Pan American Silver (NYSE:PAAS) Shares Down 7.5% on Disappointing Earnings

Shares of Pan American Silver Corp. (NYSE:PAAS) (TSE:PAAS) fell 7.5% during trading on Wednesday following a dissappointing earnings announcement. The company traded as low as $13.78 and last traded at $13.86. 3,750,847 shares traded hands during mid-day trading, a decline of 3% from the average session volume of 3,864,215 shares. The stock had previously closed at $14.99.

The basic materials company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.06). Pan American Silver had a positive return on equity of 0.73% and a negative net margin of 15.77%. The company had revenue of $616.30 million for the quarter, compared to analyst estimates of $661.22 million. During the same period in the previous year, the business posted ($0.01) earnings per share. The firm’s revenue was up 81.9% compared to the same quarter last year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PAAS. StockNews.com started coverage on Pan American Silver in a research report on Thursday, October 5th. They set a “sell” rating for the company. Canaccord Genuity Group cut their target price on Pan American Silver from $30.00 to $27.00 and set a “buy” rating for the company in a research note on Monday, July 24th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $25.88.

Hedge Funds Weigh In On Pan American Silver

A number of large investors have recently modified their holdings of the business. Bank of New York Mellon Corp increased its stake in Pan American Silver by 2.5% in the 1st quarter. Bank of New York Mellon Corp now owns 224,029 shares of the basic materials company’s stock valued at $6,115,000 after purchasing an additional 5,501 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in Pan American Silver by 32.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 11,465 shares of the basic materials company’s stock valued at $312,000 after purchasing an additional 2,830 shares in the last quarter. BlackRock Inc. increased its stake in Pan American Silver by 2.5% in the 1st quarter. BlackRock Inc. now owns 122,288 shares of the basic materials company’s stock valued at $3,339,000 after purchasing an additional 2,987 shares in the last quarter. U.S. Capital Wealth Advisors LLC purchased a new position in Pan American Silver in the 1st quarter valued at approximately $207,000. Finally, Dimensional Fund Advisors LP increased its stake in Pan American Silver by 18.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,248,440 shares of the basic materials company’s stock valued at $34,084,000 after purchasing an additional 190,839 shares in the last quarter. 85.50% of the stock is owned by hedge funds and other institutional investors.

Pan American Silver Stock Down 9.1 %

The stock has a market capitalization of $4.96 billion, a PE ratio of -11.26 and a beta of 1.27. The firm has a 50 day moving average of $15.07 and a two-hundred day moving average of $15.30. The company has a current ratio of 2.13, a quick ratio of 1.09 and a debt-to-equity ratio of 0.20.

Pan American Silver Company Profile

Pan American Silver Corp. engages in the exploration, mine development, extraction, processing, refining, and reclamation of silver, gold, zinc, lead, and copper mines in Canada, Mexico, Peru, Argentina, and Bolivia. It holds interests in the La Colorada, Dolores, Huaron, Morococha, Shahuindo, La Arena, Timmins West, Bell Creek, Manantial Espejo, San Vicente, Joaquin, and Cap-Oeste Sur Este mines.