First Majestic Silver (NYSE:AG) Issues Earnings Results

First Majestic Silver (NYSE:AG) (TSE:FR) posted its earnings results on Wednesday. The mining company reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.04), Zacks reports. The business had revenue of $285.10 million during the quarter, compared to analysts’ expectations of $429.78 million. First Majestic Silver had a net margin of 1.78% and a return on equity of 1.72%. First Majestic Silver’s revenue for the quarter was up 95.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.09) EPS.

First Majestic Silver Stock Up 2.2%

AG stock opened at $10.91 on Friday. The company’s 50 day moving average price is $11.80 and its 200 day moving average price is $9.10. The firm has a market capitalization of $5.35 billion, a price-to-earnings ratio of -1,089.91 and a beta of 0.79. First Majestic Silver has a fifty-two week low of $5.09 and a fifty-two week high of $15.69. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.84 and a current ratio of 3.27.

First Majestic Silver Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be given a dividend of $0.0052 per share. 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 0.2%. The ex-dividend date of this dividend is Friday, November 14th. First Majestic Silver’s dividend payout ratio is presently -100.00%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. TD Securities raised shares of First Majestic Silver from a “hold” rating to a “buy” rating in a research report on Wednesday, October 8th. National Bank Financial upgraded shares of First Majestic Silver from a “hold” rating to a “strong-buy” rating in a report on Sunday, October 5th. HC Wainwright set a $17.50 price target on First Majestic Silver in a research note on Friday, October 10th. Scotiabank raised their price target on First Majestic Silver from $9.00 to $12.50 and gave the stock a “sector perform” rating in a research report on Thursday, October 23rd. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of First Majestic Silver in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $17.33.

Institutional Investors Weigh In On First Majestic Silver

A number of hedge funds and other institutional investors have recently modified their holdings of the company. B. Riley Wealth Advisors Inc. acquired a new position in shares of First Majestic Silver during the second quarter worth $162,000. Geneos Wealth Management Inc. lifted its holdings in First Majestic Silver by 33.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 135,227 shares of the mining company’s stock worth $1,118,000 after buying an additional 33,575 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its position in shares of First Majestic Silver by 222.8% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 158,635 shares of the mining company’s stock worth $1,311,000 after acquiring an additional 109,484 shares in the last quarter. Two Sigma Securities LLC boosted its position in shares of First Majestic Silver by 41.0% during the 2nd quarter. Two Sigma Securities LLC now owns 43,326 shares of the mining company’s stock worth $358,000 after acquiring an additional 12,609 shares in the last quarter. Finally, Tidal Investments LLC increased its stake in First Majestic Silver by 5.1% in the second quarter. Tidal Investments LLC now owns 18,433,836 shares of the mining company’s stock valued at $152,448,000 after purchasing an additional 890,153 shares during the last quarter. 27.16% of the stock is currently owned by institutional investors and hedge funds.

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.