Roth Capital Lowers MAG Silver (NYSEAMERICAN:MAG) to Hold

Roth Capital cut shares of MAG Silver (NYSEAMERICAN:MAG) from a strong-buy rating to a hold rating in a report released on Thursday morning, Zacks.com reports. Roth Capital also issued estimates for MAG Silver’s Q3 2024 earnings at $0.27 EPS and FY2024 earnings at $0.86 EPS.

Other research analysts also recently issued research reports about the company. StockNews.com upgraded MAG Silver from a “sell” rating to a “hold” rating in a research note on Thursday. Roth Mkm cut MAG Silver from a “buy” rating to a “neutral” rating and boosted their price target for the company from $17.00 to $17.50 in a research note on Thursday. Scotiabank raised their price objective on shares of MAG Silver from $14.50 to $15.50 and gave the company a “sector outperform” rating in a research report on Monday, August 19th. Finally, HC Wainwright lifted their target price on shares of MAG Silver from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $17.88.

MAG Silver Stock Down 2.4 %

NYSEAMERICAN MAG opened at $17.43 on Thursday. The company has a market capitalization of $1.80 billion, a PE ratio of 30.05 and a beta of 1.15. MAG Silver has a 52-week low of $8.19 and a 52-week high of $18.01.

MAG Silver (NYSEAMERICAN:MAG) last released its earnings results on Friday, August 2nd. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.02. Sell-side analysts predict that MAG Silver will post 0.69 EPS for the current fiscal year.

Institutional Investors Weigh In On MAG Silver

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Perritt Capital Management Inc. acquired a new position in MAG Silver during the 1st quarter worth $26,000. Addenda Capital Inc. acquired a new position in shares of MAG Silver during the 2nd quarter worth about $123,000. International Assets Investment Management LLC bought a new stake in MAG Silver during the 3rd quarter valued at approximately $148,000. Susquehanna Fundamental Investments LLC bought a new stake in MAG Silver during the 2nd quarter valued at approximately $161,000. Finally, Veracity Capital LLC grew its holdings in MAG Silver by 16.8% in the 3rd quarter. Veracity Capital LLC now owns 16,653 shares of the company’s stock valued at $234,000 after buying an additional 2,396 shares during the last quarter. 52.50% of the stock is currently owned by institutional investors and hedge funds.

About MAG Silver

MAG Silver Corp. develops and explores for precious metal properties in Canada. It explores for silver, gold, lead, copper, and zinc deposits. The company's flagship property is the 44% owned Juanicipio property located in the Fresnillo District, Zacatecas State, Mexico. MAG Silver Corp. is headquartered in Vancouver, Canada.