Pan American Silver (NYSE:PAAS) Hits New 52-Week High – Here’s Why

Pan American Silver Corp. (NYSE:PAAS) (TSE:PAAS) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $25.14 and last traded at $25.14, with a volume of 118782 shares changing hands. The stock had previously closed at $24.41.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on PAAS shares. Jefferies Financial Group boosted their price objective on Pan American Silver from $21.00 to $23.00 and gave the stock a “hold” rating in a report on Friday, October 4th. CIBC boosted their price target on shares of Pan American Silver from $30.00 to $35.00 and gave the stock an “outperformer” rating in a research note on Wednesday, July 10th. Scotiabank raised their price objective on shares of Pan American Silver from $23.00 to $26.00 and gave the company a “sector outperform” rating in a research report on Tuesday, July 16th. Finally, Royal Bank of Canada lifted their price objective on shares of Pan American Silver from $25.00 to $27.00 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Pan American Silver presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.93.

Pan American Silver Price Performance

The firm’s 50 day simple moving average is $21.03 and its two-hundred day simple moving average is $20.70. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.06 and a quick ratio of 0.92. The firm has a market capitalization of $9.38 billion, a P/E ratio of -66.28 and a beta of 1.35.

Pan American Silver (NYSE:PAAS) (TSE:PAAS) last issued its earnings results on Wednesday, August 7th. The basic materials company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.04). Pan American Silver had a negative net margin of 5.54% and a positive return on equity of 0.66%. The company had revenue of $686.30 million for the quarter, compared to analysts’ expectations of $696.08 million. During the same quarter in the prior year, the company earned $0.04 earnings per share. The company’s revenue was up 7.3% compared to the same quarter last year. As a group, analysts predict that Pan American Silver Corp. will post 0.62 earnings per share for the current year.

Pan American Silver Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Monday, August 19th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.40 annualized dividend and a yield of 1.55%. Pan American Silver’s payout ratio is currently -102.56%.

Hedge Funds Weigh In On Pan American Silver

Hedge funds and other institutional investors have recently modified their holdings of the company. Van ECK Associates Corp raised its holdings in shares of Pan American Silver by 1.4% during the first quarter. Van ECK Associates Corp now owns 46,486,439 shares of the basic materials company’s stock valued at $701,016,000 after acquiring an additional 653,064 shares in the last quarter. Vanguard Group Inc. raised its holdings in Pan American Silver by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 13,225,480 shares of the basic materials company’s stock worth $199,440,000 after purchasing an additional 159,908 shares in the last quarter. Tidal Investments LLC boosted its stake in shares of Pan American Silver by 15,618.3% during the 1st quarter. Tidal Investments LLC now owns 3,803,507 shares of the basic materials company’s stock valued at $57,340,000 after purchasing an additional 3,779,309 shares in the last quarter. Mackenzie Financial Corp increased its position in shares of Pan American Silver by 51.1% during the second quarter. Mackenzie Financial Corp now owns 3,124,517 shares of the basic materials company’s stock valued at $62,107,000 after buying an additional 1,056,981 shares during the period. Finally, TD Asset Management Inc raised its stake in Pan American Silver by 22.1% in the second quarter. TD Asset Management Inc now owns 2,186,157 shares of the basic materials company’s stock worth $43,440,000 after buying an additional 395,589 shares in the last quarter. 55.43% of the stock is owned by institutional investors.

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.