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

First Majestic Silver Corp. (NYSE:AG) (TSE:FR) shares traded down 10.3% during trading on Thursday . The stock traded as low as $20.36 and last traded at $20.1170. 8,055,602 shares were traded during mid-day trading, a decline of 73% from the average session volume of 29,610,988 shares. The stock had previously closed at $22.43.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on AG. Cormark upgraded shares of First Majestic Silver from a “hold” rating to a “moderate buy” rating in a research note on Thursday, November 6th. BMO Capital Markets reissued a “market perform” rating on shares of First Majestic Silver in a research report on Friday, January 16th. HC Wainwright upped their price objective on First Majestic Silver from $17.50 to $24.50 and gave the stock a “buy” rating in a research note on Friday, January 16th. Scotiabank lifted their target price on First Majestic Silver from $12.50 to $23.00 and gave the company a “sector perform” rating in a research report on Monday, January 26th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of First Majestic Silver in a report on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $23.17.

First Majestic Silver Price Performance

The firm has a 50 day moving average of $18.91 and a 200-day moving average of $13.70. The company has a market cap of $10.81 billion, a P/E ratio of 157.21 and a beta of 0.85. The company has a current ratio of 3.38, a quick ratio of 2.96 and a debt-to-equity ratio of 0.07.

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

Institutional Investors Weigh In On First Majestic Silver

Several large investors have recently made changes to their positions in the company. Royal Bank of Canada boosted its stake in First Majestic Silver by 77.4% during the first quarter. Royal Bank of Canada now owns 604,186 shares of the mining company’s stock valued at $4,042,000 after buying an additional 263,688 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of First Majestic Silver by 355.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,193,589 shares of the mining company’s stock valued at $7,985,000 after acquiring an additional 931,690 shares during the last quarter. Vontobel Holding Ltd. grew its holdings in shares of First Majestic Silver by 1,127.3% in the second quarter. Vontobel Holding Ltd. now owns 166,611 shares of the mining company’s stock valued at $1,378,000 after purchasing an additional 153,036 shares in the last quarter. CWM LLC increased its position in First Majestic Silver by 57.2% in the second quarter. CWM LLC now owns 5,114 shares of the mining company’s stock worth $42,000 after purchasing an additional 1,860 shares during the last quarter. Finally, RFG Advisory LLC increased its position in First Majestic Silver by 13.2% in the second quarter. RFG Advisory LLC now owns 89,201 shares of the mining company’s stock worth $738,000 after purchasing an additional 10,401 shares during the last quarter. 27.16% of the stock is 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.