Cormark Has Optimistic Outlook of MAG Silver FY2024 Earnings

MAG Silver Corp. (NYSEAMERICAN:MAG) – Cormark increased their FY2024 earnings per share estimates for MAG Silver in a research note issued on Wednesday, November 13th. Cormark analyst N. Dion now expects that the company will post earnings of $0.80 per share for the year, up from their prior estimate of $0.78. The consensus estimate for MAG Silver’s current full-year earnings is $0.72 per share.

MAG has been the subject of a number of other research reports. Scotiabank lifted their target price on shares of 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 Mkm cut MAG Silver from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $17.00 to $17.50 in a research report on Thursday, October 24th. HC Wainwright upped their target price on MAG Silver from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Wednesday. Roth Capital downgraded MAG Silver from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, StockNews.com raised MAG Silver from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $18.38.

MAG Silver Stock Down 2.0 %

MAG stock opened at $14.90 on Thursday. MAG Silver has a 52 week low of $8.19 and a 52 week high of $18.27. The company has a market cap of $1.54 billion, a P/E ratio of 20.99 and a beta of 1.12.

MAG Silver (NYSEAMERICAN:MAG) last released its earnings results on Tuesday, November 12th. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.02.

Institutional Investors Weigh In On MAG Silver

Several institutional investors and hedge funds have recently added to or reduced their stakes in MAG. Private Advisor Group LLC lifted its position in MAG Silver by 29.0% during the 1st quarter. Private Advisor Group LLC now owns 32,230 shares of the company’s stock worth $341,000 after acquiring an additional 7,244 shares during the last quarter. BNP Paribas Financial Markets lifted its position in shares of MAG Silver by 450.1% during the 1st quarter. BNP Paribas Financial Markets now owns 32,104 shares of the company’s stock worth $340,000 after purchasing an additional 26,268 shares during the last quarter. Jupiter Asset Management Ltd. boosted its stake in MAG Silver by 6.5% during the 1st quarter. Jupiter Asset Management Ltd. now owns 2,517,445 shares of the company’s stock valued at $26,584,000 after purchasing an additional 153,274 shares during the period. CANADA LIFE ASSURANCE Co grew its holdings in MAG Silver by 377.0% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 47,459 shares of the company’s stock valued at $499,000 after buying an additional 37,509 shares during the last quarter. Finally, Nokomis Capital L.L.C. acquired a new stake in MAG Silver in the 1st quarter valued at approximately $306,000. 52.50% of the stock is currently owned by institutional investors and hedge funds.

MAG Silver Company Profile

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.