MAG Silver (NYSEAMERICAN:MAG) PT Raised to $18.00 at HC Wainwright

MAG Silver (NYSEAMERICAN:MAG) had its target price lifted by HC Wainwright from $17.00 to $18.00 in a research note released on Monday morning, Benzinga reports. They currently have a buy rating on the stock. HC Wainwright also issued estimates for MAG Silver’s FY2024 earnings at $0.67 EPS.

Several other analysts also recently issued reports on the stock. Scotiabank raised their price objective on shares of MAG Silver from $13.50 to $14.50 and gave the stock a sector outperform rating in a research note on Thursday, May 23rd. Ventum Cap Mkts lowered shares of MAG Silver from a buy rating to a neutral rating in a report on Friday, May 3rd. Finally, Stifel Nicolaus lifted their price target on shares of MAG Silver from $20.25 to $20.50 and gave the stock a buy rating in a report on Wednesday, May 15th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $19.13.

MAG Silver Stock Up 1.3 %

Shares of NYSEAMERICAN MAG opened at $11.95 on Monday. The company has a market capitalization of $1.23 billion, a P/E ratio of 21.34 and a beta of 1.12. MAG Silver has a twelve month low of $8.19 and a twelve month high of $14.30.

MAG Silver (NYSEAMERICAN:MAG) last issued its quarterly earnings data on Friday, August 2nd. The company reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.02. Sell-side analysts expect that MAG Silver will post 0.65 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MAG Silver

A number of hedge funds have recently added to or reduced their stakes in MAG. Raymond James Financial Services Advisors Inc. grew its holdings in MAG Silver by 6.6% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 63,884 shares of the company’s stock valued at $665,000 after buying an additional 3,950 shares during the last quarter. HTLF Bank bought a new position in shares of MAG Silver during the fourth quarter worth about $291,000. Duality Advisers LP acquired a new stake in MAG Silver during the fourth quarter worth about $255,000. National Bank of Canada FI increased its stake in shares of MAG Silver by 5.9% in the fourth quarter. National Bank of Canada FI now owns 240,600 shares of the company’s stock valued at $2,477,000 after purchasing an additional 13,348 shares during the period. Finally, Private Advisor Group LLC increased its stake in shares of MAG Silver by 6.1% in the fourth quarter. Private Advisor Group LLC now owns 24,986 shares of the company’s stock valued at $260,000 after purchasing an additional 1,447 shares during the period. 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.