First Majestic Silver (NYSE:AG) Stock Price Down 6.7% – Here’s What Happened

Shares of First Majestic Silver Corp. (NYSE:AG) (TSE:FR) dropped 6.7% during trading on Wednesday. The company traded as low as $18.93 and last traded at $18.9510. 3,101,611 shares changed hands during trading, a decline of 81% from the average daily volume of 16,380,547 shares. The stock had previously closed at $20.32.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on AG shares. Scotiabank lowered their price objective on shares of First Majestic Silver from $23.00 to $22.50 and set a “sector perform” rating on the stock in a research note on Tuesday, July 14th. Weiss Ratings reissued a “hold (c)” rating on shares of First Majestic Silver in a report on Wednesday, September 2nd. Wall Street Zen lowered shares of First Majestic Silver from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. HC Wainwright boosted their price objective on shares of First Majestic Silver from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Finally, ATB Cormark Capital Markets raised shares of First Majestic Silver from a “hold” rating to a “moderate buy” rating in a research report on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $23.83.

First Majestic Silver Stock Down 1.6%

The firm has a market capitalization of $9.24 billion, a price-to-earnings ratio of 26.40 and a beta of 1.00. The business has a 50 day moving average of $18.86 and a 200 day moving average of $19.45. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.57 and a quick ratio of 2.38.

First Majestic Silver (NYSE:AG) (TSE:FR) last announced its quarterly earnings results on Thursday, July 30th. The mining company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.04). The business had revenue of $415.50 million during the quarter, compared to the consensus estimate of $496.00 million. First Majestic Silver had a net margin of 21.18% and a return on equity of 13.36%. The company’s quarterly revenue was up 57.3% compared to the same quarter last year. During the same period last year, the firm earned $0.11 EPS. On average, equities analysts anticipate that First Majestic Silver Corp. will post 0.81 EPS for the current year.

First Majestic Silver Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Friday, August 14th were issued a $0.0152 dividend. This represents a $0.06 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Friday, August 14th. This is a drop from First Majestic Silver’s previous quarterly dividend of $0.0171. First Majestic Silver’s payout ratio is currently 8.45%.

Institutional Trading of First Majestic Silver

Institutional investors have recently bought and sold shares of the stock. M Holdings Securities Inc. grew its position in First Majestic Silver by 3.1% during the second quarter. M Holdings Securities Inc. now owns 16,960 shares of the mining company’s stock worth $285,000 after buying an additional 515 shares in the last quarter. Parallel Advisors LLC raised its holdings in First Majestic Silver by 36.4% in the 1st quarter. Parallel Advisors LLC now owns 2,100 shares of the mining company’s stock valued at $45,000 after acquiring an additional 560 shares in the last quarter. Harbour Investments Inc. raised its holdings in First Majestic Silver by 2.9% in the 4th quarter. Harbour Investments Inc. now owns 24,656 shares of the mining company’s stock valued at $411,000 after acquiring an additional 697 shares in the last quarter. AdvisorNet Financial Inc lifted its position in shares of First Majestic Silver by 13.2% during the 1st quarter. AdvisorNet Financial Inc now owns 6,878 shares of the mining company’s stock valued at $148,000 after acquiring an additional 804 shares during the period. Finally, PNC Financial Services Group Inc. lifted its position in shares of First Majestic Silver by 184.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,508 shares of the mining company’s stock valued at $32,000 after acquiring an additional 978 shares during the period. Institutional investors and hedge funds own 27.16% of the company’s stock.

About First Majestic Silver

First Majestic Silver Corp. is a mining company focused on the exploration, development, and production of silver, gold, lead, and zinc. The company generates revenue primarily by producing and selling metal concentrates, doré bars, and other refined precious-metal products.

Founded in 2002 and headquartered in Vancouver, British Columbia, First Majestic has historically concentrated its operations in Mexico and the United States. Its principal Mexican mining assets have included the San Dimas, Santa Elena, and La Encantada mines, while its U.S.