Brokerages Set MAG Silver Corp. (NYSEAMERICAN:MAG) Price Target at $18.38

Shares of MAG Silver Corp. (NYSEAMERICAN:MAG) have been given an average rating of “Moderate Buy” by the six analysts that are currently covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12 month price target among brokers that have covered the stock in the last year is $18.38.

Several equities research analysts have issued reports on the company. HC Wainwright increased their price target on MAG Silver from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Roth Capital lowered shares of MAG Silver from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 24th. StockNews.com raised shares of MAG Silver from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Finally, Roth Mkm lowered shares of MAG Silver from a “buy” rating to a “neutral” rating and upped their target price for the stock from $17.00 to $17.50 in a research note on Thursday, October 24th.

Hedge Funds Weigh In On MAG Silver

Several hedge funds have recently modified their holdings of MAG. Corundum Trust Company INC bought a new position in shares of MAG Silver in the 2nd quarter valued at about $329,000. Allspring Global Investments Holdings LLC bought a new stake in MAG Silver in the second quarter valued at approximately $9,932,000. Intact Investment Management Inc. bought a new position in shares of MAG Silver during the 2nd quarter worth approximately $3,151,000. CIBC Asset Management Inc raised its stake in MAG Silver by 8.7% in the 2nd quarter. CIBC Asset Management Inc now owns 115,179 shares of the company’s stock valued at $1,345,000 after acquiring an additional 9,173 shares during the period. Finally, TD Asset Management Inc raised its stake in MAG Silver by 118.3% in the 2nd quarter. TD Asset Management Inc now owns 1,063,055 shares of the company’s stock valued at $12,415,000 after acquiring an additional 576,156 shares during the period. Institutional investors own 52.50% of the company’s stock.

MAG Silver Stock Performance

Shares of NYSEAMERICAN:MAG opened at $13.93 on Tuesday. MAG Silver has a fifty-two week low of $8.19 and a fifty-two week high of $18.27. The company has a market capitalization of $1.44 billion, a P/E ratio of 19.62 and a beta of 1.07.

MAG Silver (NYSEAMERICAN:MAG) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.02. On average, analysts forecast that MAG Silver will post 0.75 EPS for the current fiscal year.

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.