MAG Silver (NYSEAMERICAN:MAG) Price Target Increased to $18.00 by Analysts at HC Wainwright

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

A number of other research firms also recently issued reports on MAG. Scotiabank increased their price objective on MAG Silver from $13.50 to $14.50 and gave the stock a sector outperform rating in a report on Thursday, May 23rd. Stifel Nicolaus upped their price target on MAG Silver from $20.25 to $20.50 and gave the company a buy rating in a report on Wednesday, May 15th. Finally, Ventum Cap Mkts cut MAG Silver from a buy rating to a neutral rating in a research report on Friday, May 3rd. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $19.13.

MAG Silver Stock Performance

MAG traded up $0.29 during trading on Monday, hitting $12.22. 622,550 shares of the company traded hands, compared to its average volume of 768,243. The firm has a market cap of $1.26 billion, a P/E ratio of 21.32 and a beta of 1.12. MAG Silver has a one year low of $8.19 and a one year high of $14.30.

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

Hedge Funds Weigh In On MAG Silver

Hedge funds and other institutional investors have recently made changes to their positions in the company. Van ECK Associates Corp grew its holdings in shares of MAG Silver by 7.5% during the first quarter. Van ECK Associates Corp now owns 9,981,600 shares of the company’s stock valued at $105,603,000 after buying an additional 696,140 shares during the last quarter. First Eagle Investment Management LLC boosted its position in MAG Silver by 11.2% in the fourth quarter. First Eagle Investment Management LLC now owns 6,380,120 shares of the company’s stock valued at $66,402,000 after buying an additional 642,494 shares during the last quarter. Jupiter Asset Management Ltd. increased its holdings in MAG Silver by 6.5% in the 1st quarter. Jupiter Asset Management Ltd. now owns 2,517,445 shares of the company’s stock worth $26,584,000 after buying an additional 153,274 shares during the period. Tidal Investments LLC purchased a new position in MAG Silver during the 1st quarter worth approximately $22,518,000. Finally, Azarias Capital Management L.P. boosted its holdings in shares of MAG Silver by 73.7% in the 1st quarter. Azarias Capital Management L.P. now owns 1,405,136 shares of the company’s stock valued at $14,866,000 after acquiring an additional 596,283 shares during the last quarter. Institutional investors 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.