First Majestic Silver Corp. (NYSE:AG – Get Rating) (TSE:FR) was the recipient of a sharp fall in short-term interest rates in October. As of October 31, short interest totaled 15,550,000 shares, down 10.1% from the October 15 total of 17,290,000 shares. Based on an average trading volume of 6,970,000 shares, the days-to-cover ratio is currently 2.2 days.
Price history of First Majestic Silver
AG stock fell $0.01 during Wednesday trading to hit $9.19. The company had a trading volume of 198,817 shares compared to an average volume of 7,839,651. The company has a 50-day moving average price of $8.17 and a 200-day moving average price of $7.99. The company has a gearing ratio of 0.18, a current ratio of 1.88 and a quick ratio of 1.51. First Majestic Silver has a 52-week low of $6.31 and a 52-week high of $14.59.
First Majestic Silver announces dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, December 2nd. Investors of record on Tuesday, November 22 will receive a dividend of $0.0061. The ex-dividend date is Monday November 21st. That equates to a dividend of $0.02 on an annualized basis and a dividend yield of 0.27%. First Majestic Silver’s payout ratio is -5.13%.
Wall Street analysts forecast growth
A number of analysts have recently commented on AG shares. BMO Capital Markets lowered its price target on First Majestic Silver from C$10.00 to C$9.50 in a research note on Monday, July 25. HC Wainwright raised his price target on First Majestic Silver shares to $12.50 from $11.50 and issued a research note on Wednesday, October 19, with a “buy” rating of the stock. TD Securities raised its price target for shares of First Majestic Silver to $12.00 from $11.00 in a research report on Thursday, November 10. Citigroup posted a price target of $8.00 for First Majestic Silver in a research note on Thursday, October 20th. Finally, National Bank Financial raised its target price on First Majestic Silver to $13.00 from $11.75 in a research report on Thursday, October 13. One research analyst has rated the stock with a sell rating, one with a hold rating and two with a buy rating. According to data from MarketBeat.com, First Majestic Silver has an average rating of Hold and a consensus price target of $11.00.
Institutional trading in First Majestic Silver
A number of institutional investors recently changed their holdings in the company. Steward Partners Investment Advisory LLC increased its holding in First Majestic Silver by 203.8% during the second quarter. Steward Partners Investment Advisory LLC now owns 3,950 shares of the miner’s stock, valued at $28,000, after purchasing an additional 2,650 shares last quarter. BerganKDV Wealth Management LLC increased its stake in First Majestic Silver by 94.4% during the third quarter. BerganKDV Wealth Management LLC now owns 4,000 shares of the $30,000 mining company, having acquired an additional 1,942 shares during this period. Newbridge Financial Services Group Inc. increased its ownership of First Majestic Silver shares by 450.0% during the second quarter. Newbridge Financial Services Group Inc. now owns 5,500 shares of the $39,000 miner after purchasing an additional 4,500 shares last quarter. Rational Advisors LLC increased its holding in First Majestic Silver by 68.7% during the first quarter. Rational Advisors LLC now owns 3,140 shares of the $41,000 mining company, having purchased an additional 1,279 shares during the period. Finally, Captrust Financial Advisors increased its holding in First Majestic Silver by 589.5% during the second quarter. Captrust Financial Advisors now owns 8,515 shares of the $61,000 miner, after buying an additional 7,280 shares last quarter. 30.62% of the shares are currently held by institutional investors.
Company profile of First Majestic Silver
(received rating)
First Majestic Silver Corp. is engaged in the acquisition, exploration, development and production of mineral properties focused on silver and gold production in North America. It holds 100% interest in the 71,868 hectare San Dimas silver/gold mine located in Durango and Sinaloa states; the 102,244 hectare Santa Elena silver/gold mine in Sonora; Jerritt Canyon Gold Mine, covering approximately 30,821 hectares in Elko County, Nevada; and the La Encantada Silver Mine covering 4,076 hectares in Coahuila and 1,343 hectares of surface land holdings.
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