MAG Silver (NYSEAMERICAN:MAG) Reaches New 1-Year High at $14.37

MAG Silver Corp. (NYSEAMERICAN:MAG)’s share price hit a new 52-week high on Friday . The company traded as high as $14.37 and last traded at $14.29, with a volume of 479979 shares changing hands. The stock had previously closed at $13.69.

Analyst Upgrades and Downgrades

MAG has been the subject of several research analyst reports. Scotiabank upped their price target on MAG Silver from $14.50 to $15.50 and gave the stock a “sector outperform” rating in a research note on Monday, August 19th. HC Wainwright increased 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. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $18.00.

MAG Silver Stock Up 6.1 %

The company has a market capitalization of $1.50 billion, a P/E ratio of 25.95 and a beta of 1.14.

MAG Silver (NYSEAMERICAN:MAG) last released its quarterly earnings results on Friday, August 2nd. The company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.19 by $0.02. On average, research analysts forecast that MAG Silver Corp. will post 0.67 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MAG Silver

A number of institutional investors have recently added to or reduced their stakes in MAG. Oppenheimer & Co. Inc. raised its position in shares of MAG Silver by 23.4% in the 1st quarter. Oppenheimer & Co. Inc. now owns 455,150 shares of the company’s stock valued at $4,815,000 after purchasing an additional 86,440 shares in the last quarter. Azarias Capital Management L.P. grew its holdings in MAG Silver by 73.7% during the 1st quarter. Azarias Capital Management L.P. now owns 1,405,136 shares of the company’s stock worth $14,866,000 after acquiring an additional 596,283 shares in the last quarter. Janus Henderson Group PLC bought a new stake in shares of MAG Silver in the 1st quarter worth about $3,925,000. Jupiter Asset Management Ltd. increased 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 purchasing an additional 153,274 shares during the last quarter. Finally, CIBC Asset Management Inc lifted its position in shares of MAG Silver by 3.0% during the fourth 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 during the last quarter. 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.