First Majestic Silver (NYSE:AG) Announces Earnings Results, Misses Estimates By $0.02 EPS

Key Points

• First Majestic Silver reported an earnings per share (EPS) of $0.04 for the quarter, missing analysts' estimates by $0.02. The company's revenue of $264.20 million also fell short of the consensus estimate of $387.25 million.
• The mining company has recently declared a quarterly dividend of $0.0048, representing an annual yield of 0.2%, while its payout ratio stands at -3.45%.
• Despite the earnings miss, analysts have shown optimism with price target upgrades; HC Wainwright raised its target from $11.50 to $12.75 and maintains a "buy" rating.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR posted its quarterly earnings results on Thursday. The mining company reported $0.04 EPS for the quarter, missing analysts' consensus estimates of $0.06 by ($0.02), Zacks reports. First Majestic Silver had a negative return on equity of 0.14% and a negative net margin of 12.32%. The business had revenue of $264.20 million for the quarter, compared to the consensus estimate of $387.25 million. During the same quarter in the previous year, the business posted ($0.07) EPS. The company's revenue for the quarter was up 94.0% on a year-over-year basis.

First Majestic Silver Price Performance

NYSE:AG traded down $0.08 during trading hours on Thursday, hitting $8.87. The stock had a trading volume of 25,276,200 shares, compared to its average volume of 21,007,219. The company has a 50 day simple moving average of $8.45 and a two-hundred day simple moving average of $6.89. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.19 and a quick ratio of 2.74. First Majestic Silver has a one year low of $4.59 and a one year high of $9.48. The firm has a market capitalization of $4.32 billion, a price-to-earnings ratio of -30.57 and a beta of 0.72.

First Majestic Silver Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be issued a $0.0048 dividend. This represents a $0.02 annualized dividend and a yield of 0.2%. First Majestic Silver's payout ratio is -3.45%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on AG shares. HC Wainwright lifted their price target on shares of First Majestic Silver from $11.50 to $12.75 and gave the company a "buy" rating in a research report on Thursday, July 10th. National Bank Financial upgraded shares of First Majestic Silver to a "hold" rating in a research report on Thursday, June 12th. Finally, Scotiabank boosted their price objective on shares of First Majestic Silver from $6.00 to $6.50 and gave the company a "sector perform" rating in a research report on Wednesday, July 9th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $9.63.

Institutional Trading of First Majestic Silver

Several institutional investors and hedge funds have recently made changes to their positions in AG. Franklin Resources Inc. raised its position in First Majestic Silver by 12.8% in the 2nd quarter. Franklin Resources Inc. now owns 25,940 shares of the mining company's stock worth $215,000 after purchasing an additional 2,936 shares during the period. Creative Planning boosted its stake in shares of First Majestic Silver by 25.3% during the 2nd quarter. Creative Planning now owns 28,837 shares of the mining company's stock valued at $238,000 after purchasing an additional 5,828 shares in the last quarter. Qube Research & Technologies Ltd bought a new stake in shares of First Majestic Silver during the 2nd quarter valued at about $116,000. Cresset Asset Management LLC bought a new stake in shares of First Majestic Silver during the 2nd quarter valued at about $195,000. Finally, Geode Capital Management LLC boosted its stake in First Majestic Silver by 12.4% during the second quarter. Geode Capital Management LLC now owns 240,083 shares of the mining company's stock worth $1,994,000 after acquiring an additional 26,553 shares in the last quarter. 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.

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