MAG Silver (NYSEAMERICAN:MAG) Downgraded by Zacks Investment Research to Sell

MAG Silver (NYSEAMERICAN:MAG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Saturday, November 11th.

According to Zacks, “MAG is focused on district scale projects located within the Mexican Silver Belt. Our mission is to become one of the premier companies in the Silver Mining Industry. MAG and its partner, Industrias Penoles, are delineating a significant new silver vein discovery on the Juanicipio Joint Venture in Zacatecas State, Mexico. MAG is based in Vancouver, British Columbia, Canada. “

A number of other brokerages have also recently issued reports on MAG. HC Wainwright reissued a “buy” rating and issued a $18.50 target price on shares of MAG Silver in a research report on Wednesday, November 8th. Roth Capital set a $22.00 target price on shares of MAG Silver and gave the company a “buy” rating in a research report on Monday, August 21st. Two investment analysts have rated the stock with a sell rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $16.60.

MAG Silver (NYSEAMERICAN:MAG) traded down $0.10 during mid-day trading on Friday, reaching $10.56. 242,537 shares of the company’s stock were exchanged, compared to its average volume of 379,173. MAG Silver has a 1 year low of $9.50 and a 1 year high of $16.78.

Hedge funds and other institutional investors have recently modified their holdings of the business. Stifel Financial Corp acquired a new position in MAG Silver during the third quarter worth about $137,000. Quantbot Technologies LP acquired a new position in MAG Silver during the second quarter worth about $183,000. BlueCrest Capital Management Ltd acquired a new position in MAG Silver during the second quarter worth about $196,000. Sigma Planning Corp acquired a new position in shares of MAG Silver in the second quarter valued at approximately $203,000. Finally, Goldman Sachs Group Inc. acquired a new position in shares of MAG Silver in the first quarter valued at approximately $242,000.

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About MAG Silver

MAG Silver Corp. is a mineral exploration and development company. The Company is focused on the acquisition, exploration and development of projects located within the Mexican silver belt. The Company operates through the exploration of mineral properties in Mexico segment. The Company’s projects include Juanicipio Property, Cinco De Mayo Property and Guigui Property.

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