FY2024 Earnings Forecast for MAG Silver Issued By Cormark

MAG Silver Corp. (NYSEAMERICAN:MAG) – Cormark increased their FY2024 earnings per share estimates for MAG Silver in a report released on Wednesday, November 13th. Cormark analyst N. Dion now forecasts that the company will post earnings of $0.80 per share for the year, up from their prior forecast of $0.78. The consensus estimate for MAG Silver’s current full-year earnings is $0.71 per share.

Several other analysts have also recently commented on MAG. Scotiabank increased their target price on MAG Silver from $14.50 to $15.50 and gave the stock a “sector outperform” rating in a report on Monday, August 19th. Roth Capital lowered shares of MAG Silver from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 24th. HC Wainwright boosted their target price on shares of MAG Silver from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Wednesday. StockNews.com raised shares of MAG Silver from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, Roth Mkm lowered shares of MAG Silver from a “buy” rating to a “neutral” rating and raised their price target for the company from $17.00 to $17.50 in a report on Thursday, October 24th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $18.38.

MAG Silver Stock Down 2.9 %

Shares of MAG Silver stock opened at $14.78 on Thursday. The stock has a market cap of $1.53 billion, a P/E ratio of 20.82 and a beta of 1.12. MAG Silver has a 12-month low of $8.19 and a 12-month high of $18.27.

MAG Silver (NYSEAMERICAN:MAG) last announced its quarterly earnings data 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.

Hedge Funds Weigh In On MAG Silver

Several institutional investors and hedge funds have recently made changes to their positions in the company. Van ECK Associates Corp lifted its holdings in shares of MAG Silver by 4.8% during the 3rd quarter. Van ECK Associates Corp now owns 10,231,410 shares of the company’s stock worth $143,649,000 after acquiring an additional 467,817 shares during the period. Jupiter Asset Management Ltd. lifted its stake in MAG Silver by 6.5% during the first quarter. Jupiter Asset Management Ltd. now owns 2,517,445 shares of the company’s stock worth $26,584,000 after purchasing an additional 153,274 shares during the last quarter. Tidal Investments LLC acquired a new stake in shares of MAG Silver in the 1st quarter valued at $22,518,000. TD Asset Management Inc boosted its holdings in shares of MAG Silver by 118.3% in the 2nd quarter. TD Asset Management Inc now owns 1,063,055 shares of the company’s stock valued at $12,415,000 after purchasing an additional 576,156 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new position in shares of MAG Silver in the 2nd quarter valued at $9,932,000. 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.