First Majestic Silver (NYSE:AG) Stock Price Up 10.7% – Here’s Why

First Majestic Silver Corp. (NYSE:AG) (TSE:FR) shares were up 10.7% during trading on Monday . The stock traded as high as $6.75 and last traded at $6.74. Approximately 1,969,908 shares were traded during trading, a decline of 77% from the average daily volume of 8,388,750 shares. The stock had previously closed at $6.09.

Analyst Ratings Changes

AG has been the topic of a number of recent analyst reports. Cormark upgraded shares of First Majestic Silver from a “hold” rating to a “moderate buy” rating in a report on Friday, September 6th. HC Wainwright restated a “buy” rating and set a $8.50 price objective on shares of First Majestic Silver in a research note on Friday, October 18th.

First Majestic Silver Trading Up 8.9 %

The business has a 50 day moving average of $6.64 and a two-hundred day moving average of $6.23. The firm has a market cap of $2.00 billion, a P/E ratio of -24.96 and a beta of 1.25. The company has a current ratio of 3.03, a quick ratio of 2.45 and a debt-to-equity ratio of 0.16.

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

First Majestic Silver Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were issued a dividend of $0.0048 per share. The ex-dividend date was Friday, November 15th. This represents a $0.02 dividend on an annualized basis and a dividend yield of 0.29%. This is an increase from First Majestic Silver’s previous quarterly dividend of $0.00. First Majestic Silver’s dividend payout ratio (DPR) is currently -7.41%.

Hedge Funds Weigh In On First Majestic Silver

Hedge funds have recently added to or reduced their stakes in the stock. Van ECK Associates Corp boosted its stake in shares of First Majestic Silver by 2.7% during the third quarter. Van ECK Associates Corp now owns 28,912,989 shares of the mining company’s stock valued at $173,478,000 after purchasing an additional 764,790 shares in the last quarter. Marshall Wace LLP bought a new stake in First Majestic Silver during the 2nd quarter worth approximately $3,904,000. Barclays PLC bought a new stake in First Majestic Silver during the 3rd quarter worth approximately $2,419,000. Quantbot Technologies LP acquired a new position in First Majestic Silver in the 3rd quarter valued at approximately $2,057,000. Finally, XTX Topco Ltd raised its stake in shares of First Majestic Silver by 1,510.1% during the third quarter. XTX Topco Ltd now owns 271,748 shares of the mining company’s stock valued at $1,630,000 after acquiring an additional 254,870 shares during the last quarter. Institutional investors own 27.16% of the company’s stock.

About First Majestic Silver

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.