MAG Silver (NYSEAMERICAN:MAG) Reaches New 1-Year High – Time to Buy?

MAG Silver Corp. (NYSEAMERICAN:MAG) reached a new 52-week high during trading on Tuesday . The stock traded as high as $18.01 and last traded at $17.97, with a volume of 74278 shares trading hands. The stock had previously closed at $17.52.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Scotiabank lifted their price objective on shares of MAG Silver from $14.50 to $15.50 and gave the company a “sector outperform” rating in a report on Monday, August 19th. HC Wainwright boosted their price target on shares of MAG Silver from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, MAG Silver currently has an average rating of “Hold” and a consensus target price of $18.00.

MAG Silver Trading Down 0.2 %

The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of 30.14 and a beta of 1.15.

MAG Silver (NYSEAMERICAN:MAG) last announced its quarterly earnings data on Friday, August 2nd. The company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.02. As a group, analysts forecast that MAG Silver Corp. will post 0.69 EPS for the current fiscal year.

Institutional Investors Weigh In On MAG Silver

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Azarias Capital Management L.P. boosted its holdings in shares of MAG Silver by 73.7% in the 1st quarter. Azarias Capital Management L.P. now owns 1,405,136 shares of the company’s stock valued at $14,866,000 after buying an additional 596,283 shares in the last quarter. Privium Fund Management B.V. grew its holdings in shares of MAG Silver by 71.9% during the first quarter. Privium Fund Management B.V. now owns 26,300 shares of the company’s stock worth $278,000 after purchasing an additional 11,000 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of MAG Silver by 7.5% during the first quarter. Van ECK Associates Corp now owns 9,981,600 shares of the company’s stock worth $105,603,000 after purchasing an additional 696,140 shares during the last quarter. Private Advisor Group LLC increased its position in shares of MAG Silver by 29.0% during the first quarter. Private Advisor Group LLC now owns 32,230 shares of the company’s stock worth $341,000 after purchasing an additional 7,244 shares in the last quarter. Finally, DORCHESTER WEALTH MANAGEMENT Co lifted its holdings in shares of MAG Silver by 38.9% in the 1st quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 40,825 shares of the company’s stock valued at $431,000 after purchasing an additional 11,425 shares during the last quarter. Institutional investors and hedge funds own 52.50% of the company’s stock.

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.