First Majestic Silver Corp. (NYSE:AG) Sees Significant Increase in Short Interest

First Majestic Silver Corp. (NYSE:AG) (TSE:FR) saw a large growth in short interest during the month of September. As of September 30th, there was short interest totalling 28,420,000 shares, a growth of 14.3% from the September 15th total of 24,860,000 shares. Based on an average daily volume of 8,220,000 shares, the days-to-cover ratio is currently 3.5 days.

First Majestic Silver Price Performance

Shares of First Majestic Silver stock traded down $0.08 on Wednesday, hitting $6.51. The company’s stock had a trading volume of 7,608,591 shares, compared to its average volume of 8,022,067. The company has a quick ratio of 2.44, a current ratio of 3.05 and a debt-to-equity ratio of 0.17. The firm has a fifty day moving average price of $5.79 and a 200-day moving average price of $6.36. First Majestic Silver has a 52-week low of $4.17 and a 52-week high of $8.44. The company has a market capitalization of $1.89 billion, a P/E ratio of -41.22 and a beta of 1.36.

First Majestic Silver (NYSE:AG) (TSE:FR) last released its quarterly earnings results on Thursday, August 1st. The mining company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.05). First Majestic Silver had a negative net margin of 15.37% and a negative return on equity of 4.39%. The business had revenue of $136.20 million during the quarter, compared to analyst estimates of $129.74 million. During the same quarter in the prior year, the company earned ($0.02) earnings per share. The firm’s revenue for the quarter was down 7.2% compared to the same quarter last year. On average, equities research analysts expect that First Majestic Silver will post -0.13 earnings per share for the current fiscal year.

First Majestic Silver Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were issued a $0.0046 dividend. The ex-dividend date was Friday, August 16th. This represents a $0.02 dividend on an annualized basis and a dividend yield of 0.28%. First Majestic Silver’s dividend payout ratio (DPR) is -6.25%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. HC Wainwright reissued a “buy” rating and issued a $8.50 price objective on shares of First Majestic Silver in a research note on Friday, September 6th. Cormark upgraded shares of First Majestic Silver from a “hold” rating to a “moderate buy” rating in a research note on Friday, September 6th.

Institutional Trading of First Majestic Silver

Institutional investors and hedge funds have recently made changes to their positions in the stock. Creekmur Asset Management LLC acquired a new stake in First Majestic Silver during the fourth quarter worth approximately $43,000. Dixon Mitchell Investment Counsel Inc. acquired a new stake in shares of First Majestic Silver during the first quarter worth $48,000. B. Riley Wealth Advisors Inc. purchased a new stake in shares of First Majestic Silver in the first quarter valued at $62,000. Dark Forest Capital Management LP purchased a new stake in shares of First Majestic Silver in the second quarter valued at $70,000. Finally, Creative Planning purchased a new position in First Majestic Silver during the third quarter worth about $72,000. 27.16% of the stock is currently 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.