MAG Silver Corp. to Post Q1 2024 Earnings of $0.14 Per Share, Raymond James Forecasts (NYSEAMERICAN:MAG)

MAG Silver Corp. (NYSEAMERICAN:MAG) – Stock analysts at Raymond James raised their Q1 2024 EPS estimates for shares of MAG Silver in a report released on Wednesday, April 24th. Raymond James analyst B. Macarthur now anticipates that the company will earn $0.14 per share for the quarter, up from their prior forecast of $0.10. The consensus estimate for MAG Silver’s current full-year earnings is $0.50 per share. Raymond James also issued estimates for MAG Silver’s Q2 2024 earnings at $0.18 EPS, Q3 2024 earnings at $0.18 EPS, Q4 2024 earnings at $0.18 EPS and FY2024 earnings at $0.66 EPS.

Several other brokerages have also issued reports on MAG. Stifel Nicolaus decreased their price objective on MAG Silver from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Wednesday, March 20th. StockNews.com raised MAG Silver to a “sell” rating in a research note on Wednesday, March 27th. Scotiabank raised shares of MAG Silver from a “sector perform” rating to a “sector outperform” rating and reduced their price objective for the company from $15.00 to $13.50 in a research note on Thursday, March 28th. Finally, HC Wainwright upped their price objective on shares of MAG Silver from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $18.25.

MAG Silver Price Performance

Shares of NYSEAMERICAN MAG opened at $12.97 on Thursday. The firm has a market capitalization of $1.34 billion, a P/E ratio of 27.60 and a beta of 1.15. MAG Silver has a one year low of $8.19 and a one year high of $13.62.

MAG Silver (NYSEAMERICAN:MAG) last announced its quarterly earnings results on Tuesday, March 19th. The company reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.01.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Hedges Asset Management LLC increased its stake in shares of MAG Silver by 64.9% during the first quarter. Hedges Asset Management LLC now owns 103,900 shares of the company’s stock valued at $1,099,000 after buying an additional 40,900 shares during the period. Azarias Capital Management L.P. raised its stake in MAG Silver by 73.7% in the 1st quarter. Azarias Capital Management L.P. now owns 1,405,136 shares of the company’s stock valued at $14,866,000 after purchasing an additional 596,283 shares during the last quarter. Banque Cantonale Vaudoise grew its holdings in shares of MAG Silver by 8.6% during the 1st 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 period. Oppenheimer & Co. Inc. raised its position in MAG Silver by 2.1% in the 4th quarter. Oppenheimer & Co. Inc. now owns 368,710 shares of the company’s stock valued at $3,838,000 after purchasing an additional 7,594 shares in the last quarter. Finally, CIBC Asset Management Inc raised its position in shares of MAG Silver by 3.0% during the 4th quarter. CIBC Asset Management Inc now owns 90,881 shares of the company’s stock worth $949,000 after acquiring an additional 2,652 shares in the last quarter. 52.50% of the stock is currently owned by institutional investors.

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.