First Majestic Silver (NYSE:AG) Shares Gap Down to $7.90

First Majestic Silver Corp. (NYSE:AG) (TSE:FR) shares gapped down prior to trading on Wednesday . The stock had previously closed at $8.14, but opened at $7.90. First Majestic Silver shares last traded at $7.83, with a volume of 4,529,022 shares.

A number of analysts have issued reports on the company. ValuEngine downgraded First Majestic Silver from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 3rd. Zacks Investment Research raised First Majestic Silver from a “hold” rating to a “buy” rating and set a $7.50 target price for the company in a research note on Tuesday, March 19th. BMO Capital Markets reaffirmed a “hold” rating on shares of First Majestic Silver in a research note on Tuesday, April 2nd. B. Riley assumed coverage on First Majestic Silver in a research note on Friday, March 1st. They issued a “neutral” rating and a $6.00 target price for the company. Finally, HC Wainwright set a $8.00 target price on First Majestic Silver and gave the stock a “buy” rating in a research note on Wednesday, April 17th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $7.31.

The firm has a 50-day moving average price of $6.31. The company has a quick ratio of 2.78, a current ratio of 3.24 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $1.60 billion, a PE ratio of -37.29 and a beta of -0.11.

First Majestic Silver (NYSE:AG) (TSE:FR) last issued its quarterly earnings data on Thursday, May 9th. The mining company reported ($0.01) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.01). The firm had revenue of $86.80 million during the quarter, compared to the consensus estimate of $124.73 million. First Majestic Silver had a negative return on equity of 4.63% and a negative net margin of 59.46%. The company’s quarterly revenue was up 48.1% on a year-over-year basis. During the same period last year, the company earned ($0.03) EPS. As a group, analysts expect that First Majestic Silver Corp. will post 0.01 EPS for the current year.

In other First Majestic Silver news, major shareholder Vinita Lee Piper acquired 22,055 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was purchased at an average cost of $5.93 per share, with a total value of $130,786.15. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.85% of the stock is currently owned by company insiders.

Several large investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of First Majestic Silver during the 4th quarter worth about $15,705,000. Deutsche Bank AG grew its position in First Majestic Silver by 3,672.1% in the 4th quarter. Deutsche Bank AG now owns 980,638 shares of the mining company’s stock valued at $5,775,000 after acquiring an additional 954,641 shares in the last quarter. ETF Managers Group LLC grew its position in First Majestic Silver by 3.5% in the 1st quarter. ETF Managers Group LLC now owns 943,272 shares of the mining company’s stock valued at $6,207,000 after acquiring an additional 31,738 shares in the last quarter. Alps Advisors Inc. grew its position in First Majestic Silver by 57.4% in the 1st quarter. Alps Advisors Inc. now owns 921,133 shares of the mining company’s stock valued at $6,061,000 after acquiring an additional 335,918 shares in the last quarter. Finally, Bank of Montreal Can grew its position in First Majestic Silver by 66.2% in the 1st quarter. Bank of Montreal Can now owns 671,560 shares of the mining company’s stock valued at $4,419,000 after acquiring an additional 267,372 shares in the last quarter. 26.03% of the stock is owned by hedge funds and other institutional investors.

About First Majestic Silver (NYSE:AG)

First Majestic Silver Corp. engages in the acquisition, exploration, development, and production of mineral properties with a focus on silver production in Mexico. It owns and operates six silver producing mines, including the Santa Elena Silver/Gold Mine covering an area of 101,837 hectares located in Sonora; La Encantada Silver Mine covering an area of 4,076 hectares situated in Coahuila; La Parrilla Silver Mine covering an area of 69,478 hectares located in Durango; Del Toro Silver Mine covering an area of 2,159 hectares situated in Zacatecas; San Martin Silver Mine covering an area of 38,512 hectares located in Jalisco; and La Guitarra Silver Mine that consists of 39,714 hectares situated in México State.

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