Cormark Has Negative Outlook of MAG Silver FY2024 Earnings

MAG Silver Corp. (NYSEAMERICAN:MAG) – Research analysts at Cormark cut their FY2024 earnings estimates for shares of MAG Silver in a note issued to investors on Thursday, January 30th. Cormark analyst N. Dion now anticipates that the company will earn $0.76 per share for the year, down from their prior estimate of $0.80. The consensus estimate for MAG Silver’s current full-year earnings is $0.75 per share.

A number of other equities analysts also recently weighed in on MAG. Roth Mkm downgraded shares of MAG Silver from a “buy” rating to a “neutral” rating and upped their price target for the stock from $17.00 to $17.50 in a research note on Thursday, October 24th. Roth Capital lowered MAG Silver from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 24th. HC Wainwright upped their price objective on shares of MAG Silver from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. Finally, StockNews.com raised MAG Silver from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $18.63.

MAG Silver Stock Performance

NYSEAMERICAN MAG opened at $16.10 on Monday. MAG Silver has a twelve month low of $8.19 and a twelve month high of $18.27. The company has a market cap of $1.66 billion, a price-to-earnings ratio of 22.68 and a beta of 1.09.

MAG Silver (NYSEAMERICAN:MAG) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.02.

Hedge Funds Weigh In On MAG Silver

Hedge funds and other institutional investors have recently modified their holdings of the stock. Capital Performance Advisors LLP bought a new position in shares of MAG Silver in the third quarter valued at approximately $28,000. Quantbot Technologies LP acquired a new stake in shares of MAG Silver in the third quarter valued at $52,000. DF Dent & Co. Inc. bought a new position in shares of MAG Silver in the third quarter worth about $140,000. Pekin Hardy Strauss Inc. bought a new position in MAG Silver in the 3rd quarter worth approximately $140,000. Finally, International Assets Investment Management LLC acquired a new position in shares of MAG Silver during the third quarter valued at $148,000. 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.