First Majestic Silver (NYSE:AG) Trading Up 5.4% – Here’s Why

Shares of First Majestic Silver Corp. (NYSE:AG) (TSE:FR) shot up 5.4% during mid-day trading on Tuesday . The stock traded as high as $5.99 and last traded at $5.85. 1,470,398 shares traded hands during trading, a decline of 86% from the average session volume of 10,436,908 shares. The stock had previously closed at $5.55.

Wall Street Analyst Weigh In

AG has been the topic of several research analyst reports. StockNews.com upgraded First Majestic Silver from a “sell” rating to a “hold” rating in a research note on Friday, February 21st. HC Wainwright reaffirmed a “buy” rating and set a $11.00 price objective on shares of First Majestic Silver in a report on Friday, February 21st. Scotiabank reduced their target price on shares of First Majestic Silver from $6.50 to $6.00 and set a “sector perform” rating for the company in a research note on Wednesday, January 15th. Finally, TD Securities upgraded shares of First Majestic Silver to a “hold” rating in a research note on Monday. Three equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $8.50.

First Majestic Silver Stock Up 3.5 %

The stock has a fifty day simple moving average of $5.69 and a two-hundred day simple moving average of $6.04. The firm has a market cap of $3.08 billion, a PE ratio of -18.00 and a beta of 1.16. The company has a current ratio of 2.56, a quick ratio of 2.12 and a debt-to-equity ratio of 0.16.

First Majestic Silver (NYSE:AG) (TSE:FR) last posted its earnings results 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 return on equity of 3.07% and a negative net margin of 18.17%. The firm had revenue of $172.34 million during the quarter, compared to analysts’ expectations of $227.77 million. As a group, sell-side analysts expect that First Majestic Silver Corp. will post 0.54 EPS for the current fiscal year.

First Majestic Silver Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be given a dividend of $0.0057 per share. This represents a $0.02 annualized dividend and a yield of 0.36%. This is a boost from First Majestic Silver’s previous quarterly dividend of $0.00. The ex-dividend date of this dividend is Friday, February 28th. First Majestic Silver’s payout ratio is presently -5.71%.

Institutional Trading of First Majestic Silver

Institutional investors and hedge funds have recently modified their holdings of the business. Allworth Financial LP raised its stake in First Majestic Silver by 805.4% in the fourth quarter. Allworth Financial LP now owns 5,161 shares of the mining company’s stock valued at $29,000 after purchasing an additional 4,591 shares in the last quarter. Generali Investments CEE investicni spolecnost a.s. bought a new position in shares of First Majestic Silver in the 4th quarter worth $55,000. Bank of Nova Scotia purchased a new stake in shares of First Majestic Silver during the 4th quarter valued at $57,000. Captrust Financial Advisors purchased a new stake in First Majestic Silver during the fourth quarter valued at about $58,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in First Majestic Silver during the third quarter worth about $70,000. Hedge funds and other 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.