First Majestic Silver (NYSE:AG) Shares Gap Down – Here’s Why

First Majestic Silver Corp. (NYSE:AG) (TSE:FR) gapped down before the market opened on Tuesday . The stock had previously closed at $12.41, but opened at $11.82. First Majestic Silver shares last traded at $12.54, with a volume of 6,770,685 shares changing hands.

Wall Street Analysts Forecast Growth

AG has been the topic of a number of analyst reports. Scotiabank lifted their price target on First Majestic Silver from $6.00 to $6.50 and gave the stock a “sector perform” rating in a research note on Wednesday, July 9th. National Bank Financial raised First Majestic Silver to a “hold” rating in a research note on Thursday, June 12th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $12.75 price target on shares of First Majestic Silver in a research note on Friday, August 15th. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, First Majestic Silver presently has a consensus rating of “Hold” and an average price target of $9.63.

First Majestic Silver Stock Down 1.0%

The company has a quick ratio of 2.84, a current ratio of 3.27 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $6.01 billion, a P/E ratio of -1,227.27 and a beta of 0.78. The company has a 50-day moving average of $9.39 and a two-hundred day moving average of $7.86.

First Majestic Silver (NYSE:AG) (TSE:FR) last released its earnings results on Thursday, August 14th. The mining company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.02). First Majestic Silver had a return on equity of 1.72% and a net margin of 1.78%.The company had revenue of $264.20 million during the quarter, compared to the consensus estimate of $387.25 million. During the same period last year, the firm posted ($0.07) earnings per share. The company’s revenue was up 94.0% compared to the same quarter last year. On average, research analysts predict that First Majestic Silver Corp. will post 0.54 EPS for the current year.

First Majestic Silver Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were paid a $0.0048 dividend. The ex-dividend date was Friday, August 29th. This represents a $0.02 annualized dividend and a dividend yield of 0.2%. First Majestic Silver’s payout ratio is currently -100.00%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. B. Riley Wealth Advisors Inc. purchased a new position in shares of First Majestic Silver in the second quarter worth $162,000. Newbridge Financial Services Group Inc. purchased a new stake in First Majestic Silver during the second quarter valued at $425,000. Marex Group plc purchased a new stake in First Majestic Silver during the second quarter valued at $224,000. Geneos Wealth Management Inc. increased its position in First Majestic Silver by 33.0% during the second quarter. Geneos Wealth Management Inc. now owns 135,227 shares of the mining company’s stock valued at $1,118,000 after acquiring an additional 33,575 shares during the last quarter. Finally, FORA Capital LLC grew its holdings in First Majestic Silver by 1,216.2% during the second quarter. FORA Capital LLC now owns 340,695 shares of the mining company’s stock valued at $2,818,000 after purchasing an additional 314,811 shares during the period. Hedge funds and other institutional investors 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.