MAG Silver (NYSEAMERICAN:MAG) Shares Down 10.3%

MAG Silver Corp. (NYSEAMERICAN:MAG)’s share price traded down 10.3% on Monday . The stock traded as low as $11.31 and last traded at $11.36. 46,254 shares were traded during mid-day trading, a decline of 94% from the average session volume of 765,398 shares. The stock had previously closed at $12.67.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Scotiabank boosted their target price on MAG Silver from $13.50 to $14.50 and gave the company a “sector outperform” rating in a report on Thursday, May 23rd. HC Wainwright boosted their target price on MAG Silver from $17.00 to $18.00 and gave the company a “buy” rating in a report on Monday. Stifel Nicolaus boosted their target price on MAG Silver from $20.25 to $20.50 and gave the company a “buy” rating in a report on Wednesday, May 15th. Finally, Ventum Cap Mkts downgraded MAG Silver from a “buy” rating to a “neutral” rating in a report on Friday, May 3rd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, MAG Silver currently has an average rating of “Moderate Buy” and a consensus price target of $19.13.

MAG Silver Price Performance

The firm has a market cap of $1.22 billion, a P/E ratio of 21.82 and a beta of 1.12.

MAG Silver (NYSEAMERICAN:MAG) last announced its earnings results on Friday, August 2nd. The company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.02. As a group, research analysts expect that MAG Silver Corp. will post 0.65 earnings per share for the current year.

Institutional Investors Weigh In On MAG Silver

Hedge funds have recently made changes to their positions in the business. Oppenheimer & Co. Inc. boosted its holdings in shares of MAG Silver by 23.4% during the first quarter. Oppenheimer & Co. Inc. now owns 455,150 shares of the company’s stock worth $4,815,000 after purchasing an additional 86,440 shares during the last quarter. Azarias Capital Management L.P. raised its position in shares of MAG Silver by 73.7% in the 1st quarter. Azarias Capital Management L.P. now owns 1,405,136 shares of the company’s stock worth $14,866,000 after buying an additional 596,283 shares during the period. Janus Henderson Group PLC purchased a new position in shares of MAG Silver in the 1st quarter worth $3,925,000. Jupiter Asset Management Ltd. raised its position in shares of MAG Silver by 6.5% in the 1st quarter. Jupiter Asset Management Ltd. now owns 2,517,445 shares of the company’s stock worth $26,584,000 after buying an additional 153,274 shares during the period. Finally, Raymond James Financial Services Advisors Inc. raised its position in shares of MAG Silver by 6.6% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 63,884 shares of the company’s stock worth $665,000 after buying an additional 3,950 shares during the period. Institutional investors and hedge funds 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.