FY2023 EPS Estimates for MAG Silver Corp. Reduced by Analyst (NYSEAMERICAN:MAG)

MAG Silver Corp. (NYSEAMERICAN:MAGGet Rating) – Analysts at Cormark lowered their FY2023 earnings estimates for MAG Silver in a note issued to investors on Thursday, April 28th. Cormark analyst R. Gray now forecasts that the company will earn $1.22 per share for the year, down from their prior forecast of $1.29.

Other research analysts have also issued research reports about the company. Zacks Investment Research upgraded MAG Silver from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 6th. Stifel Nicolaus reduced their price objective on MAG Silver from C$30.50 to C$30.00 in a research report on Wednesday. Raymond James boosted their price objective on MAG Silver from C$28.00 to C$29.00 in a research report on Wednesday, April 20th. Scotiabank lowered MAG Silver from a “sector outperform” rating to a “sector perform” rating in a research report on Friday, January 21st. They noted that the move was a valuation call. Finally, HC Wainwright reduced their price objective on MAG Silver from $22.00 to $21.50 and set a “buy” rating for the company in a research report on Monday, April 4th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $25.89.

Shares of MAG opened at $14.98 on Friday. MAG Silver has a 52 week low of $13.09 and a 52 week high of $24.13. The company has a market capitalization of $1.47 billion, a PE ratio of 187.27 and a beta of 1.10.

MAG Silver (NYSEAMERICAN:MAGGet Rating) last issued its earnings results on Thursday, March 31st. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.04 by $0.05.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Raymond James & Associates raised its position in shares of MAG Silver by 0.6% during the third quarter. Raymond James & Associates now owns 126,548 shares of the company’s stock worth $2,046,000 after purchasing an additional 726 shares during the period. Bank of America Corp DE grew its stake in MAG Silver by 8.9% in the fourth quarter. Bank of America Corp DE now owns 16,510 shares of the company’s stock valued at $259,000 after purchasing an additional 1,344 shares in the last quarter. Shell Asset Management Co. grew its stake in MAG Silver by 22.0% in the fourth quarter. Shell Asset Management Co. now owns 9,971 shares of the company’s stock valued at $157,000 after purchasing an additional 1,800 shares in the last quarter. Beirne Wealth Consulting Services LLC grew its stake in MAG Silver by 3.5% in the third quarter. Beirne Wealth Consulting Services LLC now owns 59,750 shares of the company’s stock valued at $967,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Credit Suisse AG grew its stake in MAG Silver by 3.0% in the third quarter. Credit Suisse AG now owns 71,751 shares of the company’s stock valued at $1,162,000 after purchasing an additional 2,109 shares in the last quarter. 48.55% of the stock is currently owned by institutional investors.

MAG Silver Company Profile (Get Rating)

MAG Silver Corp. engages in the exploration and development of silver mining properties. It also explores for gold, lead, and zinc deposits. It primarily holds 44% interest in the Juanicipio project located in the Fresnillo District, Zacatecas State, Mexico. The company was incorporated in 2003 and is headquartered in Vancouver, Canada.

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