First Majestic Silver (NYSE:AG) Shares Gap Up – Here’s Why

by · The Cerbat Gem

First Majestic Silver Corp. (NYSE:AG – Get Free Report) (TSE:FR) shares gapped up before the market opened on Friday . The stock had previously closed at $6.02, but opened at $6.31. First Majestic Silver shares last traded at $6.33, with a volume of 2,504,516 shares traded.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Scotiabank restated a “sector perform” rating and set a $6.00 price objective on shares of First Majestic Silver in a research note on Wednesday, April 2nd. HC Wainwright reaffirmed a “buy” rating and issued a $11.00 price target on shares of First Majestic Silver in a research note on Friday, February 21st. National Bankshares reaffirmed a “sector perform” rating on shares of First Majestic Silver in a research report on Wednesday, April 2nd. TD Securities upgraded shares of First Majestic Silver to a “hold” rating in a research report on Monday, March 10th. Finally, StockNews.com upgraded shares of First Majestic Silver from a “sell” rating to a “hold” rating in a research report on Friday, February 21st. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $8.50.

Read Our Latest Analysis on First Majestic Silver

First Majestic Silver Stock Up 3.7 %

The company has a quick ratio of 2.12, a current ratio of 2.56 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $3.02 billion, a price-to-earnings ratio of -18.01 and a beta of 0.97. The firm has a 50 day moving average of $6.04 and a two-hundred day moving average of $6.18.

First Majestic Silver (NYSE:AG – Get Free Report) (TSE:FR) last posted its quarterly earnings results on Thursday, February 20th. The mining company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.02). The company had revenue of $172.34 million during the quarter, compared to analyst estimates of $227.77 million. First Majestic Silver had a negative net margin of 18.17% and a negative return on equity of 3.07%. As a group, sell-side analysts anticipate that First Majestic Silver Corp. will post 0.54 EPS 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 issued a dividend of $0.0057 per share. The ex-dividend date was Friday, February 28th. This is an increase from First Majestic Silver’s previous quarterly dividend of $0.00. This represents a $0.02 annualized dividend and a dividend yield of 0.37%. First Majestic Silver’s dividend payout ratio is -5.71%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in AG. Barclays PLC acquired a new position in First Majestic Silver during the 3rd quarter worth about $2,419,000. Realta Investment Advisors raised its position in shares of First Majestic Silver by 16.8% during the fourth quarter. Realta Investment Advisors now owns 497,726 shares of the mining company’s stock worth $2,882,000 after acquiring an additional 71,456 shares during the last quarter. National Bank of Canada FI lifted its stake in shares of First Majestic Silver by 18.0% in the third quarter. National Bank of Canada FI now owns 683,627 shares of the mining company’s stock worth $4,102,000 after acquiring an additional 104,092 shares during the period. Point72 Asset Management L.P. bought a new stake in First Majestic Silver in the third quarter valued at approximately $748,000. Finally, Charles Schwab Investment Management Inc. increased its position in First Majestic Silver by 3.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 565,982 shares of the mining company’s stock valued at $3,109,000 after purchasing an additional 18,219 shares during the period. Institutional investors and hedge funds own 27.16% of the company’s stock.

First Majestic Silver Company Profile

(Get Free Report)

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.

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