MAG Silver (NYSEAMERICAN:MAG) Trading 5.8% Higher - Here's What Happened

MAG Silver Corp. (NYSEAMERICAN:MAG - Get Free Report)'s share price traded up 5.8% during trading on Tuesday . The company traded as high as $14.57 and last traded at $14.54. 183,991 shares changed hands during mid-day trading, a decline of 46% from the average session volume of 343,702 shares. The stock had previously closed at $13.74.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Roth Capital downgraded shares of MAG Silver from a "strong-buy" rating to a "hold" rating in a research report on Thursday, October 24th. HC Wainwright raised their price target on MAG Silver from $18.00 to $20.00 and gave the company a "buy" rating in a report on Wednesday, November 13th. StockNews.com upgraded MAG Silver from a "sell" rating to a "hold" rating in a research report on Thursday, October 24th. Finally, Roth Mkm cut MAG Silver from a "buy" rating to a "neutral" rating and increased their target price for the stock from $17.00 to $17.50 in a research report on Thursday, October 24th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, MAG Silver has a consensus rating of "Hold" and an average target price of $18.38.

MAG Silver Stock Performance

The company has a market capitalization of $1.51 billion, a P/E ratio of 20.65 and a beta of 1.07.

MAG Silver (NYSEAMERICAN:MAG - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.02. On average, analysts predict that MAG Silver Corp. will post 0.75 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Van ECK Associates Corp raised its stake in shares of MAG Silver by 4.8% in the third quarter. Van ECK Associates Corp now owns 10,231,410 shares of the company's stock worth $143,649,000 after purchasing an additional 467,817 shares during the last quarter. Tidal Investments LLC boosted its holdings in MAG Silver by 3.6% in the third quarter. Tidal Investments LLC now owns 2,810,051 shares of the company's stock valued at $39,453,000 after purchasing an additional 98,312 shares during the last quarter. Gabelli Funds LLC grew its position in MAG Silver by 12.2% during the 2nd quarter. Gabelli Funds LLC now owns 459,000 shares of the company's stock worth $5,357,000 after purchasing an additional 50,000 shares during the period. JPMorgan Chase & Co. raised its stake in shares of MAG Silver by 69.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 456,335 shares of the company's stock valued at $6,407,000 after buying an additional 186,445 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of MAG Silver by 199.7% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 382,027 shares of the company's stock valued at $5,374,000 after buying an additional 254,553 shares during the period. 52.50% of the stock is currently owned by hedge funds and other institutional investors.

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.