MAG Silver (NYSEAMERICAN:MAG) Price Target Raised to $21.00

MAG Silver (NYSEAMERICAN:MAG) had its price target hoisted by analysts at Roth Capital from $18.00 to $21.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Roth Capital’s price target would suggest a potential downside of 0.90% from the stock’s current price.

Several other brokerages also recently weighed in on MAG. TD Securities downgraded shares of MAG Silver from a “strong-buy” rating to a “strong sell” rating in a research report on Thursday, May 22nd. Canaccord Genuity Group lowered MAG Silver from a “strong-buy” rating to a “hold” rating in a report on Monday, May 12th. HC Wainwright reaffirmed a “buy” rating and set a $22.00 price target on shares of MAG Silver in a report on Thursday, April 24th. Scotiabank reaffirmed a “sector perform” rating on shares of MAG Silver in a research report on Monday, April 14th. Finally, Roth Mkm decreased their target price on MAG Silver from $16.50 to $16.00 and set a “neutral” rating for the company in a research report on Tuesday, March 25th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $19.38.

MAG Silver Stock Performance

Shares of MAG traded up $0.06 on Tuesday, reaching $21.19. The stock had a trading volume of 598,014 shares, compared to its average volume of 1,240,869. MAG Silver has a 12-month low of $11.29 and a 12-month high of $21.83. The firm has a market capitalization of $2.19 billion, a price-to-earnings ratio of 24.08 and a beta of 0.73. The company has a 50-day simple moving average of $18.70 and a 200-day simple moving average of $16.36.

Hedge Funds Weigh In On MAG Silver

A number of institutional investors and hedge funds have recently made changes to their positions in the business. First Eagle Investment Management LLC raised its stake in shares of MAG Silver by 46.4% in the fourth quarter. First Eagle Investment Management LLC now owns 7,839,793 shares of the company’s stock worth $106,379,000 after buying an additional 2,486,538 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in MAG Silver by 11.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,455,720 shares of the company’s stock worth $37,350,000 after acquiring an additional 258,379 shares during the period. Royal Bank of Canada raised its stake in MAG Silver by 8.6% during the 1st quarter. Royal Bank of Canada now owns 1,660,583 shares of the company’s stock worth $25,374,000 after acquiring an additional 131,813 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in MAG Silver by 20.5% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,399,405 shares of the company’s stock valued at $21,290,000 after purchasing an additional 237,800 shares in the last quarter. Finally, TD Asset Management Inc boosted its position in shares of MAG Silver by 4.1% in the first quarter. TD Asset Management Inc now owns 1,116,157 shares of the company’s stock worth $16,976,000 after purchasing an additional 43,822 shares during the period. Hedge funds and other institutional investors 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.