First Majestic Silver (NYSE:AG) Shares Down 2.6% Following Analyst Downgrade

First Majestic Silver Corp. (NYSE:AG) (TSE:FR) shares traded down 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. 3,498,856 shares changed 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 restated a “buy” rating and issued a $11.00 target price on shares of First Majestic Silver in a report on Friday, January 10th.

Hedge Funds Weigh In On First Majestic Silver

Institutional investors have recently modified their holdings of the stock. Blue Trust Inc. increased its holdings in shares of First Majestic Silver by 77.3% in the third quarter. Blue Trust Inc. now owns 5,166 shares of the mining company’s stock valued at $31,000 after purchasing an additional 2,253 shares in the last quarter. Dark Forest Capital Management LP bought a new position in First Majestic Silver in the 2nd quarter valued at $70,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of First Majestic Silver in the 3rd quarter valued at $70,000. Corundum Trust Company INC bought a new stake in shares of First Majestic Silver during the third quarter worth $72,000. Finally, Creative Planning acquired a new position in shares of First Majestic Silver during the third quarter valued at $72,000. 27.16% of the stock is owned by institutional investors.

First Majestic Silver Stock Performance

The firm has a fifty day moving average of $6.04 and a 200-day moving average of $6.10. 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 firm has a market cap of $1.70 billion, a P/E ratio of -20.85 and a beta of 1.25.

First Majestic Silver (NYSE:AG) (TSE:FR) last issued its quarterly earnings data on Thursday, November 7th. The mining company reported ($0.03) EPS for the quarter, missing the consensus estimate 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 for the quarter. Research analysts predict that First Majestic Silver Corp. will post -0.17 earnings per share for the current fiscal year.

First Majestic Silver Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were issued a $0.0048 dividend. 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 is -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.