First Eagle Investment Management LLC Reduces Position in MAG Silver Corp. (NYSEAMERICAN:MAG)

First Eagle Investment Management LLC reduced its position in MAG Silver Corp. (NYSEAMERICAN:MAG) by 15.0% during the second quarter, HoldingsChannel.com reports. The firm owned 5,353,255 shares of the company’s stock after selling 943,643 shares during the period. First Eagle Investment Management LLC owned approximately 0.05% of MAG Silver worth $62,538,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Oppenheimer & Co. Inc. increased its stake in MAG Silver by 23.4% in the 1st quarter. Oppenheimer & Co. Inc. now owns 455,150 shares of the company’s stock worth $4,815,000 after buying an additional 86,440 shares during the period. Azarias Capital Management L.P. raised its stake in shares of MAG Silver by 73.7% during the first quarter. Azarias Capital Management L.P. now owns 1,405,136 shares of the company’s stock valued at $14,866,000 after acquiring an additional 596,283 shares in the last quarter. Janus Henderson Group PLC purchased a new stake in shares of MAG Silver in the first quarter valued at approximately $3,925,000. Jupiter Asset Management Ltd. grew its stake in MAG Silver by 6.5% in the first quarter. Jupiter Asset Management Ltd. now owns 2,517,445 shares of the company’s stock worth $26,584,000 after purchasing an additional 153,274 shares in the last quarter. Finally, CIBC Asset Management Inc increased its holdings in MAG Silver by 3.0% during the 4th quarter. CIBC Asset Management Inc now owns 90,881 shares of the company’s stock worth $949,000 after purchasing an additional 2,652 shares during the period. Institutional investors own 52.50% of the company’s stock.

MAG Silver Stock Performance

Shares of MAG stock opened at $13.96 on Thursday. The firm has a market cap of $1.44 billion, a PE ratio of 24.93 and a beta of 1.14. MAG Silver Corp. has a 12-month low of $8.19 and a 12-month high of $14.81.

MAG Silver (NYSEAMERICAN:MAG) last announced its earnings results on Friday, August 2nd. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.02. On average, analysts predict that MAG Silver Corp. will post 0.67 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have weighed in on MAG. Scotiabank upped their target price on MAG Silver from $14.50 to $15.50 and gave the stock a “sector outperform” rating in a report on Monday, August 19th. HC Wainwright upped their target price on MAG Silver from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, MAG Silver has a consensus rating of “Hold” and a consensus target price of $18.00.

MAG Silver Company Profile

MAG Silver Corp. develops and explores for precious metal properties in Canada. It explores for silver, gold, lead, copper, and zinc deposits. The company's flagship property is the 44% owned Juanicipio property located in the Fresnillo District, Zacatecas State, Mexico. MAG Silver Corp. is headquartered in Vancouver, Canada.