CIBC Boosts Pan American Silver (NYSE:PAAS) Price Target to $35.00

Pan American Silver (NYSE:PAAS) (TSE:PAAS) had its target price boosted by investment analysts at CIBC from $30.00 to $35.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an “outperformer” rating on the basic materials company’s stock. CIBC’s price objective suggests a potential upside of 54.39% from the company’s current price.

Other equities analysts have also issued research reports about the stock. BMO Capital Markets raised their price objective on shares of Pan American Silver from $22.00 to $24.00 in a research note on Tuesday, May 21st. Scotiabank raised their price objective on shares of Pan American Silver from $20.00 to $23.00 and gave the stock a “sector outperform” rating in a research note on Thursday, May 23rd. Jefferies Financial Group lifted their target price on shares of Pan American Silver from $14.00 to $17.00 and gave the company a “hold” rating in a research note on Monday, April 22nd. Finally, StockNews.com raised shares of Pan American Silver from a “sell” rating to a “hold” rating in a research note on Saturday, May 11th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $23.08.

Pan American Silver Price Performance

NYSE:PAAS traded up $1.18 during trading hours on Wednesday, reaching $22.67. 3,477,855 shares of the company’s stock were exchanged, compared to its average volume of 4,391,493. The company has a market capitalization of $8.23 billion, a P/E ratio of -49.28 and a beta of 1.31. Pan American Silver has a 12 month low of $12.16 and a 12 month high of $22.75. The company has a quick ratio of 0.92, a current ratio of 2.11 and a debt-to-equity ratio of 0.16. The business’s 50-day simple moving average is $20.49 and its two-hundred day simple moving average is $16.99.

Pan American Silver (NYSE:PAAS) (TSE:PAAS) last posted its quarterly earnings data on Wednesday, May 8th. The basic materials company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.07. Pan American Silver had a negative net margin of 6.68% and a positive return on equity of 0.13%. The firm had revenue of $601.40 million during the quarter, compared to analyst estimates of $592.58 million. During the same quarter last year, the business posted $0.10 EPS. The company’s revenue was up 54.1% on a year-over-year basis. Sell-side analysts expect that Pan American Silver will post 0.52 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PAAS. Van ECK Associates Corp raised its holdings in shares of Pan American Silver by 11.8% during the 4th quarter. Van ECK Associates Corp now owns 45,833,375 shares of the basic materials company’s stock valued at $748,460,000 after purchasing an additional 4,842,547 shares in the last quarter. Norges Bank bought a new position in Pan American Silver in the 4th quarter worth $63,066,000. Tidal Investments LLC raised its holdings in Pan American Silver by 15,618.3% in the 1st quarter. Tidal Investments LLC now owns 3,803,507 shares of the basic materials company’s stock worth $57,340,000 after acquiring an additional 3,779,309 shares during the period. The Manufacturers Life Insurance Company raised its holdings in Pan American Silver by 71.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 1,889,808 shares of the basic materials company’s stock worth $30,899,000 after acquiring an additional 786,525 shares during the period. Finally, American Century Companies Inc. raised its holdings in Pan American Silver by 104.5% in the 3rd quarter. American Century Companies Inc. now owns 1,207,185 shares of the basic materials company’s stock worth $17,479,000 after acquiring an additional 616,804 shares during the period. Institutional investors own 55.43% of the company’s stock.

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.