First Majestic Silver (NYSE:AG) Hits New 52-Week High - Here's Why

Key Points

• First Majestic Silver's shares reached a new 52-week high of $9.89 before settling at $9.63, reflecting strong trading volume of nearly 9.85 million shares.
• Equities analysts have varied ratings on the stock, with a consensus average rating of "Hold" and a target price of $9.63, while HC Wainwright set a more optimistic target of $12.75.
• Despite reporting a quarterly loss of $0.04 per share, the company saw a substantial year-over-year revenue increase of 94%, totaling $264.20 million.

Shares of First Majestic Silver Corp. (NYSE:AG - Get Free Report) TSE: FR hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $9.89 and last traded at $9.63, with a volume of 9855441 shares traded. The stock had previously closed at $9.43.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on AG shares. National Bank Financial upgraded First Majestic Silver to a "hold" rating in a research note on Thursday, June 12th. Scotiabank boosted their target price on First Majestic Silver from $6.00 to $6.50 and gave the stock a "sector perform" rating in a report on Wednesday, July 9th. Finally, HC Wainwright restated a "buy" rating and set a $12.75 target price on shares of First Majestic Silver in a report on Friday, August 15th. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, First Majestic Silver presently has an average rating of "Hold" and an average price target of $9.63.

First Majestic Silver Stock Performance

The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.84 and a current ratio of 3.27. The stock's 50-day moving average price is $8.75 and its 200-day moving average price is $7.35. The company has a market capitalization of $5.02 billion, a price-to-earnings ratio of -1,031.47 and a beta of 0.78.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR last issued its quarterly earnings data on Thursday, August 14th. The mining company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.02). The company had revenue of $264.20 million for the quarter, compared to analyst estimates of $387.25 million. First Majestic Silver had a return on equity of 1.72% and a net margin of 1.78%.The company's revenue for the quarter was up 94.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.07) earnings per share. As a group, equities research analysts expect that First Majestic Silver Corp. will post 0.54 earnings per share for the current year.

First Majestic Silver Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be issued a $0.0048 dividend. The ex-dividend date is Friday, August 29th. This represents a $0.02 annualized dividend and a dividend yield of 0.2%. First Majestic Silver's dividend payout ratio (DPR) is -200.00%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Parallel Advisors LLC lifted its holdings in First Majestic Silver by 1,221.6% during the 1st quarter. Parallel Advisors LLC now owns 3,793 shares of the mining company's stock valued at $25,000 after purchasing an additional 3,506 shares during the last quarter. AlphaQuest LLC bought a new stake in First Majestic Silver during the first quarter worth $29,000. CWM LLC raised its position in shares of First Majestic Silver by 57.2% in the second quarter. CWM LLC now owns 5,114 shares of the mining company's stock valued at $42,000 after purchasing an additional 1,860 shares during the period. Banque Cantonale Vaudoise acquired a new position in shares of First Majestic Silver in the first quarter valued at about $46,000. Finally, Captrust Financial Advisors acquired a new stake in First Majestic Silver during the fourth quarter worth about $58,000. 27.16% of the stock is currently owned by institutional investors and hedge funds.

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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