Cormark Has Positive Forecast for MAG Silver FY2024 Earnings

MAG Silver Corp. (NYSEAMERICAN:MAG - Free Report) - Analysts at Cormark lifted their FY2024 earnings estimates for shares of MAG Silver in a note issued to investors on Wednesday, November 13th. Cormark analyst N. Dion now anticipates that the company will post earnings per share of $0.80 for the year, up from their previous forecast of $0.78. The consensus estimate for MAG Silver's current full-year earnings is $0.71 per share.

MAG Silver (NYSEAMERICAN:MAG - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.02.

Other equities research analysts also recently issued research reports about the company. StockNews.com raised MAG Silver from a "sell" rating to a "hold" rating in a report on Thursday, October 24th. Roth Mkm downgraded MAG Silver from a "buy" rating to a "neutral" rating and increased their price objective for the company from $17.00 to $17.50 in a report on Thursday, October 24th. HC Wainwright increased their price objective on MAG Silver from $18.00 to $20.00 and gave the company a "buy" rating in a report on Wednesday. Roth Capital downgraded MAG Silver from a "strong-buy" rating to a "hold" rating in a report on Thursday, October 24th. Finally, Scotiabank increased their price objective on MAG Silver from $14.50 to $15.50 and gave the company a "sector outperform" rating in a report on Monday, August 19th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $18.38.

MAG Silver Stock Up 2.5 %

Shares of MAG traded up $0.37 during mid-day trading on Thursday, hitting $15.12. 392,767 shares of the company's stock were exchanged, compared to its average volume of 724,999. The stock has a market capitalization of $1.56 billion, a P/E ratio of 20.82 and a beta of 1.12. MAG Silver has a 52 week low of $8.19 and a 52 week high of $18.27.

Institutional Investors Weigh In On MAG Silver

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Verition Fund Management LLC bought a new position in shares of MAG Silver in the third quarter worth $168,000. Quantbot Technologies LP bought a new position in shares of MAG Silver in the third quarter worth $52,000. The Manufacturers Life Insurance Company increased its position in shares of MAG Silver by 199.7% in the third quarter. The Manufacturers Life Insurance Company now owns 382,027 shares of the company's stock worth $5,374,000 after purchasing an additional 254,553 shares during the period. Pekin Hardy Strauss Inc. bought a new position in shares of MAG Silver in the third quarter worth $140,000. Finally, PCJ Investment Counsel Ltd. increased its position in shares of MAG Silver by 38.1% in the third quarter. PCJ Investment Counsel Ltd. now owns 369,290 shares of the company's stock worth $5,196,000 after purchasing an additional 101,870 shares during the period. Institutional investors and hedge funds own 52.50% of the company's stock.

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.