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

First Majestic Silver Corp. (NYSE:AG) (TSE:FR) shares gapped down prior to trading on Monday . The stock had previously closed at $6.31, but opened at $6.10. First Majestic Silver shares last traded at $6.13, with a volume of 1,071,348 shares trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AG. Cormark upgraded shares of First Majestic Silver from a “hold” rating to a “moderate buy” rating in a research report on Friday, September 6th. HC Wainwright restated a “buy” rating and set a $8.50 target price on shares of First Majestic Silver in a research report on Friday, October 18th.

First Majestic Silver Price Performance

The company has a current ratio of 3.03, a quick ratio of 2.45 and a debt-to-equity ratio of 0.16. The firm’s 50-day simple moving average is $6.66 and its 200 day simple moving average is $6.31.

First Majestic Silver (NYSE:AG) (TSE:FR) last issued 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). The company had revenue of $146.09 million for the quarter. First Majestic Silver had a negative return on equity of 4.19% and a negative net margin of 14.89%. As a group, sell-side analysts forecast that First Majestic Silver Corp. will post -0.17 EPS for the current year.

First Majestic Silver Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.0048 per share. The ex-dividend date of this dividend is Friday, November 15th. This is a positive change from First Majestic Silver’s previous quarterly dividend of $0.00. This represents a $0.02 annualized dividend and a yield of 0.31%. First Majestic Silver’s payout ratio is currently -7.41%.

Institutional Investors Weigh In On First Majestic Silver

Hedge funds have recently modified their holdings of the business. Blue Trust Inc. lifted its stake in First Majestic Silver by 77.3% in the third quarter. Blue Trust Inc. now owns 5,166 shares of the mining company’s stock valued at $31,000 after buying an additional 2,253 shares in the last quarter. B. Riley Wealth Advisors Inc. acquired a new position in First Majestic Silver in the 1st quarter worth $62,000. Dark Forest Capital Management LP bought a new position in First Majestic Silver during the 2nd quarter worth about $70,000. Y Intercept Hong Kong Ltd bought a new stake in shares of First Majestic Silver in the third quarter valued at about $70,000. Finally, Corundum Trust Company INC acquired a new position in shares of First Majestic Silver during the third quarter worth about $72,000. Institutional investors and hedge funds 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.