First Majestic Silver (NYSE:AG) Trading Down 10.3% – Here’s What Happened

First Majestic Silver Corp. (NYSE:AG) (TSE:FR) was down 10.3% during trading on Tuesday . The stock traded as low as $20.66 and last traded at $20.6020. Approximately 4,904,422 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 27,962,150 shares. The stock had previously closed at $22.96.

Analyst Ratings Changes

A number of research firms have recently issued reports on AG. HC Wainwright upped their price target on First Majestic Silver from $17.50 to $24.50 and gave the company a “buy” rating in a research report on Friday, January 16th. BMO Capital Markets reaffirmed a “market perform” rating on shares of First Majestic Silver in a research note on Friday, January 16th. Wall Street Zen lowered First Majestic Silver from a “buy” rating to a “hold” rating in a report on Sunday, November 16th. Cormark raised shares of First Majestic Silver from a “hold” rating to a “moderate buy” rating in a research note on Thursday, November 6th. Finally, Scotiabank increased their price target on shares of First Majestic Silver from $12.50 to $23.00 and gave the company a “sector perform” rating in a research note on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, First Majestic Silver presently has a consensus rating of “Moderate Buy” and an average target price of $23.17.

First Majestic Silver Stock Performance

The firm has a fifty day simple moving average of $19.86 and a 200 day simple moving average of $14.40. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.38 and a quick ratio of 2.96. The company has a market cap of $10.60 billion, a price-to-earnings ratio of 153.64 and a beta of 0.85.

Institutional Trading of First Majestic Silver

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Teacher Retirement System of Texas acquired a new stake in shares of First Majestic Silver in the 3rd quarter valued at $55,071,000. Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. lifted its holdings in First Majestic Silver by 120.8% during the 3rd quarter. Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. now owns 93,600 shares of the mining company’s stock valued at $1,150,000 after purchasing an additional 51,200 shares during the last quarter. FORA Capital LLC grew its stake in First Majestic Silver by 1,216.2% during the second quarter. FORA Capital LLC now owns 340,695 shares of the mining company’s stock worth $2,818,000 after buying an additional 314,811 shares during the last quarter. Alps Advisors Inc. grew its stake in First Majestic Silver by 108.7% during the third quarter. Alps Advisors Inc. now owns 7,203,207 shares of the mining company’s stock worth $88,527,000 after buying an additional 3,751,376 shares during the last quarter. Finally, Caprock Group LLC acquired a new stake in shares of First Majestic Silver during the third quarter worth approximately $1,045,000. Institutional investors and hedge funds own 27.16% of the company’s stock.

First Majestic Silver Company Profile

First Majestic Silver Corp. (NYSE:AG) engages in the production of silver from its wholly owned operations in Mexico. Headquartered in Vancouver, British Columbia, the company focuses on acquiring, developing and operating high-grade silver projects. Established in 2002, First Majestic has built a multi-mine portfolio to supply silver primarily for the global industrial and investment markets while generating by-products such as gold, lead and zinc concentrates.

First Majestic’s principal operations are located in the historic Mexican Silver Belt, with producing mines including La Encantada in Coahuila, Santa Elena in Sonora and La Parrilla in Durango.