Scotiabank Boosts MAG Silver (NYSEAMERICAN:MAG) Price Target to $15.50

MAG Silver (NYSEAMERICAN:MAG) had its price objective lifted by Scotiabank from $14.50 to $15.50 in a research note released on Monday, Benzinga reports. The firm currently has a sector outperform rating on the stock.

Several other research firms have also recently issued reports on MAG. Stifel Nicolaus raised their price target on MAG Silver from $20.25 to $20.50 and gave the company a buy rating in a report on Wednesday, May 15th. HC Wainwright raised 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. Finally, Ventum Cap Mkts cut shares of MAG Silver from a buy rating to a neutral rating in a report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $19.38.

MAG Silver Stock Down 2.6 %

Shares of NYSEAMERICAN MAG opened at $13.40 on Monday. MAG Silver has a 1-year low of $8.19 and a 1-year high of $14.30. The stock has a market capitalization of $1.38 billion, a price-to-earnings ratio of 23.93 and a beta of 1.12.

MAG Silver (NYSEAMERICAN:MAG) last issued its quarterly earnings results on Friday, August 2nd. The company reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.02. On average, equities research analysts anticipate that MAG Silver will post 0.65 earnings per share for the current year.

Institutional Trading of MAG Silver

Hedge funds and other institutional investors have recently modified their holdings of the company. Oppenheimer & Co. Inc. grew its holdings in shares of MAG Silver by 23.4% during the first 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 in the last quarter. Azarias Capital Management L.P. raised its holdings in shares of MAG Silver by 73.7% in 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 purchasing an additional 596,283 shares during the last quarter. Janus Henderson Group PLC acquired a new stake in shares of MAG Silver in the first quarter valued at approximately $3,925,000. Jupiter Asset Management Ltd. lifted its position in shares of 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 boosted its holdings in MAG Silver by 3.0% during the fourth 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 last quarter. Institutional investors and hedge funds own 52.50% of the company’s stock.

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.