MAG Silver (NYSEAMERICAN:MAG) Shares Up 4% on Analyst Upgrade

MAG Silver Corp. (NYSEAMERICAN:MAG) shares rose 4% during mid-day trading on Thursday after HC Wainwright raised their price target on the stock from $16.00 to $17.00. HC Wainwright currently has a buy rating on the stock. MAG Silver traded as high as $12.70 and last traded at $12.55. Approximately 459,136 shares changed hands during mid-day trading, a decline of 46% from the average daily volume of 849,838 shares. The stock had previously closed at $12.07.

Several other brokerages also recently weighed in on MAG. Scotiabank upgraded MAG Silver from a “sector perform” rating to a “sector outperform” rating and reduced their price target for the company from $15.00 to $13.50 in a report on Thursday, March 28th. Stifel Nicolaus reduced their price target on MAG Silver from $20.00 to $19.00 and set a “buy” rating for the company in a report on Wednesday, March 20th. Finally, StockNews.com upgraded MAG Silver to a “sell” rating in a report on Wednesday, March 27th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.25.

Institutional Investors Weigh In On MAG Silver

Several institutional investors have recently modified their holdings of the business. Banque Cantonale Vaudoise boosted its position in shares of MAG Silver by 8.6% during the first quarter. Banque Cantonale Vaudoise now owns 11,012 shares of the company’s stock valued at $116,000 after buying an additional 876 shares during the last quarter. Private Advisor Group LLC boosted its position in shares of MAG Silver by 6.1% during the fourth quarter. Private Advisor Group LLC now owns 24,986 shares of the company’s stock valued at $260,000 after buying an additional 1,447 shares during the last quarter. CIBC Asset Management Inc boosted its position in shares of MAG Silver by 3.0% during the fourth quarter. CIBC Asset Management Inc now owns 90,881 shares of the company’s stock valued at $949,000 after buying an additional 2,652 shares during the last quarter. DORCHESTER WEALTH MANAGEMENT Co boosted its position in MAG Silver by 12.2% in the fourth quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 29,400 shares of the company’s stock worth $307,000 after purchasing an additional 3,200 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. boosted its position in MAG Silver by 6.6% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 63,884 shares of the company’s stock worth $665,000 after purchasing an additional 3,950 shares during the last quarter. 52.50% of the stock is owned by hedge funds and other institutional investors.

MAG Silver Price Performance

The stock has a market capitalization of $1.34 billion, a PE ratio of 27.60 and a beta of 1.15.

MAG Silver (NYSEAMERICAN:MAG) last announced its earnings results on Tuesday, March 19th. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.01. Analysts anticipate that MAG Silver Corp. will post 0.53 EPS for the current fiscal year.

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.