Shares of MAG Silver Corp. (NYSEAMERICAN:MAG - Get Free Report) fell 3.1% during mid-day trading on Wednesday . The stock traded as low as $16.06 and last traded at $16.09. 94,492 shares traded hands during trading, a decline of 84% from the average session volume of 584,724 shares. The stock had previously closed at $16.60.
Analysts Set New Price Targets
MAG has been the subject of several research reports. HC Wainwright reissued a "buy" rating and issued a $21.00 target price on shares of MAG Silver in a report on Tuesday, February 25th. TD Securities upgraded MAG Silver to a "strong-buy" rating in a research note on Monday, March 10th. Four equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $18.63.
Read Our Latest Report on MAG Silver
MAG Silver Stock Down 1.8 %
The business's 50 day moving average is $15.49. The company has a market capitalization of $1.62 billion, a PE ratio of 22.14 and a beta of 1.09.
Hedge Funds Weigh In On MAG Silver
Several institutional investors have recently bought and sold shares of MAG. First Eagle Investment Management LLC lifted its stake in shares of MAG Silver by 46.4% in the 4th quarter. First Eagle Investment Management LLC now owns 7,839,793 shares of the company's stock worth $106,379,000 after acquiring an additional 2,486,538 shares during the period. Millennium Management LLC lifted its position in MAG Silver by 3,324.7% in the fourth quarter. Millennium Management LLC now owns 886,203 shares of the company's stock valued at $12,052,000 after purchasing an additional 860,326 shares during the period. Raymond James Financial Inc. purchased a new stake in MAG Silver in the 4th quarter valued at approximately $3,482,000. The Manufacturers Life Insurance Company increased its position in 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 purchasing an additional 254,553 shares during the period. Finally, Sprott Inc. raised its stake in shares of MAG Silver by 8.5% during the 4th quarter. Sprott Inc. now owns 2,649,507 shares of the company's stock worth $36,004,000 after buying an additional 208,252 shares in the last quarter. 52.50% of the stock is owned by institutional investors and hedge funds.
About MAG Silver
(
Get Free Report)
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.
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