MAG Silver (NYSEAMERICAN:MAG) Shares Gap Down – Here’s What Happened

MAG Silver Corp. (NYSEAMERICAN:MAG) shares gapped down prior to trading on Monday . The stock had previously closed at $15.49, but opened at $15.02. MAG Silver shares last traded at $15.11, with a volume of 109,903 shares changing hands.

Analyst Upgrades and Downgrades

MAG has been the topic of a number of analyst reports. HC Wainwright lifted their target price on shares of MAG Silver from $18.00 to $20.00 and gave the stock a “buy” rating in a research note 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. Scotiabank upped their price target on MAG Silver from $14.50 to $15.50 and gave the company a “sector outperform” rating in a research note on Monday, August 19th. Roth Capital downgraded MAG Silver from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 24th. Finally, Roth Mkm lowered shares of 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 note on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, MAG Silver has an average rating of “Hold” and an average target price of $18.38.

MAG Silver Stock Performance

The firm has a market cap of $1.59 billion, a price-to-earnings ratio of 21.30 and a beta of 1.12.

MAG Silver (NYSEAMERICAN:MAG) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.02. Research analysts forecast that MAG Silver Corp. will post 0.71 EPS for the current year.

Institutional Trading of MAG Silver

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC purchased a new stake in shares of MAG Silver in the 1st quarter valued at about $3,925,000. Mackenzie Financial Corp increased its position in MAG Silver by 310.5% during the second quarter. Mackenzie Financial Corp now owns 190,385 shares of the company’s stock worth $2,224,000 after buying an additional 144,007 shares during the period. Van ECK Associates Corp lifted its stake in MAG Silver by 4.8% in the third quarter. Van ECK Associates Corp now owns 10,231,410 shares of the company’s stock valued at $143,649,000 after buying an additional 467,817 shares during the last quarter. PCJ Investment Counsel Ltd. boosted its holdings in shares of MAG Silver by 38.1% in the third 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. Finally, Cubist Systematic Strategies LLC grew its position in shares of MAG Silver by 304.8% during the second quarter. Cubist Systematic Strategies LLC now owns 25,569 shares of the company’s stock worth $299,000 after acquiring an additional 19,253 shares during the last quarter. Institutional investors and hedge funds own 52.50% of the company’s stock.

About MAG Silver

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.