Norges Bank Takes $303.61 Million Position in Pan American Silver Corp. $PAAS

Key Points

• Norges Bank disclosed a new position in Pan American Silver, buying 5.86 million shares valued at about $303.6 million, giving it roughly 1.39% ownership of the company.
• Other institutional investors also increased holdings, and overall hedge funds and institutions own 55.43% of Pan American Silver’s stock.
• Analyst sentiment remains positive overall: the stock has an average “Moderate Buy” rating with a $68 average price target, while the company recently reported better-than-expected EPS and paid a quarterly dividend of $0.18 per share.

Norges Bank acquired a new stake in Pan American Silver Corp. (NYSE:PAAS - Free Report) TSE: PAAS in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 5,858,647 shares of the basic materials company's stock, valued at approximately $303,611,000. Norges Bank owned approximately 1.39% of Pan American Silver as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in PAAS. Veracity Capital LLC grew its holdings in shares of Pan American Silver by 1.9% in the 4th quarter. Veracity Capital LLC now owns 9,868 shares of the basic materials company's stock worth $511,000 after purchasing an additional 185 shares during the last quarter. Linden Thomas Advisory Services LLC grew its holdings in shares of Pan American Silver by 4.2% in the 4th quarter. Linden Thomas Advisory Services LLC now owns 6,507 shares of the basic materials company's stock worth $337,000 after purchasing an additional 262 shares during the last quarter. Harvest Portfolios Group Inc. grew its holdings in shares of Pan American Silver by 0.9% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 36,240 shares of the basic materials company's stock worth $1,404,000 after purchasing an additional 318 shares during the last quarter. CoreCap Advisors LLC grew its holdings in shares of Pan American Silver by 7.9% in the 4th quarter. CoreCap Advisors LLC now owns 4,535 shares of the basic materials company's stock worth $235,000 after purchasing an additional 331 shares during the last quarter. Finally, Alta Wealth Advisors LLC grew its holdings in shares of Pan American Silver by 4.7% in the 4th quarter. Alta Wealth Advisors LLC now owns 8,351 shares of the basic materials company's stock worth $433,000 after purchasing an additional 375 shares during the last quarter. Institutional investors and hedge funds own 55.43% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on PAAS shares. Zacks Research lowered shares of Pan American Silver from a "strong-buy" rating to a "hold" rating in a report on Wednesday, April 22nd. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Pan American Silver in a report on Tuesday, May 12th. Canadian Imperial Bank of Commerce set a $88.00 price objective on shares of Pan American Silver and gave the stock an "outperform" rating in a report on Wednesday, February 4th. Wall Street Zen lowered shares of Pan American Silver from a "strong-buy" rating to a "buy" rating in a report on Saturday. Finally, TD Securities raised shares of Pan American Silver from a "hold" rating to a "buy" rating and set a $72.00 price objective on the stock in a report on Monday, May 11th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $68.00.

Pan American Silver Stock Down 2.5%

Shares of NYSE PAAS opened at $55.59 on Tuesday. The firm has a market capitalization of $23.42 billion, a PE ratio of 17.87, a price-to-earnings-growth ratio of 0.45 and a beta of 0.65. The firm's 50-day moving average is $55.41 and its 200-day moving average is $54.24. The company has a current ratio of 2.84, a quick ratio of 2.11 and a debt-to-equity ratio of 0.11. Pan American Silver Corp. has a 1 year low of $24.90 and a 1 year high of $69.99.

Pan American Silver (NYSE:PAAS - Get Free Report) TSE: PAAS last announced its quarterly earnings results on Tuesday, May 5th. The basic materials company reported $1.09 earnings per share for the quarter, beating analysts' consensus estimates of $1.06 by $0.03. The business had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.25 billion. Pan American Silver had a net margin of 31.66% and a return on equity of 19.50%. Pan American Silver's revenue for the quarter was up 49.3% on a year-over-year basis. During the same period last year, the company posted $0.42 EPS. Equities analysts expect that Pan American Silver Corp. will post 4.65 EPS for the current year.

Pan American Silver Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Tuesday, May 19th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.3%. The ex-dividend date was Tuesday, May 19th. Pan American Silver's dividend payout ratio (DPR) is 23.15%.

About Pan American Silver

Pan American Silver Corp. NYSE: PAAS is a Vancouver-based mining company and one of the world’s largest primary silver producers. The company’s core activities encompass the exploration, development, extraction and processing of silver, with significant by-product production of gold, zinc and lead. Pan American Silver maintains a vertically integrated operating model, covering the full mining value chain from resource discovery through to refined metal production.

With a geographic footprint concentrated across the Americas, Pan American Silver operates multiple mines in Mexico, Peru, Argentina and Bolivia, and is advancing several development and exploration projects in Chile and Ecuador.

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