Roth Capital Has Negative View of MAG Silver FY2024 Earnings

MAG Silver Corp. (NYSEAMERICAN:MAG) – Equities researchers at Roth Capital decreased their FY2024 earnings per share (EPS) estimates for shares of MAG Silver in a research note issued to investors on Tuesday, November 12th. Roth Capital analyst J. Reagor now anticipates that the company will earn $0.80 per share for the year, down from their prior forecast of $0.86. Roth Capital currently has a “Hold” rating on the stock. The consensus estimate for MAG Silver’s current full-year earnings is $0.72 per share.

MAG Silver (NYSEAMERICAN:MAG) last posted its earnings results on Tuesday, November 12th. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.02.

Several other brokerages also recently issued reports on MAG. StockNews.com upgraded MAG Silver from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. HC Wainwright boosted their price objective on MAG Silver from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday. Roth Mkm downgraded shares of MAG Silver from a “buy” rating to a “neutral” rating and raised their target price for the stock from $17.00 to $17.50 in a report on Thursday, October 24th. Finally, Scotiabank upped 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. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $18.38.

MAG Silver Price Performance

Shares of MAG stock opened at $15.19 on Friday. MAG Silver has a 12-month low of $8.19 and a 12-month high of $18.27. The firm has a market capitalization of $1.57 billion, a PE ratio of 21.39 and a beta of 1.12.

Hedge Funds Weigh In On MAG Silver

A number of large investors have recently modified their holdings of MAG. Tidal Investments LLC acquired a new stake in MAG Silver in the first quarter valued at $22,518,000. Allspring Global Investments Holdings LLC acquired a new stake in MAG Silver in the 2nd quarter valued at about $9,932,000. TD Asset Management Inc grew its holdings in MAG Silver by 118.3% during the second quarter. TD Asset Management Inc now owns 1,063,055 shares of the company’s stock worth $12,415,000 after purchasing an additional 576,156 shares during the period. Van ECK Associates Corp increased its position in MAG Silver by 4.8% during the third quarter. Van ECK Associates Corp now owns 10,231,410 shares of the company’s stock worth $143,649,000 after buying an additional 467,817 shares during the last quarter. Finally, Janus Henderson Group PLC bought a new stake in MAG Silver in the first quarter valued at approximately $3,925,000. 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.