MAG Silver (NYSEAMERICAN:MAG) Shares Up 5.8% – Here’s Why

Shares of MAG Silver Corp. (NYSEAMERICAN:MAG) rose 5.8% during trading on Tuesday . The company traded as high as $14.57 and last traded at $14.54. Approximately 183,991 shares changed hands during mid-day trading, a decline of 46% from the average daily volume of 343,702 shares. The stock had previously closed at $13.74.

Analyst Upgrades and Downgrades

MAG has been the topic of a number of research reports. HC Wainwright raised their price objective on shares of MAG Silver from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Roth Capital cut shares of MAG Silver from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 24th. Roth Mkm cut MAG Silver from a “buy” rating to a “neutral” rating and raised their target price for the stock from $17.00 to $17.50 in a report on Thursday, October 24th. Finally, StockNews.com raised shares of MAG Silver from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, MAG Silver currently has an average rating of “Hold” and a consensus target price of $18.38.

MAG Silver Stock Up 0.7 %

The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of 21.24 and a beta of 1.08.

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 the consensus estimate of $0.20 by $0.02. Equities analysts expect that MAG Silver Corp. will post 0.75 EPS for the current fiscal year.

Hedge Funds Weigh In On MAG Silver

Hedge funds have recently modified their holdings of the stock. Gabelli Funds LLC grew its stake in MAG Silver by 12.2% during the 2nd quarter. Gabelli Funds LLC now owns 459,000 shares of the company’s stock valued at $5,357,000 after purchasing an additional 50,000 shares during the last quarter. Cubist Systematic Strategies LLC lifted its holdings in shares of MAG Silver by 304.8% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 25,569 shares of the company’s stock valued at $299,000 after buying an additional 19,253 shares during the period. Toronto Dominion Bank raised its position in MAG Silver by 67.1% during the second quarter. Toronto Dominion Bank now owns 33,207 shares of the company’s stock valued at $388,000 after acquiring an additional 13,340 shares in the last quarter. Mackenzie Financial Corp boosted its position in MAG Silver by 310.5% in the 2nd quarter. Mackenzie Financial Corp now owns 190,385 shares of the company’s stock worth $2,224,000 after purchasing an additional 144,007 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of MAG Silver during the 2nd quarter worth approximately $161,000. Institutional investors and hedge funds own 52.50% of the company’s stock.

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.