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

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

Separately, HC Wainwright reaffirmed a “buy” rating and issued 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 have recently made changes to their positions in the stock. Synovus Financial Corp acquired a new position in shares of First Majestic Silver during the third quarter worth approximately $452,000. Tidal Investments LLC lifted its position in First Majestic Silver by 1.8% in the third quarter. Tidal Investments LLC now owns 5,780,689 shares of the mining company’s stock worth $34,684,000 after purchasing an additional 99,640 shares during the period. Virtu Financial LLC lifted its position in First Majestic Silver by 95.9% in the third quarter. Virtu Financial LLC now owns 136,356 shares of the mining company’s stock worth $818,000 after purchasing an additional 66,750 shares during the period. Toronto Dominion Bank lifted its position in First Majestic Silver by 6.7% in the third quarter. Toronto Dominion Bank now owns 29,404 shares of the mining company’s stock worth $176,000 after purchasing an additional 1,855 shares during the period. Finally, Geode Capital Management LLC lifted its position in First Majestic Silver by 9.8% in the third quarter. Geode Capital Management LLC now owns 136,901 shares of the mining company’s stock worth $825,000 after purchasing an additional 12,171 shares during the period. 27.16% of the stock is owned by institutional investors.

First Majestic Silver Price Performance

The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of -20.93 and a beta of 1.25. 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 business has a 50-day simple moving average of $6.02 and a two-hundred day simple moving average of $6.09.

First Majestic Silver (NYSE:AG) (TSE:FR) last announced its quarterly earnings data on Thursday, November 7th. The mining company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.12). First Majestic Silver had a negative net margin of 14.89% and a negative return on equity of 4.19%. The company had revenue of $146.09 million for the quarter. As a group, 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 disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were given a dividend of $0.0048 per share. This represents a $0.02 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date was Friday, November 15th. This is an increase 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.