Short Interest in First Majestic Silver Corp. (NYSE:AG) Drops By 16.2%

First Majestic Silver Corp. (NYSE:AG) (TSE:FR) was the recipient of a significant decline in short interest in March. As of March 15th, there was short interest totalling 22,420,000 shares, a decline of 16.2% from the February 28th total of 26,770,000 shares. Based on an average daily volume of 18,220,000 shares, the short-interest ratio is presently 1.2 days. Currently, 7.2% of the shares of the stock are sold short.

First Majestic Silver Trading Up 0.8 %

Shares of AG stock traded up $0.05 during trading hours on Wednesday, reaching $6.68. 16,961,017 shares of the stock traded hands, compared to its average volume of 11,407,164. The company has a quick ratio of 2.12, a current ratio of 2.56 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $3.23 billion, a PE ratio of -19.09 and a beta of 1.16. First Majestic Silver has a 1-year low of $4.43 and a 1-year high of $8.44. The business has a fifty day moving average price of $6.00 and a 200 day moving average price of $6.19.

First Majestic Silver (NYSE:AG) (TSE:FR) last announced its earnings results on Thursday, February 20th. The mining company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.02). The firm had revenue of $172.34 million for the quarter, compared to analyst estimates of $227.77 million. First Majestic Silver had a negative net margin of 18.17% and a negative return on equity of 3.07%. On average, equities research analysts forecast that First Majestic Silver will post 0.54 EPS for the current year.

First Majestic Silver Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were paid a $0.0057 dividend. This is an increase from First Majestic Silver’s previous quarterly dividend of $0.00. This represents a $0.02 annualized dividend and a yield of 0.34%. The ex-dividend date was Friday, February 28th. First Majestic Silver’s dividend payout ratio is currently -5.71%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on AG. StockNews.com raised shares of First Majestic Silver from a “sell” rating to a “hold” rating in a research note on Friday, February 21st. Scotiabank restated a “sector perform” rating and issued a $6.00 price target on shares of First Majestic Silver in a research report on Wednesday. HC Wainwright reiterated a “buy” rating and set a $11.00 price objective on shares of First Majestic Silver in a research report on Friday, February 21st. Finally, TD Securities upgraded First Majestic Silver to a “hold” rating in a report on Monday, March 10th. Three analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $8.50.

Hedge Funds Weigh In On First Majestic Silver

Institutional investors and hedge funds have recently bought and sold shares of the business. The Manufacturers Life Insurance Company grew its position in First Majestic Silver by 4.7% during the third quarter. The Manufacturers Life Insurance Company now owns 249,929 shares of the mining company’s stock valued at $1,502,000 after purchasing an additional 11,311 shares in the last quarter. HighTower Advisors LLC grew its holdings in shares of First Majestic Silver by 14.2% during the 3rd quarter. HighTower Advisors LLC now owns 131,877 shares of the mining company’s stock valued at $793,000 after acquiring an additional 16,424 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of First Majestic Silver in the third quarter worth $748,000. National Bank of Canada FI raised its holdings in shares of First Majestic Silver by 18.0% during the third quarter. National Bank of Canada FI now owns 683,627 shares of the mining company’s stock worth $4,102,000 after acquiring an additional 104,092 shares in the last quarter. Finally, XTX Topco Ltd boosted its position in 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 purchasing an additional 254,870 shares during the last quarter. Hedge funds and other 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.