Scotiabank Issues Positive Forecast for MAG Silver (NYSEAMERICAN:MAG) Stock Price

MAG Silver (NYSEAMERICAN:MAG) had its price objective upped by investment analysts at Scotiabank from $18.00 to $18.50 in a research report issued on Monday,Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s price objective suggests a potential upside of 17.31% from the stock’s previous close.

A number of other research firms have also recently commented on MAG. StockNews.com upgraded shares of MAG Silver from a “sell” rating to a “hold” rating in a report on Monday, March 31st. TD Securities raised MAG Silver to a “strong-buy” rating in a research report on Monday, March 10th. Raymond James reiterated an “outperform” rating on shares of MAG Silver in a report on Tuesday, March 25th. Roth Mkm reduced their price objective 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. Finally, Roth Capital set a $16.00 target price on MAG Silver in a research report on Tuesday, March 25th. Four equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $18.60.

MAG Silver Stock Performance

Shares of MAG opened at $15.77 on Monday. The firm has a market cap of $1.63 billion, a PE ratio of 22.21 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 business’s 50 day moving average price is $15.56 and its two-hundred day moving average price is $15.20.

Institutional Trading of MAG Silver

Several institutional investors and hedge funds have recently made changes to their positions in MAG. First Eagle Investment Management LLC boosted its position in 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 purchasing an additional 2,486,538 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of MAG Silver by 3,324.7% in the 4th quarter. Millennium Management LLC now owns 886,203 shares of the company’s stock worth $12,052,000 after buying an additional 860,326 shares during the last quarter. Raymond James Financial Inc. bought a new position in MAG Silver during the fourth quarter valued at about $3,482,000. Sprott Inc. increased its holdings in MAG Silver by 8.5% during the fourth quarter. Sprott Inc. now owns 2,649,507 shares of the company’s stock worth $36,004,000 after buying an additional 208,252 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in MAG Silver by 69.1% in the third quarter. JPMorgan Chase & Co. now owns 456,335 shares of the company’s stock worth $6,407,000 after acquiring an additional 186,445 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.