MAG Silver Corp. (NYSEAMERICAN:MAG) gapped down prior to trading on Thursday . The stock had previously closed at $19.12, but opened at $18.43. MAG Silver shares last traded at $17.95, with a volume of 59,620 shares trading hands.
A number of equities research analysts have recently weighed in on the company. Zacks Investment Research raised MAG Silver from a “sell” rating to a “hold” rating in a research note on Tuesday, August 17th. CIBC lifted their price objective on MAG Silver from C$29.00 to C$33.00 in a research note on Wednesday, June 23rd. National Bank Financial reaffirmed an “outperform overweight” rating on shares of MAG Silver in a research note on Thursday, August 5th. Finally, Raymond James lifted their price objective on MAG Silver from C$27.00 to C$28.00 and gave the company an “outperform” rating in a research note on Wednesday, June 9th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, MAG Silver has a consensus rating of “Buy” and an average target price of $26.57.
The firm has a market cap of $1.65 billion, a PE ratio of 299.50 and a beta of 0.98.
A number of hedge funds and other institutional investors have recently made changes to their positions in MAG. Price T Rowe Associates Inc. MD purchased a new stake in MAG Silver during the 2nd quarter worth about $37,579,000. Jupiter Asset Management Ltd. lifted its holdings in shares of MAG Silver by 32.2% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 3,161,967 shares of the company’s stock valued at $66,135,000 after purchasing an additional 770,312 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of MAG Silver by 16.7% in the 2nd quarter. Van ECK Associates Corp now owns 4,766,109 shares of the company’s stock valued at $99,707,000 after purchasing an additional 681,416 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in shares of MAG Silver by 17,823.5% in the 2nd quarter. Wells Fargo & Company MN now owns 304,700 shares of the company’s stock valued at $6,378,000 after purchasing an additional 303,000 shares during the last quarter. Finally, DAVENPORT & Co LLC lifted its holdings in shares of MAG Silver by 39.0% in the 2nd quarter. DAVENPORT & Co LLC now owns 892,573 shares of the company’s stock valued at $18,673,000 after purchasing an additional 250,569 shares during the last quarter. 43.94% of the stock is owned by institutional investors.
About MAG Silver (NYSEAMERICAN:MAG)
MAG Silver Corp. is an exploration and development company focused on becoming a top-tier primary silver mining company by exploring and advancing high-grade, district scale, silver-dominant projects in the Americas. Its principal focus and asset is the Juanicipio Project, being developed in a Joint Venture partnership with Fresnillo Plc, the Operator.
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