MAG Silver (NYSEAMERICAN:MAG) PT Raised to $18.00 at HC Wainwright

MAG Silver (NYSEAMERICAN:MAG) had its target price boosted by HC Wainwright from $17.00 to $18.00 in a research note issued to investors on Monday, Benzinga reports. The firm 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 brokerages have also recently weighed in on MAG. Stifel Nicolaus boosted their price target on MAG Silver from $20.25 to $20.50 and gave the stock a buy rating in a research report on Wednesday, May 15th. Scotiabank boosted their price target on MAG Silver from $13.50 to $14.50 and gave the stock a sector outperform rating in a research report on Thursday, May 23rd. Finally, Ventum Cap Mkts cut MAG Silver from a buy rating to a neutral rating in a research report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $19.13.

MAG Silver Stock Up 1.3 %

Shares of NYSEAMERICAN MAG opened at $11.95 on Monday. MAG Silver has a fifty-two week low of $8.19 and a fifty-two week high of $14.30. The company has a market cap of $1.23 billion, a price-to-earnings ratio of 21.34 and a beta of 1.12.

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

Hedge Funds Weigh In On MAG Silver

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Perritt Capital Management Inc. acquired a new position in MAG Silver during the first quarter valued at approximately $26,000. Addenda Capital Inc. bought a new stake in shares of MAG Silver during the second quarter worth $123,000. Banque Cantonale Vaudoise grew its stake in shares of MAG Silver by 8.6% in the first quarter. Banque Cantonale Vaudoise now owns 11,012 shares of the company’s stock worth $116,000 after purchasing an additional 876 shares during the last quarter. Duality Advisers LP bought a new stake in shares of MAG Silver in the fourth quarter worth $255,000. Finally, Private Advisor Group LLC boosted its position in MAG Silver by 6.1% during the fourth quarter. Private Advisor Group LLC now owns 24,986 shares of the company’s stock valued at $260,000 after acquiring an additional 1,447 shares during the last quarter. 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.