MAG Silver (NYSEAMERICAN:MAG) Cut to Hold at Canaccord Genuity Group

Canaccord Genuity Group downgraded shares of MAG Silver (NYSEAMERICAN:MAG) from a strong-buy rating to a hold rating in a report released on Monday morning,Zacks.com reports.

MAG has been the subject of several other reports. StockNews.com raised shares of MAG Silver from a “sell” rating to a “hold” rating in a research note on Monday, March 31st. HC Wainwright reaffirmed a “buy” rating and set a $22.00 target price on shares of MAG Silver in a research note on Thursday, April 24th. Raymond James reaffirmed an “outperform” rating on shares of MAG Silver in a research note on Tuesday, March 25th. TD Securities raised shares of MAG Silver to a “strong-buy” rating in a research note on Monday, March 10th. Finally, Scotiabank reissued a “sector perform” rating on shares of MAG Silver in a research note on Monday, April 14th. Five analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, MAG Silver currently has an average rating of “Moderate Buy” and a consensus price target of $18.60.

MAG Silver Price Performance

Shares of MAG stock opened at $17.82 on Monday. The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of 25.10 and a beta of 1.09. MAG Silver has a one year low of $11.29 and a one year high of $19.17. The company’s fifty day moving average price is $15.49 and its 200-day moving average price is $15.35.

MAG Silver Announces Dividend

The company also recently declared a — dividend, which will be paid on Wednesday, May 28th. Investors of record on Monday, May 19th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Monday, May 19th. This represents a dividend yield of 0.5%. MAG Silver’s dividend payout ratio is presently 101.41%.

Hedge Funds Weigh In On MAG Silver

Large investors have recently made changes to their positions in the company. Banque Cantonale Vaudoise bought a new stake in MAG Silver during the 1st quarter valued at about $37,000. Northwest & Ethical Investments L.P. lifted its holdings in MAG Silver by 39.3% during the 1st quarter. Northwest & Ethical Investments L.P. now owns 8,178 shares of the company’s stock valued at $124,000 after buying an additional 2,308 shares in the last quarter. Aigen Investment Management LP bought a new stake in MAG Silver during the 4th quarter valued at about $156,000. D. E. Shaw & Co. Inc. bought a new stake in MAG Silver during the 4th quarter valued at about $156,000. Finally, D.A. Davidson & CO. bought a new stake in MAG Silver during the 1st quarter valued at about $167,000. 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.