Van ECK Associates Corp Grows Stake in MAG Silver Corp. (NYSEAMERICAN:MAG)

Van ECK Associates Corp lifted its stake in shares of MAG Silver Corp. (NYSEAMERICAN:MAG - Free Report) by 4.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,231,410 shares of the company's stock after purchasing an additional 467,817 shares during the period. Van ECK Associates Corp owned about 9.91% of MAG Silver worth $143,649,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Jupiter Asset Management Ltd. raised its stake in MAG Silver by 6.5% in the 1st quarter. Jupiter Asset Management Ltd. now owns 2,517,445 shares of the company's stock valued at $26,584,000 after purchasing an additional 153,274 shares during the last quarter. Tidal Investments LLC purchased a new position in shares of MAG Silver in the first quarter worth about $22,518,000. TD Asset Management Inc boosted its position in MAG Silver by 118.3% during the second quarter. TD Asset Management Inc now owns 1,063,055 shares of the company's stock worth $12,415,000 after acquiring an additional 576,156 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in MAG Silver during the 2nd quarter valued at about $9,932,000. Finally, Gabelli Funds LLC raised its holdings in MAG Silver by 12.2% in the 2nd quarter. Gabelli Funds LLC now owns 459,000 shares of the company's stock valued at $5,357,000 after acquiring an additional 50,000 shares during the last quarter. Institutional investors and hedge funds own 52.50% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on MAG shares. Scotiabank boosted their target price on MAG Silver from $14.50 to $15.50 and gave the stock a "sector outperform" rating in a report on Monday, August 19th. Roth Capital lowered MAG Silver from a "strong-buy" rating to a "hold" rating in a research note on Thursday, October 24th. StockNews.com upgraded MAG Silver from a "sell" rating to a "hold" rating in a report on Thursday, October 24th. HC Wainwright lifted their price target on MAG Silver from $17.00 to $18.00 and gave the stock a "buy" rating in a report on Monday, August 5th. Finally, Roth Mkm lowered shares of MAG Silver from a "buy" rating to a "neutral" rating and upped their price objective for the company from $17.00 to $17.50 in a report on Thursday, October 24th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $17.88.

MAG Silver Trading Down 2.0 %

MAG traded down $0.34 during mid-day trading on Friday, hitting $16.75. 558,403 shares of the stock were exchanged, compared to its average volume of 790,873. MAG Silver Corp. has a 1-year low of $8.19 and a 1-year high of $18.27. The firm has a market cap of $1.73 billion, a price-to-earnings ratio of 28.88 and a beta of 1.12.

MAG Silver (NYSEAMERICAN:MAG - Get Free Report) last issued its quarterly earnings results on Friday, August 2nd. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.02. On average, research analysts forecast that MAG Silver Corp. will post 0.71 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.