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

First Majestic Silver Corp. (NYSE:AG - Get Free Report) TSE: FR's share price gapped up before the market opened on Thursday . The stock had previously closed at $7.28, but opened at $7.79. First Majestic Silver shares last traded at $8.45, with a volume of 17,147,076 shares changing hands.

Wall Street Analyst Weigh In

Several research firms have weighed in on AG. HC Wainwright increased their price target on shares of First Majestic Silver from $11.00 to $11.50 and gave the stock a "buy" rating in a research report on Friday, May 9th. TD Securities upgraded shares of First Majestic Silver to a "hold" rating in a research report on Monday, March 10th. Scotiabank reiterated a "sector perform" rating and issued a $6.00 price target on shares of First Majestic Silver in a research report on Wednesday, April 2nd. National Bankshares reiterated a "sector perform" rating on shares of First Majestic Silver in a research report on Wednesday, April 2nd. Finally, Wall Street Zen upgraded shares of First Majestic Silver from a "sell" rating to a "hold" rating in a research report on Friday, February 21st. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $8.75.

First Majestic Silver Stock Down 1.7%

The stock has a market capitalization of $4.00 billion, a P/E ratio of -23.63 and a beta of 0.74. The company's 50-day moving average price is $6.20 and its 200 day moving average price is $6.04. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.12 and a current ratio of 2.56.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR last announced its quarterly earnings data on Wednesday, May 7th. The mining company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.01). The firm had revenue of $241.12 million for the quarter, compared to the consensus estimate of $358.65 million. First Majestic Silver had a negative net margin of 18.17% and a negative return on equity of 3.07%. The firm's revenue for the quarter was up 41.6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.05) earnings per share. As a group, equities analysts expect that First Majestic Silver Corp. will post 0.54 earnings per share for the current year.

First Majestic Silver Dividend Announcement

The business also recently declared a dividend, which was paid on Friday, May 30th. Shareholders of record on Monday, May 19th were paid a $0.0045 dividend. This represents a yield of 0.32%. The ex-dividend date of this dividend was Friday, May 16th. First Majestic Silver's payout ratio is currently -3.45%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Franklin Resources Inc. lifted its position in shares of First Majestic Silver by 8.3% in the fourth quarter. Franklin Resources Inc. now owns 23,240 shares of the mining company's stock worth $128,000 after buying an additional 1,776 shares in the last quarter. Rathbones Group PLC raised its holdings in shares of First Majestic Silver by 3.3% during the 1st quarter. Rathbones Group PLC now owns 58,732 shares of the mining company's stock worth $393,000 after acquiring an additional 1,880 shares in the last quarter. CIBC Asset Management Inc boosted its position in shares of First Majestic Silver by 0.6% during the 4th quarter. CIBC Asset Management Inc now owns 370,255 shares of the mining company's stock valued at $2,030,000 after acquiring an additional 2,288 shares during the last quarter. Synovus Financial Corp grew its holdings in shares of First Majestic Silver by 6.8% in the first quarter. Synovus Financial Corp now owns 39,852 shares of the mining company's stock valued at $267,000 after purchasing an additional 2,552 shares in the last quarter. Finally, Moors & Cabot Inc. grew its holdings in shares of First Majestic Silver by 19.6% in the fourth quarter. Moors & Cabot Inc. now owns 17,100 shares of the mining company's stock valued at $94,000 after purchasing an additional 2,800 shares in the last quarter. Institutional investors own 27.16% of the company's stock.

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.