60.

First Majestic Silver (NYSE:AG) (TSE:FR) last issued its earnings results on Tuesday, May 12th. The mining company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.02). The business had revenue of $476.67 million for the quarter, compared to analyst estimates of $522.00 million. First Majestic Silver had a net margin of 19.51% and a return on equity of 11.19%. First Majestic Silver’s revenue was up 95.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.05 earnings per share. As a group, sell-side analysts forecast that First Majestic Silver Corp. will post 0.74 EPS for the current year.

First Majestic Silver Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Wednesday, May 20th will be issued a dividend of $0.0171 per share. The ex-dividend date of this dividend is Wednesday, May 20th. This is a positive change from First Majestic Silver’s previous quarterly dividend of $0.01. This represents a $0.07 dividend on an annualized basis and a yield of 0.3%. First Majestic Silver’s dividend payout ratio (DPR) is presently 5.00%.

Hedge Funds Weigh In On First Majestic Silver

A number of hedge funds have recently modified their holdings of AG. The Manufacturers Life Insurance Company boosted its stake in First Majestic Silver by 410.3% in the 1st quarter. The Manufacturers Life Insurance Company now owns 2,145,643 shares of the mining company’s stock valued at $46,029,000 after buying an additional 1,725,145 shares in the last quarter. SummitTX Capital L.P. raised its stake in First Majestic Silver by 167.3% during the first quarter. SummitTX Capital L.P. now owns 49,811 shares of the mining company’s stock worth $1,070,000 after acquiring an additional 31,173 shares in the last quarter. Absolute Gestao de Investimentos Ltda. bought a new position in shares of First Majestic Silver during the first quarter valued at $336,000. Themes Management Co LLC lifted its holdings in shares of First Majestic Silver by 51.1% during the first quarter. Themes Management Co LLC now owns 66,714 shares of the mining company’s stock valued at $1,430,000 after acquiring an additional 22,562 shares during the period. Finally, Entropy Technologies LP acquired a new stake in shares of First Majestic Silver in the 1st quarter valued at $2,593,000. 27.16% of the stock is owned by institutional investors and hedge funds.

First Majestic Silver Company Profile

First Majestic Silver Corp. (NYSE:AG) engages in the production of silver from its wholly owned operations in Mexico. Headquartered in Vancouver, British Columbia, the company focuses on acquiring, developing and operating high-grade silver projects. Established in 2002, First Majestic has built a multi-mine portfolio to supply silver primarily for the global industrial and investment markets while generating by-products such as gold, lead and zinc concentrates.

First Majestic’s principal operations are located in the historic Mexican Silver Belt, with producing mines including La Encantada in Coahuila, Santa Elena in Sonora and La Parrilla in Durango.