First Majestic Silver (NYSE:AG) Trading Down 2.6% After Analyst Downgrade

First Majestic Silver Corp. (NYSE:AG) (TSE:FR)’s stock price traded down 2.6% during trading 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. 3,498,856 shares traded hands during trading, a decline of 72% from the average session volume of 12,681,053 shares. The stock had previously closed at $5.84.

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

Hedge Funds Weigh In On First Majestic Silver

Several institutional investors and hedge funds have recently modified their holdings of the business. Barclays PLC purchased a new stake in First Majestic Silver in the third quarter valued at approximately $2,419,000. Marshall Wace LLP bought a new position in shares of First Majestic Silver in the second quarter worth $3,904,000. National Bank of Canada FI lifted its stake in shares of First Majestic Silver by 18.0% during the 3rd quarter. National Bank of Canada FI now owns 683,627 shares of the mining company’s stock valued at $4,102,000 after buying an additional 104,092 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of First Majestic Silver by 3.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,158,908 shares of the mining company’s stock valued at $18,701,000 after buying an additional 103,232 shares in the last quarter. Finally, Raymond James & Associates lifted its stake in First Majestic Silver by 17.7% in the 3rd quarter. Raymond James & Associates now owns 558,096 shares of the mining company’s stock worth $3,349,000 after purchasing an additional 83,867 shares in the last quarter. Hedge funds and other institutional investors own 27.16% of the company’s stock.

First Majestic Silver Stock Down 3.3 %

The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.45 and a current ratio of 3.03. The firm has a market capitalization of $1.71 billion, a PE ratio of -20.93 and a beta of 1.25. The company’s 50 day simple moving average is $6.02 and its 200-day simple moving average is $6.09.

First Majestic Silver (NYSE:AG) (TSE:FR) last posted its earnings results on Thursday, November 7th. The mining company reported ($0.03) earnings per share 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 firm had revenue of $146.09 million for the quarter. On average, analysts forecast that First Majestic Silver Corp. will post -0.17 EPS for the current fiscal year.

First Majestic Silver Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were paid a dividend of $0.0048 per share. This represents a $0.02 annualized dividend and a dividend yield of 0.34%. The ex-dividend date was Friday, November 15th. This is a boost from First Majestic Silver’s previous quarterly dividend of $0.00. First Majestic Silver’s dividend payout ratio (DPR) is currently -3.70%.

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.