MAG Silver (NYSEAMERICAN:MAG) Rating Increased to Sector Outperform at Scotiabank

MAG Silver (NYSEAMERICAN:MAG) was upgraded by research analysts at Scotiabank from a “sector perform” rating to a “sector outperform” rating in a research note issued on Thursday, MarketBeat.com reports. The firm presently has a $13.50 price target on the stock. Scotiabank’s target price indicates a potential upside of 36.23% from the company’s previous close.

Several other research firms have also commented on MAG. StockNews.com upgraded MAG Silver to a “sell” rating in a research report on Wednesday. HC Wainwright reaffirmed a “buy” rating and set a $18.50 target price (down from $19.50) on shares of MAG Silver in a research note on Wednesday, March 20th. Finally, Stifel Nicolaus reduced their target price on MAG Silver from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Wednesday, March 20th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, MAG Silver currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.63.

MAG Silver Stock Performance

MAG opened at $9.91 on Thursday. MAG Silver has a 52-week low of $8.19 and a 52-week high of $14.42. The stock has a market cap of $1.02 billion, a PE ratio of 21.09 and a beta of 1.13.

MAG Silver (NYSEAMERICAN:MAG) last issued its earnings results on Tuesday, March 19th. The company reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.01. On average, analysts anticipate that MAG Silver will post 0.55 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MAG Silver

A number of institutional investors and hedge funds have recently made changes to their positions in MAG. Advisor Group Holdings Inc. lifted its stake in MAG Silver by 73.4% during the first quarter. Advisor Group Holdings Inc. now owns 24,835 shares of the company’s stock worth $394,000 after purchasing an additional 10,513 shares during the last quarter. Cetera Advisor Networks LLC purchased a new stake in MAG Silver in the first quarter valued at approximately $219,000. BlackRock Inc. lifted its stake in MAG Silver by 1.0% in the first quarter. BlackRock Inc. now owns 670,578 shares of the company’s stock valued at $10,843,000 after buying an additional 6,578 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in MAG Silver by 115.8% in the first quarter. Dimensional Fund Advisors LP now owns 307,218 shares of the company’s stock valued at $4,968,000 after buying an additional 164,859 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in MAG Silver by 7.9% in the first quarter. Vanguard Group Inc. now owns 54,836 shares of the company’s stock valued at $886,000 after buying an additional 4,024 shares during the last quarter. 52.50% of the stock is owned by institutional investors and hedge funds.

About MAG Silver

MAG Silver Corp. engages in the exploration and development of precious metal mining properties. The company explores for silver, gold, lead, copper, and zinc deposits. It primarily holds 44% interest in the Juanicipio project located in the Fresnillo District, Zacatecas State, Mexico. MAG Silver Corp.