The 1st level spell Stone fist bypasses hardness but is it considered magic when confronted with DR/Magic?
School transmutation [earth]; Level alchemist 1, druid 1, sorcerer/wizard 1
Casting Time 1 standard action
Components V, S, M (a chip of granite)
Range personal
Target you
Duration 1 minute/level (D)
This spell transforms your hands into living stone. While this spell is in effect, your unarmed strikes do not provoke attacks of opportunity and deal 1d6 points of lethal bludgeoning damage (1d4 if you are Small). In addition, your unarmed strikes ignore the hardness of any object with a hardness less than 8.
Stone to flesh immediately dispels stone fist. Should you be the target of transmute rock to mud, this spell immediately ends and you take 4d6 points of damage.
There's no mention of bypassing damage reduction, so no, it would not bypass DR/Magic. DR and Hardness are two different (albeit similar) things.
The 1st level spell Stone fist bypasses hardness but is it considered magic when confronted with DR/Magic?
Yes. ALL spells and SLA are magic for the purposes of bypassing DR. It is in the spells section.