First Majestic Silver (NYSE:AG) Shares Gap Down - Here's What Happened

Key Points

• First Majestic Silver shares gapped down, opening at $13.01 after a previous close of $14.36, with last trades at $12.71.
• Equities analysts have mixed ratings on the stock, with a target price ranging from $6.00 to $17.50 and an average target of $15.33, indicating a "Moderate Buy" consensus.
• The company recently cut its dividend payout to $0.0048 per share, resulting in a 0.1% dividend yield and a payout ratio of -100.00%.

Shares of First Majestic Silver Corp. (NYSE:AG - Get Free Report) TSE: FR gapped down prior to trading on Tuesday . The stock had previously closed at $14.36, but opened at $13.01. First Majestic Silver shares last traded at $12.71, with a volume of 9,699,526 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Scotiabank raised their price target on shares of 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. HC Wainwright set a $17.50 target price on shares of First Majestic Silver in a report on Friday, October 10th. National Bank Financial upgraded shares of First Majestic Silver from a "hold" rating to a "strong-buy" rating in a report on Sunday, October 5th. Weiss Ratings reissued a "hold (c-)" rating on shares of First Majestic Silver in a report on Wednesday, October 8th. Finally, BMO Capital Markets reissued a "market perform" rating on shares of First Majestic Silver in a report on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $15.33.

First Majestic Silver Stock Performance

The company has a 50-day moving average price of $10.90 and a two-hundred day moving average price of $8.56. The company has a current ratio of 3.27, a quick ratio of 2.84 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $6.32 billion, a P/E ratio of -1,285.21 and a beta of 0.76.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR last posted its quarterly 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 business had revenue of $264.20 million for the quarter, compared to the consensus estimate of $387.25 million. First Majestic Silver had a return on equity of 1.72% and a net margin of 1.78%.First Majestic Silver's quarterly revenue was up 94.0% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.07) earnings per share. On average, equities analysts forecast that First Majestic Silver Corp. will post 0.54 earnings per share for the current year.

First Majestic Silver Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were given a dividend of $0.0048 per share. This represents a $0.02 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date of this dividend was Friday, August 29th. First Majestic Silver's dividend payout ratio is presently -100.00%.

Hedge Funds Weigh In On First Majestic Silver

A number of institutional investors have recently modified their holdings of AG. Tidal Investments LLC raised its position in First Majestic Silver by 5.1% in the 2nd quarter. Tidal Investments LLC now owns 18,433,836 shares of the mining company's stock valued at $152,448,000 after buying an additional 890,153 shares during the last quarter. Vanguard Group Inc. raised its position in First Majestic Silver by 26.7% in the 1st quarter. Vanguard Group Inc. now owns 14,475,305 shares of the mining company's stock valued at $96,768,000 after buying an additional 3,051,614 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in First Majestic Silver by 74.2% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,666,756 shares of the mining company's stock valued at $112,880,000 after buying an additional 5,821,751 shares during the last quarter. Lingotto Investment Management LLP raised its position in First Majestic Silver by 2.2% in the 2nd quarter. Lingotto Investment Management LLP now owns 9,964,096 shares of the mining company's stock valued at $82,403,000 after buying an additional 213,577 shares during the last quarter. Finally, Jupiter Asset Management Ltd. raised its position in First Majestic Silver by 30.9% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 9,013,216 shares of the mining company's stock valued at $74,539,000 after buying an additional 2,126,803 shares during the last quarter. 27.16% of the stock is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.