Brokers Set Expectations for MAG Silver FY2024 Earnings

MAG Silver Corp. (NYSEAMERICAN:MAG) – Research analysts at Raymond James lowered their FY2024 earnings estimates for MAG Silver in a report released on Wednesday, November 13th. Raymond James analyst B. Macarthur now anticipates that the company will post earnings of $0.75 per share for the year, down from their previous forecast of $0.77. The consensus estimate for MAG Silver’s current full-year earnings is $0.71 per share.

Other research analysts have also recently issued reports about the stock. Scotiabank lifted their target price on shares of MAG Silver from $14.50 to $15.50 and gave the stock a “sector outperform” rating in a report on Monday, August 19th. StockNews.com raised shares of MAG Silver from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. HC Wainwright lifted their target price on shares of MAG Silver from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Roth Capital cut shares of MAG Silver from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 24th. Finally, Roth Mkm cut shares of MAG Silver from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $17.00 to $17.50 in a report 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. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $18.38.

MAG Silver Price Performance

Shares of MAG Silver stock opened at $15.78 on Monday. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of 22.23 and a beta of 1.12. MAG Silver has a 52-week low of $8.19 and a 52-week high of $18.27.

MAG Silver (NYSEAMERICAN:MAG) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.20 by $0.02.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Tidal Investments LLC bought a new position in MAG Silver in the first quarter worth approximately $22,518,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of MAG Silver in the second quarter worth $9,932,000. TD Asset Management Inc grew its stake in MAG Silver by 118.3% during the second quarter. TD Asset Management Inc now owns 1,063,055 shares of the company’s stock valued at $12,415,000 after acquiring an additional 576,156 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of MAG Silver by 4.8% in the 3rd quarter. Van ECK Associates Corp now owns 10,231,410 shares of the company’s stock worth $143,649,000 after buying an additional 467,817 shares in the last quarter. Finally, Janus Henderson Group PLC purchased a new position in shares of MAG Silver in the 1st quarter worth $3,925,000. 52.50% of the stock is owned by hedge funds and other institutional investors.

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.