MAG Silver (NYSEAMERICAN:MAG) Rating Lowered to Hold at Roth Capital

MAG Silver (NYSEAMERICAN:MAG) was downgraded by investment analysts at Roth Capital from a “strong-buy” rating to a “hold” rating in a report issued on Thursday, Zacks.com reports. Roth Capital also issued estimates for MAG Silver’s Q3 2024 earnings at $0.27 EPS and FY2024 earnings at $0.86 EPS.

Several other equities research analysts also recently weighed in on MAG. Roth Mkm downgraded shares of MAG Silver from a “buy” rating to a “neutral” rating and lifted their price target for the company from $17.00 to $17.50 in a research note on Thursday. Scotiabank raised their price objective on shares of MAG Silver from $14.50 to $15.50 and gave the company a “sector outperform” rating in a research note on Monday, August 19th. HC Wainwright raised their price target on shares of MAG Silver from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Finally, StockNews.com raised MAG Silver from a “sell” rating to a “hold” rating in a research report on Thursday. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $17.88.

MAG Silver Stock Performance

NYSEAMERICAN:MAG opened at $17.45 on Thursday. MAG Silver has a one year low of $8.19 and a one year high of $18.01. The company has a market cap of $1.80 billion, a P/E ratio of 30.78 and a beta of 1.15.

MAG Silver (NYSEAMERICAN:MAG) last announced its earnings results on Friday, August 2nd. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.02. On average, analysts expect that MAG Silver will post 0.69 earnings per share for the current fiscal year.

Institutional Trading of MAG Silver

Institutional investors and hedge funds have recently made changes to their positions in the stock. Perritt Capital Management Inc. purchased a new stake in MAG Silver in the first quarter worth approximately $26,000. Addenda Capital Inc. purchased a new position in MAG Silver in the 2nd quarter worth $123,000. International Assets Investment Management LLC purchased a new stake in MAG Silver during the third quarter valued at about $148,000. Susquehanna Fundamental Investments LLC bought a new position in shares of MAG Silver during the second quarter valued at about $161,000. Finally, Veracity Capital LLC lifted its position in MAG Silver by 16.8% in the third quarter. Veracity Capital LLC now owns 16,653 shares of the company’s stock valued at $234,000 after purchasing an additional 2,396 shares during the last quarter. Hedge funds and other 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.