MAG Silver (NYSEAMERICAN:MAG) Earns Buy Rating from HC Wainwright

MAG Silver (NYSEAMERICAN:MAG)‘s stock had its “buy” rating restated by analysts at HC Wainwright in a report released on Tuesday,Benzinga reports. They presently have a $21.00 price target on the stock. HC Wainwright’s target price points to a potential upside of 31.50% from the stock’s previous close.

MAG Silver Trading Up 3.6 %

Shares of MAG Silver stock opened at $15.97 on Tuesday. MAG Silver has a 1 year low of $8.19 and a 1 year high of $18.27. The stock has a market cap of $1.65 billion, a price-to-earnings ratio of 22.49 and a beta of 1.09.

Hedge Funds Weigh In On MAG Silver

Several hedge funds and other institutional investors have recently modified their holdings of the stock. CIBC Asset Management Inc raised its position in MAG Silver by 0.7% during the 4th quarter. CIBC Asset Management Inc now owns 114,355 shares of the company’s stock worth $1,550,000 after buying an additional 755 shares during the last quarter. Swiss National Bank raised its position in MAG Silver by 0.6% during the 4th quarter. Swiss National Bank now owns 193,900 shares of the company’s stock worth $2,633,000 after buying an additional 1,200 shares during the last quarter. Geode Capital Management LLC raised its position in MAG Silver by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 50,088 shares of the company’s stock worth $687,000 after buying an additional 1,245 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in MAG Silver during the 3rd quarter worth approximately $28,000. Finally, Bank of America Corp DE raised its position in MAG Silver by 5.1% during the 4th quarter. Bank of America Corp DE now owns 49,779 shares of the company’s stock worth $677,000 after buying an additional 2,399 shares during the last quarter. 52.50% of the stock is 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.