What is Cormark’s Forecast for MAG Silver FY2024 Earnings?

MAG Silver Corp. (NYSEAMERICAN:MAG) – Stock analysts at Cormark boosted their FY2024 earnings per share (EPS) estimates for MAG Silver in a research note issued to investors on Wednesday, November 13th. Cormark analyst N. Dion now anticipates that the company will post earnings per share of $0.80 for the year, up from their prior estimate of $0.78. The consensus estimate for MAG Silver’s current full-year earnings is $0.71 per share.

MAG Silver (NYSEAMERICAN:MAG) last released its earnings results on Tuesday, November 12th. The company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.02.

Other equities research analysts have also issued research reports about the stock. Roth Mkm lowered shares of MAG Silver from a “buy” rating to a “neutral” rating and raised their price target for the stock from $17.00 to $17.50 in a research note on Thursday, October 24th. StockNews.com raised MAG Silver from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Scotiabank upped their price target on MAG Silver from $14.50 to $15.50 and gave the company a “sector outperform” rating in a research report on Monday, August 19th. HC Wainwright lifted their price objective on MAG Silver from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Roth Capital downgraded shares of 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 given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $18.38.

MAG Silver Stock Performance

Shares of MAG stock opened at $15.19 on Thursday. The stock has a market capitalization of $1.57 billion, a price-to-earnings ratio of 20.82 and a beta of 1.12. MAG Silver has a 52 week low of $8.19 and a 52 week high of $18.27.

Hedge Funds Weigh In On MAG Silver

Several hedge funds have recently bought and sold shares of the company. Verition Fund Management LLC bought a new position in MAG Silver in the 3rd quarter worth about $168,000. Quantbot Technologies LP bought a new position in shares of MAG Silver in the third quarter worth approximately $52,000. The Manufacturers Life Insurance Company raised its stake in MAG Silver by 199.7% in the third quarter. The Manufacturers Life Insurance Company now owns 382,027 shares of the company’s stock valued at $5,374,000 after purchasing an additional 254,553 shares in the last quarter. Pekin Hardy Strauss Inc. purchased a new position in MAG Silver in the 3rd quarter worth approximately $140,000. Finally, PCJ Investment Counsel Ltd. increased its position in shares of MAG Silver by 38.1% during the 3rd quarter. PCJ Investment Counsel Ltd. now owns 369,290 shares of the company’s stock valued at $5,196,000 after purchasing an additional 101,870 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.