Zacks Investment Research upgraded shares of Silvercorp Metals (NYSEAMERICAN:SVM) from a hold rating to a buy rating in a research report released on Friday morning. The brokerage currently has $3.00 target price on the stock.
According to Zacks, “Silvercorp Metals, Inc. engages in the acquisition, exploration, development, and mining of precious and base metal mineral properties in the Peoples Republic of China. It explores for silver, gold, lead, and zinc properties. The company primarily operates and develops four Silver-Lead-Zinc mines at the Ying Mining Camp, Henan Province; and the Na-Bao Polymetalic Project in Qinghai Province, China. The company is growing its resource base through continuous exploration of existing projects as well as acquiring new development and exploration projects in multiple jurisdictions. Silvercorp is listed on the Toronto Stock Exchange and the NYSE under the symbol T.SVM and SVM respectively. “
Shares of Silvercorp Metals (NYSEAMERICAN SVM) opened at $2.64 on Friday. The firm has a market cap of $455.11, a PE ratio of -4.33 and a beta of 1.37. Silvercorp Metals has a 52 week low of $2.12 and a 52 week high of $4.30.
Silvercorp Metals declared that its Board of Directors has initiated a share buyback program on Thursday, November 23rd that authorizes the company to buyback 8,410,000 outstanding shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its shares are undervalued.
Several hedge funds have recently made changes to their positions in SVM. Two Sigma Investments LP lifted its holdings in Silvercorp Metals by 588.3% in the fourth quarter. Two Sigma Investments LP now owns 114,031 shares of the company’s stock valued at $299,000 after buying an additional 97,465 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Silvercorp Metals by 11.1% in the fourth quarter. Goldman Sachs Group Inc. now owns 526,711 shares of the company’s stock valued at $1,380,000 after buying an additional 52,731 shares during the period. Deutsche Bank AG lifted its holdings in Silvercorp Metals by 68.5% in the fourth quarter. Deutsche Bank AG now owns 994,658 shares of the company’s stock valued at $2,606,000 after buying an additional 404,258 shares during the period. Renaissance Technologies LLC lifted its holdings in Silvercorp Metals by 37.5% in the fourth quarter. Renaissance Technologies LLC now owns 667,700 shares of the company’s stock valued at $1,749,000 after buying an additional 182,100 shares during the period. Finally, Ninepoint Partners LP lifted its holdings in Silvercorp Metals by 51.3% in the fourth quarter. Ninepoint Partners LP now owns 944,067 shares of the company’s stock valued at $2,473,000 after buying an additional 319,900 shares during the period.
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Silvercorp Metals Company Profile
Silvercorp Metals Inc (Silvercorp) is a silver-producing Canadian mining company. The Company is engaged in the acquisition, exploration, development, and mining of silver-related mineral properties in China. The Company’s segments include Mining, including projects, such as Henan Luoning, Hunan, Guangdong and Other, and Administrative, which includes Beijing and Vancouver.
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