First Majestic Silver (NYSE:AG) Shares Up 8.7% – Here’s Why

First Majestic Silver Corp. (NYSE:AG) (TSE:FR) shares shot up 8.7% during trading on Thursday . The company traded as high as $5.97 and last traded at $5.97. 7,937,051 shares were traded during mid-day trading, a decline of 6% from the average session volume of 8,488,041 shares. The stock had previously closed at $5.49.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Cormark raised First Majestic Silver from a “hold” rating to a “moderate buy” rating in a report on Friday, September 6th. HC Wainwright reiterated a “buy” rating and set a $8.50 price objective on shares of First Majestic Silver in a research report on Friday, October 18th.

First Majestic Silver Stock Performance

The business has a fifty day simple moving average of $6.26 and a two-hundred day simple moving average of $6.11. The company has a market cap of $1.75 billion, a PE ratio of -21.44 and a beta of 1.25. The company has a debt-to-equity ratio of 0.16, a current ratio of 3.03 and a quick ratio of 2.45.

First Majestic Silver (NYSE:AG) (TSE:FR) last released its quarterly earnings results on Thursday, November 7th. The mining company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.12). The business had revenue of $146.09 million during the quarter. First Majestic Silver had a negative net margin of 14.89% and a negative return on equity of 4.19%. Research analysts anticipate that First Majestic Silver Corp. will post -0.17 earnings per share for the current year.

First Majestic Silver Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were paid a $0.0048 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.02 dividend on an annualized basis and a dividend yield of 0.33%. This is a positive change from First Majestic Silver’s previous quarterly dividend of $0.00. First Majestic Silver’s dividend payout ratio is presently -3.70%.

Institutional Trading of First Majestic Silver

Hedge funds have recently modified their holdings of the stock. Blue Trust Inc. increased its holdings in First Majestic Silver by 77.3% in the third quarter. Blue Trust Inc. now owns 5,166 shares of the mining company’s stock valued at $31,000 after buying an additional 2,253 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of First Majestic Silver during the 3rd quarter valued at about $70,000. Dark Forest Capital Management LP purchased a new position in shares of First Majestic Silver in the 2nd quarter valued at about $70,000. Creative Planning purchased a new position in First Majestic Silver during the third quarter worth approximately $72,000. Finally, Corundum Trust Company INC purchased a new position in First Majestic Silver during the third quarter worth approximately $72,000. Hedge funds and other 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.