First Majestic Silver (NYSE:AG) Shares Gap Down – What’s Next?

Shares of First Majestic Silver Corp. (NYSE:AG) (TSE:FR) gapped down prior to trading on Wednesday . The stock had previously closed at $7.92, but opened at $7.67. First Majestic Silver shares last traded at $7.74, with a volume of 1,331,219 shares changing hands.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Cormark raised First Majestic Silver from a “hold” rating to a “moderate buy” rating in a research report on Friday, September 6th. HC Wainwright reaffirmed a “buy” rating and set a $8.50 target price on shares of First Majestic Silver in a research report on Friday, October 18th.

First Majestic Silver Stock Down 3.3 %

The company has a debt-to-equity ratio of 0.17, a current ratio of 3.05 and a quick ratio of 2.44. The stock has a market capitalization of $2.22 billion, a P/E ratio of -49.53 and a beta of 1.36. The stock has a fifty day moving average price of $6.00 and a 200 day moving average price of $6.36.

First Majestic Silver (NYSE:AG) (TSE:FR) last posted its earnings results on Thursday, August 1st. The mining company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $136.20 million for the quarter, compared to analysts’ expectations of $129.74 million. During the same period in the previous year, the firm earned ($0.02) EPS. The firm’s quarterly revenue was down 7.2% compared to the same quarter last year. On average, research analysts forecast that First Majestic Silver Corp. will post -0.13 earnings per share for the current year.

First Majestic Silver Announces Dividend

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

Institutional Investors Weigh In On First Majestic Silver

Several large investors have recently added to or reduced their stakes in the business. Van ECK Associates Corp raised its stake in First Majestic Silver by 5.1% in the first quarter. Van ECK Associates Corp now owns 31,876,555 shares of the mining company’s stock valued at $187,433,000 after purchasing an additional 1,534,710 shares in the last quarter. Vanguard Group Inc. raised its position in shares of First Majestic Silver by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 10,451,621 shares of the mining company’s stock valued at $61,456,000 after buying an additional 186,570 shares in the last quarter. Tidal Investments LLC lifted its holdings in shares of First Majestic Silver by 6,929.4% during the 1st quarter. Tidal Investments LLC now owns 5,174,889 shares of the mining company’s stock worth $30,406,000 after acquiring an additional 5,101,271 shares during the last quarter. Dimensional Fund Advisors LP grew its position in First Majestic Silver by 3.4% in the second quarter. Dimensional Fund Advisors LP now owns 3,158,908 shares of the mining company’s stock worth $18,701,000 after acquiring an additional 103,232 shares in the last quarter. Finally, TD Asset Management Inc increased its stake in First Majestic Silver by 0.8% in the second quarter. TD Asset Management Inc now owns 774,530 shares of the mining company’s stock valued at $4,585,000 after acquiring an additional 5,868 shares during the last quarter. Institutional investors own 27.16% of the company’s stock.

About First Majestic Silver

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.