MAG Silver (NYSEAMERICAN:MAG) Trading Up 6.3%

MAG Silver Corp. (NYSEAMERICAN:MAG)’s share price was up 6.3% during mid-day trading on Thursday . The stock traded as high as $10.56 and last traded at $10.50. Approximately 1,187,095 shares traded hands during trading, an increase of 71% from the average daily volume of 694,653 shares. The stock had previously closed at $9.88.

Analysts Set New Price Targets

MAG has been the topic of a number of recent analyst reports. HC Wainwright reissued a “buy” rating and issued a $18.50 price objective (down from $19.50) on shares of MAG Silver in a research note on Wednesday, March 20th. StockNews.com raised MAG Silver to a “sell” rating in a research note on Wednesday. Stifel Nicolaus cut their price objective on MAG Silver from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Wednesday, March 20th. Finally, Scotiabank raised MAG Silver from a “sector perform” rating to a “sector outperform” rating and set a $13.50 price objective on the stock in a research note on Thursday. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, MAG Silver currently has a consensus rating of “Moderate Buy” and an average target price of $18.63.

MAG Silver Price Performance

The company has a market capitalization of $1.09 billion, a P/E ratio of 21.09 and a beta of 1.13.

MAG Silver (NYSEAMERICAN:MAG) last issued its quarterly earnings results on Tuesday, March 19th. The company reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.01. On average, equities research analysts anticipate that MAG Silver Corp. will post 0.55 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MAG Silver

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Natixis bought a new stake in shares of MAG Silver in the fourth quarter worth about $34,000. Geneos Wealth Management Inc. increased its holdings in shares of MAG Silver by 89.6% in the first quarter. Geneos Wealth Management Inc. now owns 3,385 shares of the company’s stock worth $54,000 after acquiring an additional 1,600 shares in the last quarter. Deutsche Bank AG bought a new stake in shares of MAG Silver in the fourth quarter worth about $55,000. BNP Paribas Financial Markets bought a new stake in shares of MAG Silver in the fourth quarter worth about $61,000. Finally, Chilton Capital Management LLC bought a new stake in shares of MAG Silver in the first quarter worth about $78,000. Institutional investors own 52.50% of the company’s stock.

About MAG Silver

MAG Silver Corp. engages in the exploration and development of precious metal mining properties. The company explores for silver, gold, lead, copper, and zinc deposits. It primarily holds 44% interest in the Juanicipio project located in the Fresnillo District, Zacatecas State, Mexico. MAG Silver Corp.