HC Wainwright Boosts MAG Silver (NYSEAMERICAN:MAG) Price Target to $20.00

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

MAG has been the subject of several other reports. StockNews.com upgraded MAG Silver from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Roth Mkm lowered shares of MAG Silver from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $17.00 to $17.50 in a report on Thursday, October 24th. Roth Capital downgraded shares of MAG Silver from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 24th. Finally, Scotiabank increased their price target on shares of MAG Silver from $14.50 to $15.50 and gave the stock a “sector outperform” rating in a research report on Monday, August 19th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $18.38.

MAG Silver Price Performance

NYSEAMERICAN:MAG opened at $14.90 on Wednesday. The stock has a market capitalization of $1.54 billion, a price-to-earnings ratio of 20.99 and a beta of 1.12. MAG Silver has a 1-year low of $8.19 and a 1-year high of $18.27.

MAG Silver (NYSEAMERICAN:MAG) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.02. As a group, sell-side analysts expect that MAG Silver will post 0.72 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MAG Silver

A number of institutional investors have recently modified their holdings of MAG. Perritt Capital Management Inc. acquired a new stake in MAG Silver in the first quarter worth $26,000. Capital Performance Advisors LLP bought a new position in shares of MAG Silver during the third quarter worth about $28,000. Quantbot Technologies LP acquired a new stake in shares of MAG Silver in the 3rd quarter worth about $52,000. Addenda Capital Inc. bought a new stake in MAG Silver in the 2nd quarter valued at about $123,000. Finally, Pekin Hardy Strauss Inc. acquired a new position in MAG Silver during the 3rd quarter valued at about $140,000. Institutional investors 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.