Roth Capital Downgrades MAG Silver (NYSEAMERICAN:MAG) to Hold

Roth Capital downgraded shares of MAG Silver (NYSEAMERICAN:MAG) from a strong-buy rating to a hold rating in a research note published on Thursday morning, 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 research analysts have also issued reports on the stock. Scotiabank boosted their price target on shares of MAG Silver from $14.50 to $15.50 and gave the company a “sector outperform” rating in a report on Monday, August 19th. 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 research report on Monday, August 5th. StockNews.com raised shares of MAG Silver from a “sell” rating to a “hold” rating in a research report on Thursday. Finally, Roth Mkm downgraded MAG Silver from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $17.00 to $17.50 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 stock. According to MarketBeat.com, MAG Silver has an average rating of “Hold” and a consensus price target of $17.88.

MAG Silver Price Performance

NYSEAMERICAN MAG opened at $17.43 on Thursday. MAG Silver has a twelve month low of $8.19 and a twelve month high of $18.01. The stock has a market capitalization of $1.80 billion, a P/E ratio of 30.05 and a beta of 1.15.

MAG Silver (NYSEAMERICAN:MAG) last announced its quarterly earnings data on Friday, August 2nd. The company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.02. As a group, sell-side analysts anticipate that MAG Silver will post 0.69 earnings per share for the current year.

Institutional Trading of MAG Silver

Several hedge funds have recently modified their holdings of MAG. Tidal Investments LLC acquired a new position in shares of MAG Silver in the 1st quarter worth approximately $22,518,000. Allspring Global Investments Holdings LLC acquired a new position in MAG Silver in the second quarter worth $9,932,000. Van ECK Associates Corp grew its holdings in shares of MAG Silver by 7.5% during the first quarter. Van ECK Associates Corp now owns 9,981,600 shares of the company’s stock worth $105,603,000 after purchasing an additional 696,140 shares during the last quarter. Azarias Capital Management L.P. grew its holdings in shares of MAG Silver by 73.7% during the first quarter. Azarias Capital Management L.P. now owns 1,405,136 shares of the company’s stock worth $14,866,000 after purchasing an additional 596,283 shares during the last quarter. Finally, TD Asset Management Inc increased its stake in shares of MAG Silver by 118.3% in the second quarter. TD Asset Management Inc now owns 1,063,055 shares of the company’s stock valued at $12,415,000 after buying an additional 576,156 shares in the last quarter. Institutional investors and hedge funds own 52.50% of the company’s stock.

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.