First Majestic Silver (NYSE:AG) Trading Up 6.1% – Here’s What Happened

First Majestic Silver Corp. (NYSE:AG) (TSE:FR) shares shot up 6.1% during trading on Thursday . The stock traded as high as $5.79 and last traded at $5.70. 5,855,152 shares were traded during mid-day trading, a decline of 67% from the average session volume of 17,622,150 shares. The stock had previously closed at $5.37.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on AG. Scotiabank lowered their price objective on First Majestic Silver from $6.50 to $6.00 and set a “sector perform” rating for the company in a research note on Wednesday, January 15th. HC Wainwright restated a “buy” rating and issued a $11.00 price target on shares of First Majestic Silver in a research report on Friday, January 10th.

First Majestic Silver Trading Up 7.0 %

The company has a market cap of $1.79 billion, a PE ratio of -21.28 and a beta of 1.24. The stock has a fifty day moving average of $5.68 and a 200-day moving average of $6.01. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.45 and a current ratio of 3.03.

First Majestic Silver (NYSE:AG) (TSE:FR) last issued its earnings results on Thursday, February 20th. The mining company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.02). First Majestic Silver had a negative return on equity of 4.19% and a negative net margin of 14.89%. Sell-side analysts anticipate that First Majestic Silver Corp. will post -0.16 EPS for the current fiscal year.

Hedge Funds Weigh In On First Majestic Silver

Several institutional investors have recently bought and sold shares of the business. Creative Planning bought a new stake in First Majestic Silver during the 3rd quarter valued at $72,000. Blue Trust Inc. boosted its position in First Majestic Silver by 77.3% during the third quarter. Blue Trust Inc. now owns 5,166 shares of the mining company’s stock valued at $31,000 after purchasing an additional 2,253 shares in the last quarter. Raymond James & Associates grew its stake in First Majestic Silver by 17.7% in the third quarter. Raymond James & Associates now owns 558,096 shares of the mining company’s stock valued at $3,349,000 after purchasing an additional 83,867 shares during the last quarter. Corundum Trust Company INC bought a new position in First Majestic Silver in the third quarter worth about $72,000. Finally, International Assets Investment Management LLC lifted its position in shares of First Majestic Silver by 136.4% during the third quarter. International Assets Investment Management LLC now owns 33,090 shares of the mining company’s stock valued at $1,990,000 after buying an additional 19,095 shares during the last quarter. 27.16% of the stock is owned by hedge funds and other institutional investors.

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.