First Majestic Silver (NYSE:AG) Shares Down 10.3% – Here’s Why

First Majestic Silver Corp. (NYSE:AG) (TSE:FR) traded down 10.3% during trading on Tuesday . The company traded as low as $20.66 and last traded at $20.6020. 4,904,422 shares were traded during trading, a decline of 82% from the average session volume of 27,962,150 shares. The stock had previously closed at $22.96.

Wall Street Analyst Weigh In

AG has been the subject of a number of research analyst reports. Cormark raised shares of First Majestic Silver from a “hold” rating to a “moderate buy” rating in a research note on Thursday, November 6th. HC Wainwright boosted their price objective on shares of First Majestic Silver from $17.50 to $24.50 and gave the company a “buy” rating in a report on Friday, January 16th. Weiss Ratings restated a “hold (c-)” rating on shares of First Majestic Silver in a research report on Wednesday, January 21st. BMO Capital Markets reiterated a “market perform” rating on shares of First Majestic Silver in a report on Friday, January 16th. Finally, Wall Street Zen downgraded First Majestic Silver from a “buy” rating to a “hold” rating in a report on Sunday, November 16th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $23.17.

First Majestic Silver Trading Down 6.3%

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 business’s 50-day moving average is $19.86 and its two-hundred day moving average is $14.40. The firm has a market cap of $10.60 billion, a P/E ratio of 153.64 and a beta of 0.85.

Institutional Trading of First Majestic Silver

Several institutional investors and hedge funds have recently bought and sold shares of the business. Van ECK Associates Corp boosted its holdings in shares of 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 valued at $531,234,000 after purchasing an additional 10,471,543 shares in the last quarter. Tidal Investments LLC boosted its stake 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 valued at $258,273,000 after buying an additional 2,581,023 shares in the last quarter. Vanguard Group Inc. grew its position in First Majestic Silver by 5.2% in the fourth quarter. Vanguard Group Inc. now owns 18,995,222 shares of the mining company’s stock valued at $316,914,000 after acquiring an additional 945,067 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in First Majestic Silver by 38.5% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,932,368 shares of the mining company’s stock worth $232,539,000 after acquiring an additional 5,265,612 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of First Majestic Silver by 408.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 15,041,912 shares of the mining company’s stock worth $250,821,000 after acquiring an additional 12,081,688 shares during the last quarter. Institutional investors own 27.16% of the company’s stock.

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.