Scotiabank Boosts MAG Silver (NYSEAMERICAN:MAG) Price Target to $15.50

MAG Silver (NYSEAMERICAN:MAG) had its price target raised by Scotiabank from $14.50 to $15.50 in a report issued on Monday, Benzinga reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s price objective points to a potential upside of 14.05% from the stock’s previous close.

MAG has been the subject of several other reports. HC Wainwright boosted their target price on shares of MAG Silver from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Ventum Cap Mkts lowered MAG Silver from a “buy” rating to a “neutral” rating in a report on Friday, May 3rd. Finally, Stifel Nicolaus increased their price objective on MAG Silver from $20.25 to $20.50 and gave the stock a “buy” rating in a research note on Wednesday, May 15th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $19.38.

MAG Silver Trading Up 1.0 %

Shares of NYSEAMERICAN MAG opened at $13.59 on Monday. The stock has a market cap of $1.40 billion, a PE ratio of 24.27 and a beta of 1.12. MAG Silver has a 1-year low of $8.19 and a 1-year high of $14.30.

MAG Silver (NYSEAMERICAN:MAG) last announced its quarterly earnings results on Friday, August 2nd. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.02. Equities analysts anticipate that MAG Silver will post 0.65 EPS for the current year.

Hedge Funds Weigh In On MAG Silver

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Banque Cantonale Vaudoise grew its holdings in MAG Silver by 8.6% during the 1st quarter. Banque Cantonale Vaudoise now owns 11,012 shares of the company’s stock valued at $116,000 after buying an additional 876 shares in the last quarter. Private Advisor Group LLC grew its stake in MAG Silver by 6.1% during the fourth quarter. Private Advisor Group LLC now owns 24,986 shares of the company’s stock valued at $260,000 after acquiring an additional 1,447 shares in the last quarter. Perritt Capital Management Inc. bought a new stake in MAG Silver during the 1st quarter worth approximately $26,000. CIBC Asset Management Inc lifted its stake in MAG Silver by 3.0% in the 4th quarter. CIBC Asset Management Inc now owns 90,881 shares of the company’s stock worth $949,000 after purchasing an additional 2,652 shares in the last quarter. Finally, Gamco Investors INC. ET AL boosted its holdings in MAG Silver by 15.0% in the 1st quarter. Gamco Investors INC. ET AL now owns 44,970 shares of the company’s stock valued at $476,000 after purchasing an additional 5,850 shares during the period. Institutional investors own 52.50% of the company’s stock.

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.