HC Wainwright Issues Positive Forecast for MAG Silver (NYSEAMERICAN:MAG) Stock Price

MAG Silver (NYSEAMERICAN:MAG) had its price objective boosted by HC Wainwright from $18.00 to $20.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock. HC Wainwright also issued estimates for MAG Silver’s FY2024 earnings at $0.74 EPS and FY2025 earnings at $0.75 EPS.

MAG has been the subject of several other reports. StockNews.com raised shares of MAG Silver from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Roth Mkm lowered MAG Silver from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $17.00 to $17.50 in a report on Thursday, October 24th. 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. Finally, Roth Capital downgraded MAG Silver from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 24th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $18.38.

MAG Silver Price Performance

Shares of MAG Silver stock opened at $14.90 on Wednesday. MAG Silver has a 1-year low of $8.19 and a 1-year high of $18.27. The stock has a market cap of $1.54 billion, a PE ratio of 20.99 and a beta of 1.12.

MAG Silver (NYSEAMERICAN:MAG) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.02. On average, analysts predict that MAG Silver will post 0.72 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Barclays PLC raised its stake in shares of MAG Silver by 211.5% in the 3rd quarter. Barclays PLC now owns 30,780 shares of the company’s stock worth $432,000 after buying an additional 20,899 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in MAG Silver in the 3rd quarter worth about $390,000. DF Dent & Co. Inc. acquired a new stake in MAG Silver during the 3rd quarter worth about $140,000. National Bank of Canada FI lifted its stake in MAG Silver by 12.0% during the third quarter. National Bank of Canada FI now owns 225,802 shares of the company’s stock valued at $3,171,000 after buying an additional 24,185 shares in the last quarter. Finally, Verition Fund Management LLC acquired a new position in shares of MAG Silver in the third quarter worth about $168,000. Institutional investors and hedge funds own 52.50% of the company’s stock.

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.