First Majestic Silver (NYSE:AG) Stock Price Down 6.7% – What’s Next?

First Majestic Silver Corp. (NYSE:AG) (TSE:FR)’s stock price was down 6.7% during trading on Wednesday . The company traded as low as $18.93 and last traded at $18.9510. Approximately 3,101,611 shares traded hands during trading, a decline of 81% from the average session volume of 16,380,547 shares. The stock had previously closed at $20.32.

Analysts Set New Price Targets

AG has been the subject of a number of research analyst reports. Wall Street Zen downgraded shares of First Majestic Silver from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. HC Wainwright raised their price target on shares of First Majestic Silver from $26.00 to $27.00 and gave the company a “buy” rating in a report on Friday, July 31st. Scotiabank dropped their price objective on shares of First Majestic Silver from $23.00 to $22.50 and set a “sector perform” rating for the company in a research report on Tuesday, July 14th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of First Majestic Silver in a report on Wednesday, September 2nd. Finally, ATB Cormark Capital Markets upgraded First Majestic Silver from a “hold” rating to a “moderate buy” rating in a research report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $23.83.

First Majestic Silver Trading Down 6.5%

The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.38 and a current ratio of 2.57. The company has a market capitalization of $9.37 billion, a price-to-earnings ratio of 26.77 and a beta of 1.00. The business’s 50-day simple moving average is $18.76 and its 200-day simple moving average is $19.55.

First Majestic Silver (NYSE:AG) (TSE:FR) last issued its quarterly earnings results on Thursday, July 30th. The mining company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.04). The business had revenue of $415.50 million for the quarter, compared to analyst estimates of $496.00 million. First Majestic Silver had a return on equity of 13.36% and a net margin of 21.18%.The firm’s quarterly revenue was up 57.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.11 EPS. On average, research analysts expect that First Majestic Silver Corp. will post 0.81 earnings per share for the current fiscal year.

First Majestic Silver Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Friday, August 14th were issued a $0.0152 dividend. This represents a $0.06 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Friday, August 14th. First Majestic Silver’s dividend payout ratio is 8.45%.

Institutional Investors Weigh In On First Majestic Silver

Several large investors have recently made changes to their positions in AG. State Street Corp increased its holdings in shares of First Majestic Silver by 17.0% during the 2nd quarter. State Street Corp now owns 12,773 shares of the mining company’s stock worth $217,000 after acquiring an additional 1,856 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in First Majestic Silver by 63.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,516,832 shares of the mining company’s stock valued at $59,610,000 after purchasing an additional 1,371,189 shares during the last quarter. WINTON GROUP Ltd bought a new position in First Majestic Silver during the second quarter worth $422,000. Engineers Gate Manager LP boosted its position in First Majestic Silver by 95.4% during the second quarter. Engineers Gate Manager LP now owns 116,087 shares of the mining company’s stock worth $1,969,000 after purchasing an additional 56,675 shares during the period. Finally, Integrated Wealth Concepts LLC increased its holdings in shares of First Majestic Silver by 18.1% in the second quarter. Integrated Wealth Concepts LLC now owns 11,995 shares of the mining company’s stock valued at $203,000 after purchasing an additional 1,838 shares during the last quarter. Institutional investors and hedge funds own 27.16% of the company’s stock.

About First Majestic Silver

First Majestic Silver Corp. is a mining company focused on the exploration, development, and production of silver, gold, lead, and zinc. The company generates revenue primarily by producing and selling metal concentrates, doré bars, and other refined precious-metal products.

Founded in 2002 and headquartered in Vancouver, British Columbia, First Majestic has historically concentrated its operations in Mexico and the United States. Its principal Mexican mining assets have included the San Dimas, Santa Elena, and La Encantada mines, while its U.S.