MAG Silver (NYSEAMERICAN:MAG) Price Target Raised to $20.00

MAG Silver (NYSEAMERICAN:MAG) had its price objective hoisted by investment analysts at HC Wainwright from $18.00 to $20.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s price objective would suggest a potential upside of 31.71% from the company’s current price. HC Wainwright also issued estimates for MAG Silver’s FY2024 earnings at $0.74 EPS and FY2025 earnings at $0.75 EPS.

MAG has been the topic of a number of other reports. Scotiabank raised their price target on MAG Silver from $14.50 to $15.50 and gave the company a “sector outperform” rating in a research note on Monday, August 19th. Roth Capital lowered MAG Silver from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 24th. Roth Mkm downgraded MAG Silver from a “buy” rating to a “neutral” rating and upped their price target for the company from $17.00 to $17.50 in a report on Thursday, October 24th. Finally, StockNews.com upgraded shares of MAG Silver from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, MAG Silver currently has a consensus rating of “Hold” and an average target price of $18.38.

MAG Silver Stock Performance

MAG stock opened at $15.19 on Wednesday. The company has a market cap of $1.57 billion, a P/E ratio of 20.82 and a beta of 1.12. MAG Silver has a fifty-two week low of $8.19 and a fifty-two week high of $18.27.

MAG Silver (NYSEAMERICAN:MAG) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.20 by $0.02. Analysts anticipate that MAG Silver will post 0.71 EPS for the current year.

Institutional Investors Weigh In On MAG Silver

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MAG. Tidal Investments LLC purchased a new stake in shares of MAG Silver in the first quarter valued at about $22,518,000. Allspring Global Investments Holdings LLC acquired a new stake in MAG Silver during the 2nd quarter worth approximately $9,932,000. TD Asset Management Inc grew its stake in shares of MAG Silver by 118.3% in the 2nd quarter. TD Asset Management Inc now owns 1,063,055 shares of the company’s stock valued at $12,415,000 after purchasing an additional 576,156 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of MAG Silver by 4.8% in the third quarter. Van ECK Associates Corp now owns 10,231,410 shares of the company’s stock valued at $143,649,000 after purchasing an additional 467,817 shares during the period. Finally, Janus Henderson Group PLC purchased a new stake in shares of MAG Silver during the first quarter worth approximately $3,925,000. Hedge funds and other institutional investors own 52.50% of the company’s stock.

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.