Pan American Silver (NYSE:PAAS) Reaches New 52-Week High After Analyst Upgrade

Pan American Silver Corp. (NYSE:PAAS) (TSE:PAAS)’s share price hit a new 52-week high during mid-day trading on Monday after CIBC raised their price target on the stock from $50.00 to $62.00. CIBC currently has an outperformer rating on the stock. Pan American Silver traded as high as $41.11 and last traded at $40.33, with a volume of 1706969 shares trading hands. The stock had previously closed at $38.50.

PAAS has been the topic of a number of other research reports. Scotiabank cut their price objective on shares of Pan American Silver from $36.50 to $36.00 and set an “outperform” rating on the stock in a research note on Friday, September 5th. National Bank Financial upgraded shares of Pan American Silver to a “strong-buy” rating in a research note on Thursday, September 4th. Zacks Research lowered shares of Pan American Silver from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 19th. National Bankshares reissued an “outperform” rating on shares of Pan American Silver in a report on Friday, September 5th. Finally, Wall Street Zen raised shares of Pan American Silver from a “buy” rating to a “strong-buy” rating in a report on Friday, October 3rd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $38.50.

Institutional Investors Weigh In On Pan American Silver

Hedge funds have recently modified their holdings of the business. Graybill Wealth Management LTD. acquired a new stake in Pan American Silver during the first quarter worth about $33,000. Northwestern Mutual Wealth Management Co. increased its position in Pan American Silver by 53.6% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,703 shares of the basic materials company’s stock worth $48,000 after purchasing an additional 594 shares during the last quarter. Mark Sheptoff Financial Planning LLC acquired a new stake in Pan American Silver during the second quarter worth about $51,000. Kiker Wealth Management LLC increased its position in Pan American Silver by 42.4% during the second quarter. Kiker Wealth Management LLC now owns 2,014 shares of the basic materials company’s stock worth $57,000 after purchasing an additional 600 shares during the last quarter. Finally, CWM LLC increased its position in Pan American Silver by 32.1% during the second quarter. CWM LLC now owns 2,264 shares of the basic materials company’s stock worth $64,000 after purchasing an additional 550 shares during the last quarter. 55.43% of the stock is currently owned by institutional investors and hedge funds.

Pan American Silver Trading Up 6.0%

The stock has a market capitalization of $17.23 billion, a price-to-earnings ratio of 28.15, a PEG ratio of 0.61 and a beta of 0.63. The company’s 50-day moving average is $35.10 and its 200-day moving average is $29.60. The company has a quick ratio of 2.11, a current ratio of 3.05 and a debt-to-equity ratio of 0.15.

Pan American Silver (NYSE:PAAS) (TSE:PAAS) last announced its quarterly earnings results on Wednesday, August 6th. The basic materials company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.03. Pan American Silver had a net margin of 16.80% and a return on equity of 11.49%. The business had revenue of $811.90 million during the quarter, compared to analysts’ expectations of $782.12 million. During the same period last year, the business earned $0.11 earnings per share. The business’s revenue for the quarter was up 18.3% on a year-over-year basis. Research analysts anticipate that Pan American Silver Corp. will post 1.26 earnings per share for the current fiscal year.

Pan American Silver Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Monday, August 18th were paid a $0.12 dividend. This is an increase from Pan American Silver’s previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Monday, August 18th. Pan American Silver’s payout ratio is presently 33.10%.

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, Bolivia, Argentina, Chile, and Brazil. The company was formerly known as Pan American Minerals Corp. and changed its name to Pan American Silver Corp.