First Majestic Silver (NYSE:AG) Shares Down 9% – Should You Sell?

Shares of First Majestic Silver Corp. (NYSE:AG) (TSE:FR) dropped 9% during mid-day trading on Friday . The company traded as low as $20.46 and last traded at $20.6270. Approximately 4,863,351 shares were traded during trading, a decline of 78% from the average daily volume of 21,695,146 shares. The stock had previously closed at $22.66.

Wall Street Analyst Weigh In

A number of analysts have weighed in on AG shares. HC Wainwright raised their target price on shares of First Majestic Silver to $30.75 and gave the company a “buy” rating in a research report on Tuesday. Weiss Ratings upgraded First Majestic Silver from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday. Scotiabank raised First Majestic Silver to a “hold” rating in a report on Thursday, April 23rd. BMO Capital Markets upgraded First Majestic Silver from a “market perform” rating to an “outperform” rating in a research report on Tuesday, March 24th. Finally, Wall Street Zen cut First Majestic Silver from a “strong-buy” rating to a “buy” rating in a report on Monday, May 4th. One research 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 MarketBeat, First Majestic Silver presently has an average rating of “Moderate Buy” and an average price target of $25.25.

First Majestic Silver Price Performance

The stock has a market cap of $10.07 billion, a P/E ratio of 34.06 and a beta of 0.85. The company’s 50 day moving average price is $21.71 and its 200-day moving average price is $19.59. The company has a quick ratio of 2.41, a current ratio of 2.73 and a debt-to-equity ratio of 0.08.

First Majestic Silver (NYSE:AG) (TSE:FR) last announced its earnings results on Tuesday, May 12th. The mining company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by ($0.02). First Majestic Silver had a return on equity of 11.19% and a net margin of 19.51%.The company had revenue of $476.67 million for the quarter, compared to the consensus estimate of $522.00 million. During the same period in the prior year, the business earned $0.05 earnings per share. The firm’s revenue for the quarter was up 95.3% on a year-over-year basis. As a group, sell-side analysts expect that First Majestic Silver Corp. will post 0.79 earnings per share for the current year.

First Majestic Silver Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Wednesday, May 20th will be paid a $0.0171 dividend. This is an increase from First Majestic Silver’s previous quarterly dividend of $0.01. This represents a $0.07 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Wednesday, May 20th. First Majestic Silver’s payout ratio is presently 8.57%.

Institutional Trading of First Majestic Silver

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Lodestone Wealth Management LLC acquired a new position in shares of First Majestic Silver in the 4th quarter worth approximately $25,000. EFG International AG acquired a new stake in shares of First Majestic Silver during the fourth quarter worth $25,000. Bogart Wealth LLC bought a new position in First Majestic Silver during the third quarter worth $28,000. Harbor Investment Advisory LLC acquired a new position in First Majestic Silver in the first quarter valued at $32,000. Finally, PNC Financial Services Group Inc. lifted its holdings in First Majestic Silver by 184.5% in the first quarter. PNC Financial Services Group Inc. now owns 1,508 shares of the mining company’s stock valued at $32,000 after buying an additional 978 shares during the period. Institutional investors and hedge funds 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.