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

First Majestic Silver Corp. (NYSE:AG) (TSE:FR)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $7.92, but opened at $7.67. First Majestic Silver shares last traded at $7.74, with a volume of 1,331,219 shares traded.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. HC Wainwright reissued a “buy” rating and issued a $8.50 target price on shares of First Majestic Silver in a report on Friday, October 18th. Cormark raised shares of First Majestic Silver from a “hold” rating to a “moderate buy” rating in a research note on Friday, September 6th.

First Majestic Silver Price Performance

The company has a 50-day simple moving average of $6.09 and a 200-day simple moving average of $6.38. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.44 and a current ratio of 3.05. The company has a market cap of $2.27 billion, a price-to-earnings ratio of -48.84 and a beta of 1.36.

First Majestic Silver (NYSE:AG) (TSE:FR) last posted its quarterly earnings data on Thursday, August 1st. The mining company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.05). First Majestic Silver had a negative net margin of 15.37% and a negative return on equity of 4.39%. The company had revenue of $136.20 million for the quarter, compared to analyst estimates of $129.74 million. During the same period in the prior year, the company earned ($0.02) EPS. The company’s revenue was down 7.2% compared to the same quarter last year. As a group, research analysts predict that First Majestic Silver Corp. will post -0.13 earnings per share for the current year.

First Majestic Silver Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were paid a dividend of $0.0046 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $0.02 annualized dividend and a dividend yield of 0.24%. First Majestic Silver’s dividend payout ratio is presently -6.25%.

Institutional Investors Weigh In On First Majestic Silver

Institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its stake in shares of First Majestic Silver by 77.3% in the 3rd 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. Dixon Mitchell Investment Counsel Inc. acquired a new position in First Majestic Silver during the first quarter valued at approximately $48,000. B. Riley Wealth Advisors Inc. purchased a new stake in First Majestic Silver during the first quarter worth approximately $62,000. Dark Forest Capital Management LP acquired a new stake in shares of First Majestic Silver in the second quarter worth $70,000. Finally, Creative Planning purchased a new position in shares of First Majestic Silver in the 3rd quarter valued at $72,000. 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.