Scotiabank Boosts MAG Silver (NYSEAMERICAN:MAG) Price Target to $18.50

MAG Silver (NYSEAMERICAN:MAG) had its target price increased by equities researchers at Scotiabank from $18.00 to $18.50 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “sector outperform” rating on the stock. Scotiabank’s price objective points to a potential upside of 18.74% from the company’s current price.

Other research analysts have also recently issued reports about the company. Roth Mkm cut their price target on MAG Silver from $16.50 to $16.00 and set a “neutral” rating for the company in a research note on Tuesday, March 25th. HC Wainwright boosted their target price on MAG Silver from $21.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, March 25th. Roth Capital set a $16.00 price target on MAG Silver in a research report on Tuesday, March 25th. StockNews.com raised shares of MAG Silver from a “sell” rating to a “hold” rating in a research report on Monday, March 31st. Finally, Raymond James restated an “outperform” rating on shares of MAG Silver in a research note on Tuesday, March 25th. Four analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $18.60.

MAG Silver Stock Up 3.9 %

NYSEAMERICAN:MAG traded up $0.58 during midday trading on Monday, hitting $15.58. The company had a trading volume of 263,334 shares, compared to its average volume of 677,050. The company has a market capitalization of $1.61 billion, a PE ratio of 21.94 and a beta of 1.09. MAG Silver has a 52-week low of $11.29 and a 52-week high of $18.27. The stock’s fifty day moving average price is $15.56 and its 200-day moving average price is $15.19.

Institutional Investors Weigh In On MAG Silver

Hedge funds and other institutional investors have recently modified their holdings of the company. Verition Fund Management LLC purchased a new stake in MAG Silver in the third quarter valued at $168,000. Public Employees Retirement System of Ohio purchased a new stake in shares of MAG Silver in the 3rd quarter valued at about $390,000. Barclays PLC boosted its position in shares of MAG Silver by 211.5% in the 3rd quarter. Barclays PLC now owns 30,780 shares of the company’s stock valued at $432,000 after purchasing an additional 20,899 shares during the period. Tidal Investments LLC grew its stake in MAG Silver by 3.6% during the 3rd quarter. Tidal Investments LLC now owns 2,810,051 shares of the company’s stock worth $39,453,000 after buying an additional 98,312 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in MAG Silver by 69.1% during the third quarter. JPMorgan Chase & Co. now owns 456,335 shares of the company’s stock worth $6,407,000 after buying an additional 186,445 shares during the period. 52.50% of the stock is currently owned by institutional investors and hedge funds.

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.