First Majestic Silver (NYSE:AG) Shares Gap Up – Still a Buy?

First Majestic Silver Corp. (NYSE:AG) (TSE:FR) gapped up prior to trading on Tuesday . The stock had previously closed at $7.09, but opened at $7.32. First Majestic Silver shares last traded at $7.36, with a volume of 2,748,634 shares changing hands.

Analysts Set New Price Targets

AG has been the subject of several recent research reports. StockNews.com raised First Majestic Silver from a “sell” rating to a “hold” rating in a research note on Friday, February 21st. Scotiabank decreased their price target on shares of First Majestic Silver from $6.50 to $6.00 and set a “sector perform” rating on the stock in a research note on Wednesday, January 15th. HC Wainwright reaffirmed a “buy” rating and set a $11.00 price objective on shares of First Majestic Silver in a research note on Friday, February 21st. Finally, TD Securities raised shares of First Majestic Silver to a “hold” rating in a research note on Monday, March 10th. Three research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, First Majestic Silver presently has an average rating of “Hold” and a consensus price target of $8.50.

First Majestic Silver Stock Performance

The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.12 and a current ratio of 2.56. The stock has a market capitalization of $3.53 billion, a PE ratio of -20.86 and a beta of 1.16. The firm’s 50 day moving average is $5.75 and its two-hundred day moving average is $6.07.

First Majestic Silver (NYSE:AG) (TSE:FR) last announced its quarterly earnings data on Thursday, February 20th. The mining company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.02). First Majestic Silver had a negative net margin of 18.17% and a negative return on equity of 3.07%. The company had revenue of $172.34 million during the quarter, compared to analyst estimates of $227.77 million. As a group, research analysts predict that First Majestic Silver Corp. will post 0.54 earnings per share for the current year.

First Majestic Silver Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were issued a $0.0057 dividend. This is a boost from First Majestic Silver’s previous quarterly dividend of $0.00. The ex-dividend date was Friday, February 28th. This represents a $0.02 annualized dividend and a yield of 0.31%. First Majestic Silver’s dividend payout ratio (DPR) is -5.71%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in AG. Tidal Investments LLC grew its stake in shares of First Majestic Silver by 135.2% during the fourth quarter. Tidal Investments LLC now owns 13,596,866 shares of the mining company’s stock worth $74,647,000 after purchasing an additional 7,816,177 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of First Majestic Silver by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 11,423,691 shares of the mining company’s stock worth $62,784,000 after acquiring an additional 598,996 shares in the last quarter. Two Sigma Investments LP boosted its position in shares of First Majestic Silver by 46.8% during the 4th quarter. Two Sigma Investments LP now owns 4,455,923 shares of the mining company’s stock worth $24,463,000 after acquiring an additional 1,420,937 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of First Majestic Silver by 897.8% in the 4th quarter. Renaissance Technologies LLC now owns 3,759,181 shares of the mining company’s stock valued at $20,638,000 after acquiring an additional 3,382,443 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of First Majestic Silver by 3.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,472,159 shares of the mining company’s stock worth $19,060,000 after acquiring an additional 121,892 shares in the last quarter. 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.