Zacks Investment Research Upgrades Pan American Silver (NASDAQ:PAAS) to Buy

Zacks Investment Research upgraded shares of Pan American Silver (NASDAQ:PAAS) (TSE:PAAS) from a hold rating to a buy rating in a research note published on Friday, Zacks.com reports. The brokerage currently has $29.00 target price on the basic materials company’s stock.

According to Zacks, “PAN AMER SILVER is a mining company focused exclusively on silver. Pan American Silver Corp. is founded upon a single mission, to become the best vehicle for equity investors wanting to gain real exposure to higher silver prices. To accomplish this they are striving to increase their low-cost silver production, to have the most successful silver exploration programs, to hold the largest silver reserves and resources, and to be the purest of the world’s large silver producers. “

A number of other equities analysts also recently issued reports on the company. Canaccord Genuity downgraded Pan American Silver from a buy rating to a hold rating and set a $23.50 target price for the company. in a research note on Thursday, May 7th. ValuEngine downgraded Pan American Silver from a hold rating to a sell rating in a research note on Monday, March 30th. Bank of America raised Pan American Silver from an underperform rating to a neutral rating and raised their price objective for the company from $20.50 to $25.00 in a research note on Wednesday, March 4th. Deutsche Bank raised their price objective on Pan American Silver from $21.00 to $24.50 and gave the company a buy rating in a research note on Tuesday, May 12th. Finally, Royal Bank of Canada reaffirmed a buy rating and issued a $22.00 price objective on shares of Pan American Silver in a research note on Thursday, April 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Pan American Silver has an average rating of Buy and an average price target of $26.78.

PAAS opened at $30.44 on Friday. The business has a 50 day moving average price of $22.95 and a two-hundred day moving average price of $20.99. The company has a quick ratio of 1.65, a current ratio of 2.95 and a debt-to-equity ratio of 0.12. The company has a market cap of $6.26 billion, a PE ratio of 202.93, a P/E/G ratio of 16.15 and a beta of 1.36. Pan American Silver has a 52 week low of $10.61 and a 52 week high of $30.46.

Pan American Silver (NASDAQ:PAAS) (TSE:PAAS) last posted its quarterly earnings data on Wednesday, May 6th. The basic materials company reported ($0.04) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.13 by ($0.17). The company had revenue of $358.43 million for the quarter, compared to analysts’ expectations of $373.18 million. Pan American Silver had a net margin of 2.19% and a return on equity of 5.95%. The firm’s revenue was up 41.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.05 earnings per share. As a group, sell-side analysts expect that Pan American Silver will post 0.76 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Tuesday, May 19th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date of this dividend was Monday, May 18th. Pan American Silver’s dividend payout ratio (DPR) is presently 25.64%.

A number of large investors have recently made changes to their positions in the business. Van ECK Associates Corp grew its holdings in Pan American Silver by 2.4% during the 4th quarter. Van ECK Associates Corp now owns 25,743,391 shares of the basic materials company’s stock valued at $609,861,000 after buying an additional 614,884 shares during the last quarter. BlackRock Inc. grew its holdings in Pan American Silver by 23.2% during the 1st quarter. BlackRock Inc. now owns 7,356,712 shares of the basic materials company’s stock valued at $105,422,000 after buying an additional 1,387,634 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Pan American Silver by 40.6% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,755,250 shares of the basic materials company’s stock valued at $54,070,000 after buying an additional 1,085,246 shares during the last quarter. FMR LLC grew its holdings in Pan American Silver by 34.8% during the 4th quarter. FMR LLC now owns 3,435,376 shares of the basic materials company’s stock valued at $81,385,000 after buying an additional 886,344 shares during the last quarter. Finally, Norges Bank acquired a new stake in Pan American Silver during the 4th quarter valued at $71,214,000. Hedge funds and other institutional investors own 51.94% of the company’s stock.

Pan American Silver Company Profile

Pan American Silver Corp., together with its subsidiaries, engages in the exploration, development, extraction, processing, refining, and reclamation of silver mines. The company owns and operates mines located in Mexico, Peru, Canada, Argentina, and Bolivia. It also produces and sells gold, zinc, lead, and copper.

Further Reading: Limitations of the P/E Growth ratio

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Analyst Recommendations for Pan American Silver (NASDAQ:PAAS)

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