MAG Silver (NYSEAMERICAN:MAG) Downgraded to “Hold” at Roth Capital

MAG Silver (NYSEAMERICAN:MAG) was downgraded by investment analysts at Roth Capital from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Thursday, Zacks.com reports. Roth Capital also issued estimates for MAG Silver’s Q3 2024 earnings at $0.27 EPS and FY2024 earnings at $0.86 EPS.

Several other equities analysts have also weighed in on MAG. HC Wainwright lifted their target price on shares of MAG Silver from $17.00 to $18.00 and gave the company a “buy” rating in a report on Monday, August 5th. Scotiabank increased their price objective on shares of MAG Silver from $14.50 to $15.50 and gave the company a “sector outperform” rating in a research report on Monday, August 19th. Roth Mkm cut shares of MAG Silver from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $17.00 to $17.50 in a research report on Thursday. Finally, StockNews.com raised shares of MAG Silver from a “sell” rating to a “hold” rating in a report on Thursday. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $17.88.

MAG Silver Stock Performance

Shares of MAG opened at $17.85 on Thursday. MAG Silver has a twelve month low of $8.19 and a twelve month high of $18.01. The firm has a market capitalization of $1.84 billion, a P/E ratio of 30.78 and a beta of 1.15.

MAG Silver (NYSEAMERICAN:MAG) last announced its quarterly earnings results on Friday, August 2nd. The company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.19 by $0.02. Equities research analysts expect that MAG Silver will post 0.69 EPS for the current year.

Hedge Funds Weigh In On MAG Silver

A number of hedge funds have recently bought and sold shares of the company. Oppenheimer & Co. Inc. lifted its position in shares of MAG Silver by 23.4% in the 1st quarter. Oppenheimer & Co. Inc. now owns 455,150 shares of the company’s stock worth $4,815,000 after buying an additional 86,440 shares during the last quarter. Azarias Capital Management L.P. boosted its stake in MAG Silver by 73.7% in the first quarter. Azarias Capital Management L.P. now owns 1,405,136 shares of the company’s stock valued at $14,866,000 after acquiring an additional 596,283 shares during the period. Janus Henderson Group PLC bought a new position in shares of MAG Silver during the first quarter valued at approximately $3,925,000. Jupiter Asset Management Ltd. raised its position in shares of MAG Silver by 6.5% during the 1st quarter. Jupiter Asset Management Ltd. now owns 2,517,445 shares of the company’s stock worth $26,584,000 after purchasing an additional 153,274 shares during the period. Finally, Mackenzie Financial Corp lifted its holdings in shares of MAG Silver by 310.5% in the 2nd quarter. Mackenzie Financial Corp now owns 190,385 shares of the company’s stock worth $2,224,000 after purchasing an additional 144,007 shares during the last quarter. 52.50% of the stock is currently owned by institutional investors and hedge funds.

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.