First Majestic Silver (NYSE:AG) Trading 9.3% Higher After Earnings Beat

First Majestic Silver Corp. (NYSE:AG) (TSE:FR)’s stock price shot up 9.3% on Thursday following a stronger than expected earnings report. The company traded as high as $24.86 and last traded at $24.6980. 7,144,423 shares were traded during mid-day trading, a decline of 74% from the average session volume of 27,307,006 shares. The stock had previously closed at $22.60.

The mining company reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.14. First Majestic Silver had a net margin of 7.07% and a return on equity of 3.14%. During the same quarter in the previous year, the firm earned $0.03 earnings per share. First Majestic Silver’s revenue for the quarter was up 169.2% on a year-over-year basis.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on AG shares. BMO Capital Markets reiterated a “market perform” rating on shares of First Majestic Silver in a report on Friday, January 16th. Cormark upgraded First Majestic Silver from a “hold” rating to a “moderate buy” rating in a research report on Thursday, November 6th. Scotiabank lifted their price target on First Majestic Silver from $12.50 to $23.00 and gave the stock a “sector perform” rating in a research note on Monday, January 26th. Wall Street Zen downgraded First Majestic Silver from a “buy” rating to a “hold” rating in a research note on Sunday, November 16th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of First Majestic Silver in a report on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, First Majestic Silver currently has an average rating of “Moderate Buy” and an average price target of $23.17.

Institutional Trading of First Majestic Silver

Large investors have recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas acquired a new stake in First Majestic Silver in the 3rd quarter valued at approximately $55,071,000. Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. lifted its stake in First Majestic Silver by 120.8% during the third quarter. Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. now owns 93,600 shares of the mining company’s stock worth $1,150,000 after purchasing an additional 51,200 shares in the last quarter. FORA Capital LLC lifted 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 purchasing an additional 314,811 shares in the last quarter. Alps Advisors Inc. boosted its position in shares of 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 period. Finally, Caprock Group LLC acquired a new stake in shares of First Majestic Silver in the third quarter valued at $1,045,000. 27.16% of the stock is currently owned by hedge funds and other institutional investors.

First Majestic Silver Price Performance

The company has a fifty day moving average of $20.12 and a 200-day moving average of $14.55. The company has a current ratio of 3.38, a quick ratio of 2.96 and a debt-to-equity ratio of 0.07. The stock has a market cap of $12.18 billion, a PE ratio of 176.44 and a beta of 0.85.

About First Majestic Silver

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.