MAG Silver (NYSEAMERICAN:MAG) Trading 7.9% Higher Following Analyst Upgrade

MAG Silver Corp. (NYSEAMERICAN:MAG) traded up 7.9% during mid-day trading on Thursday after HC Wainwright raised their price target on the stock from $20.00 to $21.00. HC Wainwright currently has a buy rating on the stock. MAG Silver traded as high as $16.45 and last traded at $16.45. 209,683 shares changed hands during trading, a decline of 52% from the average session volume of 440,911 shares. The stock had previously closed at $15.25.

MAG has been the subject of a number of other reports. StockNews.com upgraded MAG Silver from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Roth Mkm lowered shares of MAG Silver from a “buy” rating to a “neutral” rating and increased their price objective for the company from $17.00 to $17.50 in a research report on Thursday, October 24th. Finally, Roth Capital downgraded shares of MAG Silver from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 24th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $18.63.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Van ECK Associates Corp increased its holdings in shares of MAG Silver by 4.8% in the third quarter. Van ECK Associates Corp now owns 10,231,410 shares of the company’s stock valued at $143,649,000 after purchasing an additional 467,817 shares during the last quarter. Tidal Investments LLC increased its stake in shares of MAG Silver by 3.6% in the 3rd quarter. Tidal Investments LLC now owns 2,810,051 shares of the company’s stock worth $39,453,000 after acquiring an additional 98,312 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of MAG Silver by 69.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 456,335 shares of the company’s stock worth $6,407,000 after acquiring an additional 186,445 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of MAG Silver by 199.7% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 382,027 shares of the company’s stock worth $5,374,000 after acquiring an additional 254,553 shares during the period. Finally, PCJ Investment Counsel Ltd. boosted its position in shares of MAG Silver by 38.1% during the 3rd quarter. PCJ Investment Counsel Ltd. now owns 369,290 shares of the company’s stock valued at $5,196,000 after acquiring an additional 101,870 shares during the last quarter. Hedge funds and other institutional investors own 52.50% of the company’s stock.

MAG Silver Stock Performance

The firm has a market cap of $1.63 billion, a PE ratio of 22.25 and a beta of 1.08.

MAG Silver (NYSEAMERICAN:MAG) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.02. As a group, analysts anticipate that MAG Silver Corp. will post 0.74 earnings per share for the current fiscal year.

About MAG Silver

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.