First Majestic Silver (AG) Trading Down 15.3% on Disappointing Earnings

First Majestic Silver Corp. (NYSE:AG) (TSE:FR) shares were down 15.3% on Monday following a dissappointing earnings announcement. The stock traded as low as $5.37 and last traded at $5.49. Approximately 8,074,470 shares were traded during trading, an increase of 163% from the average daily volume of 3,066,832 shares. The stock had previously closed at $6.48.

The mining company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.05). First Majestic Silver had a negative net margin of 25.47% and a negative return on equity of 3.27%. The business had revenue of $79.70 million during the quarter, compared to the consensus estimate of $111.49 million. During the same period last year, the business posted ($0.01) earnings per share. The firm’s quarterly revenue was up 32.6% on a year-over-year basis.

A number of research analysts have weighed in on AG shares. TD Securities raised shares of First Majestic Silver from a “hold” rating to a “buy” rating in a research note on Tuesday, May 15th. Zacks Investment Research raised shares of First Majestic Silver from a “hold” rating to a “buy” rating and set a $9.25 price objective on the stock in a research note on Tuesday, July 10th. HC Wainwright dropped their price objective on shares of First Majestic Silver from $11.50 to $10.00 and set a “buy” rating on the stock in a research note on Tuesday, July 17th. Roth Capital started coverage on shares of First Majestic Silver in a research note on Wednesday, April 25th. They issued a “buy” rating and a $9.00 price objective on the stock. Finally, BMO Capital Markets raised shares of First Majestic Silver from an “underperform” rating to a “market perform” rating in a research note on Monday, May 14th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $9.00.

Several institutional investors and hedge funds have recently added to or reduced their stakes in AG. LPL Financial LLC bought a new position in shares of First Majestic Silver during the fourth quarter valued at about $311,000. Global X Management Co. LLC lifted its position in shares of First Majestic Silver by 7.0% during the first quarter. Global X Management Co. LLC now owns 2,337,796 shares of the mining company’s stock valued at $14,307,000 after purchasing an additional 153,696 shares in the last quarter. Wells Fargo & Company MN lifted its position in shares of First Majestic Silver by 14.2% during the first quarter. Wells Fargo & Company MN now owns 89,056 shares of the mining company’s stock valued at $544,000 after purchasing an additional 11,062 shares in the last quarter. CIBC Asset Management Inc lifted its position in shares of First Majestic Silver by 244.9% during the first quarter. CIBC Asset Management Inc now owns 232,884 shares of the mining company’s stock valued at $1,424,000 after purchasing an additional 165,358 shares in the last quarter. Finally, Swiss National Bank lifted its position in shares of First Majestic Silver by 4.6% during the first quarter. Swiss National Bank now owns 288,300 shares of the mining company’s stock valued at $1,763,000 after purchasing an additional 12,700 shares in the last quarter. 24.04% of the stock is currently owned by institutional investors.

The company has a current ratio of 4.41, a quick ratio of 4.15 and a debt-to-equity ratio of 0.21. The stock has a market cap of $1.25 billion, a price-to-earnings ratio of -140.25 and a beta of 0.01.

First Majestic Silver Company Profile (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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