First Majestic Silver (NYSE:AG) Stock Price Down 6% - What's Next?

Key Points

• Shares of First Majestic Silver fell about 6% on Friday to $15.67, with mid-day volume of ~11.0M shares (down ~43% from the average); the stock has a market cap of $7.77B and is trading above its 50‑ and 200‑day moving averages.
• Analysts hold a consensus “Moderate Buy” rating with a $17.33 consensus target; several firms recently upgraded the stock (including TD Securities and National Bank Financial) and price targets reach as high as $17.50.
• Q3 results showed EPS of $0.07 (missed the $0.11 estimate) and revenue of $285.1M (below expectations but up ~95% year‑over‑year), and the company began paying a small quarterly dividend of $0.0052 ($0.02 annualized, ~0.1% yield).

Shares of First Majestic Silver Corp. (NYSE:AG - Get Free Report) TSE: FR fell 6% during trading on Friday . The company traded as low as $15.69 and last traded at $15.6660. 11,014,331 shares were traded during mid-day trading, a decline of 43% from the average session volume of 19,287,430 shares. The stock had previously closed at $16.66.

Analysts Set New Price Targets

A number of brokerages have weighed in on AG. Scotiabank raised their target price on shares of First Majestic Silver from $9.00 to $12.50 and gave the company a "sector perform" rating in a research report on Thursday, October 23rd. BMO Capital Markets reaffirmed a "market perform" rating on shares of First Majestic Silver in a research report on Tuesday, October 7th. HC Wainwright set a $17.50 price target on First Majestic Silver in a research note on Friday, October 10th. National Bank Financial raised shares of First Majestic Silver from a "hold" rating to a "strong-buy" rating in a research report on Sunday, October 5th. Finally, TD Securities upgraded First Majestic Silver from a "hold" rating to a "buy" rating in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, First Majestic Silver currently has a consensus rating of "Moderate Buy" and a consensus target price of $17.33.

First Majestic Silver Stock Down 5.0%

The stock has a market capitalization of $7.77 billion, a P/E ratio of 112.69 and a beta of 0.77. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.38 and a quick ratio of 2.96. The stock has a fifty day moving average price of $14.17 and a 200 day moving average price of $11.37.

First Majestic Silver (NYSE:AG - Get Free Report) TSE: FR last announced its earnings results on Wednesday, November 5th. The mining company reported $0.07 earnings per share for the quarter, missing analysts' consensus estimates of $0.11 by ($0.04). First Majestic Silver had a net margin of 7.07% and a return on equity of 3.14%. The company had revenue of $285.10 million during the quarter, compared to analysts' expectations of $429.78 million. During the same period in the prior year, the business earned ($0.09) earnings per share. The company's revenue for the quarter was up 95.3% compared to the same quarter last year. On average, research analysts forecast that First Majestic Silver Corp. will post 0.54 earnings per share for the current year.

First Majestic Silver Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 28th. Shareholders of record on Friday, November 14th were paid a $0.0052 dividend. This is an increase from First Majestic Silver's previous quarterly dividend of $0.00. This represents a $0.02 annualized dividend and a yield of 0.1%. The ex-dividend date of this dividend was Friday, November 14th. First Majestic Silver's payout ratio is currently 14.29%.

Institutional Investors Weigh In On First Majestic Silver

Hedge funds have recently made changes to their positions in the business. Van ECK Associates Corp raised its position in First Majestic Silver by 32.0% in the 3rd quarter. Van ECK Associates Corp now owns 43,225,807 shares of the mining company's stock worth $531,234,000 after purchasing an additional 10,471,543 shares during the period. Tidal Investments LLC lifted its holdings in First Majestic Silver by 14.0% in the third quarter. Tidal Investments LLC now owns 21,014,859 shares of the mining company's stock worth $258,273,000 after buying an additional 2,581,023 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in First Majestic Silver by 38.5% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,932,368 shares of the mining company's stock valued at $232,539,000 after acquiring an additional 5,265,612 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of First Majestic Silver by 4.3% during the 3rd quarter. Vanguard Group Inc. now owns 18,050,155 shares of the mining company's stock worth $221,657,000 after acquiring an additional 739,315 shares during the period. Finally, Lingotto Investment Management LLP raised its position in shares of 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 worth $82,403,000 after acquiring an additional 213,577 shares in the last quarter. 27.16% of the stock is currently owned by institutional investors.

About First Majestic Silver

First Majestic Silver Corp. NYSE: AG engages in the production of silver from its wholly owned operations in Mexico. Headquartered in Vancouver, British Columbia, the company focuses on acquiring, developing and operating high-grade silver projects. Established in 2002, First Majestic has built a multi-mine portfolio to supply silver primarily for the global industrial and investment markets while generating by-products such as gold, lead and zinc concentrates.

First Majestic’s principal operations are located in the historic Mexican Silver Belt, with producing mines including La Encantada in Coahuila, Santa Elena in Sonora and La Parrilla in Durango.

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