First Majestic Silver (NYSE:AG) Shares Gap Up - Still a Buy?

First Majestic Silver Corp. (NYSE:AG - Get Free Report) TSE: FR's stock price gapped up prior to trading 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 trading hands.

Analyst Upgrades and Downgrades

AG has been the topic of a number of recent research reports. HC Wainwright lifted their price target on First Majestic Silver from $11.00 to $11.50 and gave the company a "buy" rating in a research note on Friday, May 9th. Wall Street Zen raised First Majestic Silver from a "sell" rating to a "hold" rating in a research note on Friday, February 21st. Scotiabank reissued a "sector perform" rating and set a $6.00 price target on shares of First Majestic Silver in a research note on Wednesday, April 2nd. National Bankshares reissued a "sector perform" rating on shares of First Majestic Silver in a research note on Wednesday, April 2nd. Finally, TD Securities raised First Majestic Silver to a "hold" rating in a research note on Monday, March 10th. Four 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, First Majestic Silver has an average rating of "Hold" and a consensus target price of $8.75.

First Majestic Silver Stock Performance

The stock has a 50 day moving average of $6.16 and a 200 day moving average of $6.03. The company has a quick ratio of 2.12, a current ratio of 2.56 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $4.01 billion, a price-to-earnings ratio of -23.70 and a beta of 0.74.

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

First Majestic Silver Dividend Announcement

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

Institutional Investors Weigh In On First Majestic Silver

A number of hedge funds have recently added to or reduced their stakes in AG. Vanguard Group Inc. increased its holdings in shares of First Majestic Silver by 26.7% during the first quarter. Vanguard Group Inc. now owns 14,475,305 shares of the mining company's stock valued at $96,768,000 after acquiring an additional 3,051,614 shares in the last quarter. Tidal Investments LLC increased its holdings in shares of First Majestic Silver by 135.2% during the fourth quarter. Tidal Investments LLC now owns 13,596,866 shares of the mining company's stock valued at $74,647,000 after acquiring an additional 7,816,177 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of First Majestic Silver by 11.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,845,005 shares of the mining company's stock valued at $52,436,000 after acquiring an additional 820,664 shares in the last quarter. Municipal Employees Retirement System of Michigan bought a new stake in shares of First Majestic Silver during the first quarter valued at approximately $47,656,000. Finally, Jupiter Asset Management Ltd. bought a new stake in shares of First Majestic Silver during the first quarter valued at approximately $46,070,000. 27.16% of the stock is currently owned by institutional investors.

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.