CIBC Raises Pan American Silver (NYSE:PAAS) Price Target to $35.00

Pan American Silver (NYSE:PAAS) (TSE:PAAS) had its price objective raised by CIBC from $30.00 to $35.00 in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have an outperformer rating on the basic materials company’s stock.

PAAS has been the subject of a number of other research reports. Scotiabank lifted their target price on shares of Pan American Silver from $20.00 to $23.00 and gave the stock a sector outperform rating in a research report on Thursday, May 23rd. BMO Capital Markets lifted their target price on shares of Pan American Silver from $22.00 to $24.00 in a research report on Tuesday, May 21st. StockNews.com upgraded shares of Pan American Silver from a sell rating to a hold rating in a research report on Saturday, May 11th. Finally, Jefferies Financial Group lifted their target price on shares of Pan American Silver from $14.00 to $17.00 and gave the stock a hold rating in a research report on Monday, April 22nd. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $23.92.

Pan American Silver Stock Performance

Shares of NYSE PAAS opened at $23.74 on Wednesday. The company has a current ratio of 2.11, a quick ratio of 0.92 and a debt-to-equity ratio of 0.16. Pan American Silver has a 52 week low of $12.16 and a 52 week high of $24.14. The firm has a 50-day moving average price of $20.79 and a 200 day moving average price of $17.13.

Pan American Silver (NYSE:PAAS) (TSE:PAAS) last announced its quarterly earnings data on Wednesday, May 8th. The basic materials company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.06) by $0.07. Pan American Silver had a negative net margin of 6.68% and a positive return on equity of 0.13%. The firm had revenue of $601.40 million during the quarter, compared to analysts’ expectations of $592.58 million. During the same quarter last year, the business earned $0.10 earnings per share. The business’s revenue for the quarter was up 54.1% compared to the same quarter last year. Research analysts predict that Pan American Silver will post 0.59 EPS for the current year.

Pan American Silver Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Tuesday, May 21st were issued a $0.10 dividend. The ex-dividend date of this dividend was Monday, May 20th. This represents a $0.40 dividend on an annualized basis and a yield of 1.68%. Pan American Silver’s payout ratio is -86.96%.

Institutional Investors Weigh In On Pan American Silver

Several institutional investors have recently bought and sold shares of the business. Van ECK Associates Corp grew its stake in Pan American Silver by 1.4% during the first quarter. Van ECK Associates Corp now owns 46,486,439 shares of the basic materials company’s stock worth $701,016,000 after buying an additional 653,064 shares during the period. Vanguard Group Inc. grew its stake in Pan American Silver by 1.2% during the first quarter. Vanguard Group Inc. now owns 13,225,480 shares of the basic materials company’s stock worth $199,440,000 after buying an additional 159,908 shares during the period. Norges Bank purchased a new stake in Pan American Silver during the fourth quarter worth approximately $63,066,000. Tidal Investments LLC grew its stake in Pan American Silver by 15,618.3% during the first quarter. Tidal Investments LLC now owns 3,803,507 shares of the basic materials company’s stock worth $57,340,000 after buying an additional 3,779,309 shares during the period. Finally, Ameriprise Financial Inc. grew its stake in Pan American Silver by 1.0% during the third quarter. Ameriprise Financial Inc. now owns 3,080,846 shares of the basic materials company’s stock worth $44,636,000 after buying an additional 31,618 shares during the period. 55.43% of the stock is currently owned by hedge funds and other institutional investors.

Pan American Silver Company Profile

Pan American Silver Corp. engages in the exploration, mine development, extraction, processing, refining, and reclamation of silver, gold, zinc, lead, and copper mines in Canada, Mexico, Peru, Bolivia, Argentina, Chile, and Brazil. The company was formerly known as Pan American Minerals Corp. and changed its name to Pan American Silver Corp.