First Majestic Silver (NYSE:AG) Stock Price Up 6.1% - Time to Buy?

Key Points

• First Majestic Silver's stock price increased by 6.1% to $12.38, despite a significant drop in trading volume, down 65% from its average.
• Analysts have mixed ratings, with one 'Buy,' four 'Hold,' and an average target price of $9.63 for the stock.
• The company recently cut its dividend to an annualized yield of 0.2%, indicating financial adjustments amidst a reported miss in quarterly revenue expectations.

First Majestic Silver Corp. (NYSE:AG - Get Free Report) TSE: FR's stock price rose 6.1% on Friday . The company traded as high as $12.49 and last traded at $12.38. Approximately 7,462,334 shares traded hands during trading, a decline of 65% from the average daily volume of 21,064,029 shares. The stock had previously closed at $11.67.

Wall Street Analyst Weigh In

A number of analysts have recently commented on AG shares. National Bank Financial upgraded shares of First Majestic Silver to a "hold" rating in a research note on Thursday, June 12th. HC Wainwright reiterated a "buy" rating and issued a $12.75 price target on shares of First Majestic Silver in a research note on Friday, August 15th. Finally, Scotiabank lifted 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. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $9.63.

First Majestic Silver Price Performance

The firm's fifty day simple moving average is $9.24 and its two-hundred day simple moving average is $7.76. The company has a quick ratio of 2.84, a current ratio of 3.27 and a debt-to-equity ratio of 0.08. The firm has a market cap of $6.01 billion, a PE ratio of -1,228.27 and a beta of 0.78.

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

First Majestic Silver Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were given a dividend of $0.0048 per share. The ex-dividend date was Friday, August 29th. This represents a $0.02 dividend on an annualized basis and a yield of 0.2%. First Majestic Silver's payout ratio is -200.00%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Tidal Investments LLC increased its position in First Majestic Silver by 5.1% during the second quarter. Tidal Investments LLC now owns 18,433,836 shares of the mining company's stock valued at $152,448,000 after acquiring an additional 890,153 shares during the last quarter. Vanguard Group Inc. boosted its stake 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 purchasing an additional 3,051,614 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of First Majestic Silver by 74.2% during the second 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 purchasing an additional 5,821,751 shares during the period. Lingotto Investment Management LLP boosted its stake in shares of First Majestic Silver by 2.2% during the second quarter. Lingotto Investment Management LLP now owns 9,964,096 shares of the mining company's stock valued at $82,403,000 after purchasing an additional 213,577 shares during the period. Finally, Jupiter Asset Management Ltd. boosted its stake in shares of First Majestic Silver by 30.9% during the second quarter. Jupiter Asset Management Ltd. now owns 9,013,216 shares of the mining company's stock valued at $74,539,000 after purchasing an additional 2,126,803 shares during the period. Institutional investors own 27.16% of the company's stock.

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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