First Majestic Silver Corp. (NYSE:AG) Short Interest Down 23.3% in August

Key Points

• First Majestic Silver Corp. experienced a 23.3% drop in short interest in August, with 18.78 million shares short sold, translating to approximately 3.9% of its total shares.
• The company reported quarterly earnings of $0.04 EPS, missing analysts' expectations of $0.06, alongside a revenue of $264.2 million, which was below the anticipated $387.25 million.
• First Majestic Silver also announced a quarterly dividend of $0.0048, reflecting a yield of 0.2% and a dividend payout ratio of -200.00%.

First Majestic Silver Corp. (NYSE:AG - Get Free Report) TSE: FR saw a large decline in short interest in August. As of August 31st, there was short interest totaling 18,780,000 shares, a decline of 23.3% from the August 15th total of 24,480,000 shares. Approximately 3.9% of the shares of the stock are short sold. Based on an average trading volume of 19,860,000 shares, the days-to-cover ratio is presently 0.9 days. Based on an average trading volume of 19,860,000 shares, the days-to-cover ratio is presently 0.9 days. Approximately 3.9% of the shares of the stock are short sold.

First Majestic Silver Stock Up 7.0%

Shares of NYSE:AG traded up $0.70 on Friday, hitting $10.64. 32,927,504 shares of the company's stock were exchanged, compared to its average volume of 20,657,654. The firm's 50-day moving average is $9.00 and its 200 day moving average is $7.60. The company has a market capitalization of $5.20 billion, a PE ratio of -1,062.94 and a beta of 0.78. First Majestic Silver has a 1-year low of $5.09 and a 1-year high of $10.90. 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 (NYSE:AG - Get Free Report) TSE: FR last announced its earnings results on Thursday, August 14th. The mining company reported $0.04 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.06 by ($0.02). The firm had revenue of $264.20 million during the quarter, compared to analyst estimates of $387.25 million. First Majestic Silver had a net margin of 1.78% and a return on equity of 1.72%. The firm's revenue for the quarter was up 94.0% compared to the same quarter last year. During the same period last year, the company earned ($0.07) earnings per share. Sell-side analysts predict that First Majestic Silver will post 0.54 EPS for the current year.

First Majestic Silver Cuts Dividend

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

Hedge Funds Weigh In On First Majestic Silver

Several hedge funds have recently bought and sold shares of the company. Captrust Financial Advisors acquired a new stake in shares of First Majestic Silver during the fourth quarter worth $58,000. Toronto Dominion Bank lifted its stake in shares of First Majestic Silver by 57.4% during the fourth quarter. Toronto Dominion Bank now owns 46,269 shares of the mining company's stock worth $254,000 after purchasing an additional 16,865 shares in the last quarter. Two Sigma Investments LP increased its position in shares of First Majestic Silver by 46.8% during the fourth quarter. Two Sigma Investments LP now owns 4,455,923 shares of the mining company's stock worth $24,463,000 after acquiring an additional 1,420,937 shares during the last quarter. Two Sigma Advisers LP increased its position in shares of First Majestic Silver by 90.6% during the fourth quarter. Two Sigma Advisers LP now owns 118,715 shares of the mining company's stock worth $652,000 after acquiring an additional 56,415 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its holdings in First Majestic Silver by 6.1% in the fourth quarter. Public Employees Retirement System of Ohio now owns 88,896 shares of the mining company's stock valued at $488,000 after buying an additional 5,099 shares during the last quarter. 27.16% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on AG. National Bank Financial raised First Majestic Silver to a "hold" rating in a research note on Thursday, June 12th. HC Wainwright reissued a "buy" rating and set a $12.75 price objective on shares of First Majestic Silver in a research note on Friday, August 15th. Finally, Scotiabank boosted their price objective 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. 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 target price of $9.63.

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.