MAG Silver (NYSEAMERICAN:MAG) Shares Up 7.9% After Analyst Upgrade

MAG Silver Corp. (NYSEAMERICAN:MAG - Get Free Report) shot up 7.9% on Thursday after HC Wainwright raised their price target on the stock from $20.00 to $21.00. HC Wainwright currently has a buy rating on the stock. MAG Silver traded as high as $16.45 and last traded at $16.45. 209,683 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 440,911 shares. The stock had previously closed at $15.25.

A number of other equities analysts have also weighed in on MAG. Roth Mkm lowered shares of MAG Silver from a "buy" rating to a "neutral" rating and lifted their price target for the company from $17.00 to $17.50 in a report on Thursday, October 24th. StockNews.com raised MAG Silver from a "sell" rating to a "hold" rating in a research report on Thursday, October 24th. Finally, Roth Capital downgraded MAG Silver from a "strong-buy" rating to a "hold" rating in a report on Thursday, October 24th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $18.63.

Hedge Funds Weigh In On MAG Silver

Several institutional investors have recently made changes to their positions in the stock. Van ECK Associates Corp increased its holdings in shares of MAG Silver by 4.8% in the 3rd quarter. Van ECK Associates Corp now owns 10,231,410 shares of the company's stock worth $143,649,000 after acquiring an additional 467,817 shares during the period. Tidal Investments LLC raised its holdings in shares of MAG Silver by 3.6% during the third quarter. Tidal Investments LLC now owns 2,810,051 shares of the company's stock valued at $39,453,000 after buying an additional 98,312 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of MAG Silver by 69.1% during the third quarter. JPMorgan Chase & Co. now owns 456,335 shares of the company's stock worth $6,407,000 after buying an additional 186,445 shares during the period. The Manufacturers Life Insurance Company grew its holdings in MAG Silver by 199.7% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 382,027 shares of the company's stock worth $5,374,000 after buying an additional 254,553 shares in the last quarter. Finally, PCJ Investment Counsel Ltd. increased its position in MAG Silver by 38.1% in the 3rd quarter. PCJ Investment Counsel Ltd. now owns 369,290 shares of the company's stock valued at $5,196,000 after acquiring an additional 101,870 shares during the period. 52.50% of the stock is owned by institutional investors.

MAG Silver Price Performance

The company has a market cap of $1.65 billion, a price-to-earnings ratio of 22.52 and a beta of 1.09.

MAG Silver (NYSEAMERICAN:MAG - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.22 earnings per share for the quarter, topping analysts' consensus estimates of $0.20 by $0.02. As a group, sell-side analysts predict that MAG Silver Corp. will post 0.75 earnings per share for the current year.

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.