CIBC Reiterates $46.00 Price Target for Pan American Silver (NYSE:PAAS)

Pan American Silver (NYSE:PAAS) (TSE:PAAS) received a $46.00 target price from CIBC in a report released on Tuesday, Marketbeat.com reports. The firm currently has an “outperformer” rating on the basic materials company’s stock. CIBC’s target price suggests a potential upside of 59.10% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Scotiabank reiterated a “sector perform” rating on shares of Pan American Silver in a research report on Monday, April 14th. Wall Street Zen upgraded shares of Pan American Silver from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 15th. National Bankshares restated an “outperform” rating on shares of Pan American Silver in a research report on Wednesday, April 2nd. TD Securities cut their price target on shares of Pan American Silver from $30.00 to $26.00 and set a “hold” rating for the company in a report on Thursday, May 22nd. Finally, BMO Capital Markets initiated coverage on shares of Pan American Silver in a report on Wednesday, April 16th. They issued a “market perform” rating for the company. Four equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Pan American Silver presently has an average rating of “Moderate Buy” and a consensus price target of $31.40.

Pan American Silver Stock Down 2.6%

Shares of PAAS stock traded down $0.78 during trading on Tuesday, reaching $28.91. The company’s stock had a trading volume of 534,637 shares, compared to its average volume of 4,475,255. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.93 and a quick ratio of 1.94. The company has a market capitalization of $10.46 billion, a price-to-earnings ratio of 33.23, a P/E/G ratio of 0.52 and a beta of 0.67. The stock’s 50-day moving average price is $27.00 and its 200 day moving average price is $25.11. Pan American Silver has a 1-year low of $17.86 and a 1-year high of $31.03.

Pan American Silver (NYSE:PAAS) (TSE:PAAS) last issued its earnings results on Wednesday, May 7th. The basic materials company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.23. Pan American Silver had a net margin of 10.45% and a return on equity of 9.25%. The business had revenue of $773.20 million during the quarter, compared to analysts’ expectations of $696.62 million. During the same quarter in the prior year, the business posted $0.01 EPS. The company’s revenue for the quarter was up 28.6% on a year-over-year basis. On average, research analysts anticipate that Pan American Silver will post 1.26 EPS for the current year.

Institutional Investors Weigh In On Pan American Silver

Several hedge funds have recently modified their holdings of PAAS. Graybill Wealth Management LTD. purchased a new position in shares of Pan American Silver during the 1st quarter worth about $33,000. Farther Finance Advisors LLC raised its stake in shares of Pan American Silver by 164.3% during the fourth quarter. Farther Finance Advisors LLC now owns 1,945 shares of the basic materials company’s stock valued at $39,000 after purchasing an additional 1,209 shares during the period. Jones Financial Companies Lllp raised its stake in shares of Pan American Silver by 23.4% during the fourth quarter. Jones Financial Companies Lllp now owns 2,892 shares of the basic materials company’s stock valued at $58,000 after purchasing an additional 549 shares during the period. Whittier Trust Co. of Nevada Inc. raised its stake in shares of Pan American Silver by 507.3% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 4,500 shares of the basic materials company’s stock valued at $116,000 after purchasing an additional 3,759 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp acquired a new stake in shares of Pan American Silver during the fourth quarter worth approximately $118,000. 55.43% of the stock is owned by institutional investors and hedge funds.

About Pan American Silver

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.