MAG Silver (NYSEAMERICAN:MAG) Shares Gap Down to $12.85

Shares of MAG Silver Corp. (NYSEAMERICAN:MAG) gapped down before the market opened on Tuesday . The stock had previously closed at $12.85, but opened at $12.28. MAG Silver shares last traded at $12.51, with a volume of 167,408 shares traded.

Analyst Upgrades and Downgrades

Several research analysts recently commented on MAG shares. Scotiabank raised MAG Silver from a “sector perform” rating to a “sector outperform” rating and reduced their price objective for the company from $15.00 to $13.50 in a research note on Thursday, March 28th. Stifel Nicolaus reduced their price objective 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. StockNews.com raised MAG Silver to a “sell” rating in a research note on Wednesday, March 27th. Finally, HC Wainwright increased their price objective on MAG Silver from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, April 25th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, MAG Silver presently has a consensus rating of “Moderate Buy” and an average price target of $18.25.

MAG Silver Trading Down 2.7 %

The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of 26.57 and a beta of 1.15.

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

Institutional Investors Weigh In On MAG Silver

Several large investors have recently modified their holdings of the company. Van ECK Associates Corp lifted its holdings in shares of MAG Silver by 4.4% during the third quarter. Van ECK Associates Corp now owns 9,746,401 shares of the company’s stock worth $101,069,000 after purchasing an additional 406,335 shares during the period. First Eagle Investment Management LLC lifted its holdings in shares of MAG Silver by 11.2% during the fourth quarter. First Eagle Investment Management LLC now owns 6,380,120 shares of the company’s stock worth $66,402,000 after purchasing an additional 642,494 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of MAG Silver by 2.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,542,545 shares of the company’s stock worth $26,403,000 after purchasing an additional 58,849 shares during the period. Jupiter Asset Management Ltd. lifted its holdings in shares of MAG Silver by 1.7% during the third quarter. Jupiter Asset Management Ltd. now owns 2,364,171 shares of the company’s stock worth $24,551,000 after purchasing an additional 38,784 shares during the period. Finally, Invesco Ltd. lifted its holdings in shares of MAG Silver by 8.8% during the third quarter. Invesco Ltd. now owns 1,465,920 shares of the company’s stock worth $15,202,000 after purchasing an additional 118,211 shares during the period. 52.50% of the stock is owned by institutional investors and hedge funds.

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.