First Majestic Silver (NYSE:AG) Stock Price Down 2.6% on Analyst Downgrade

First Majestic Silver Corp. (NYSE:AGGet Free Report) (TSE:FR)’s stock price dropped 2.6% on Wednesday after Scotiabank lowered their price target on the stock from $6.50 to $6.00. Scotiabank currently has a sector perform rating on the stock. First Majestic Silver traded as low as $5.66 and last traded at $5.69. Approximately 3,498,856 shares were traded during trading, a decline of 72% from the average daily volume of 12,681,053 shares. The stock had previously closed at $5.84.

Separately, HC Wainwright reiterated a “buy” rating and issued a $11.00 price target on shares of First Majestic Silver in a report on Friday, January 10th.

Get Our Latest Research Report on First Majestic Silver

Hedge Funds Weigh In On First Majestic Silver

Hedge funds and other institutional investors have recently modified their holdings of the company. Toronto Dominion Bank boosted its holdings in shares of First Majestic Silver by 6.7% in the third quarter. Toronto Dominion Bank now owns 29,404 shares of the mining company’s stock valued at $176,000 after acquiring an additional 1,855 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of First Majestic Silver by 77.3% during the third quarter. Blue Trust Inc. now owns 5,166 shares of the mining company’s stock valued at $31,000 after acquiring an additional 2,253 shares during the period. Veracity Capital LLC lifted its holdings in shares of First Majestic Silver by 18.5% in the third quarter. Veracity Capital LLC now owns 17,344 shares of the mining company’s stock valued at $104,000 after purchasing an additional 2,710 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in First Majestic Silver by 1.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 238,618 shares of the mining company’s stock worth $1,411,000 after acquiring an additional 3,980 shares during the period. Finally, Euro Pacific Asset Management LLC grew its position in First Majestic Silver by 14.4% during the third quarter. Euro Pacific Asset Management LLC now owns 41,211 shares of the mining company’s stock valued at $251,000 after purchasing an additional 5,181 shares in the last quarter. Institutional investors and hedge funds own 27.16% of the company’s stock.

First Majestic Silver Price Performance

The company has a quick ratio of 2.45, a current ratio of 3.03 and a debt-to-equity ratio of 0.16. The stock’s 50 day moving average price is $6.00 and its two-hundred day moving average price is $6.09. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of -20.61 and a beta of 1.25.

First Majestic Silver (NYSE:AGGet Free Report) (TSE:FR) last posted its quarterly earnings data on Thursday, November 7th. The mining company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.12). First Majestic Silver had a negative return on equity of 4.19% and a negative net margin of 14.89%. The business had revenue of $146.09 million during the quarter. Analysts anticipate that First Majestic Silver Corp. will post -0.17 EPS for the current fiscal year.

First Majestic Silver Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a dividend of $0.0048 per share. The ex-dividend date was Friday, November 15th. This is a boost from First Majestic Silver’s previous quarterly dividend of $0.00. This represents a $0.02 dividend on an annualized basis and a dividend yield of 0.35%. First Majestic Silver’s dividend payout ratio (DPR) is presently -7.41%.

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.

Further Reading

Receive News & Ratings for First Majestic Silver Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Majestic Silver and related companies with MarketBeat.com's FREE daily email newsletter.