Scotiabank Upgrades MAG Silver (NYSEAMERICAN:MAG) to “Sector Outperform”

MAG Silver (NYSEAMERICAN:MAG) was upgraded by equities research analysts at Scotiabank from a “sector perform” rating to a “sector outperform” rating in a note issued to investors on Thursday, Marketbeat reports. The firm currently has a $13.50 price target on the stock. Scotiabank’s price target suggests a potential upside of 36.23% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. StockNews.com upgraded shares of MAG Silver to a “sell” rating in a report on Wednesday. HC Wainwright reiterated a “buy” rating and issued a $18.50 target price (down previously from $19.50) on shares of MAG Silver in a research note on Wednesday, March 20th. Finally, Stifel Nicolaus lowered their target price on shares of MAG Silver from $20.00 to $19.00 and set a “buy” rating for the company in a report on Wednesday, March 20th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $18.63.

MAG Silver Trading Up 10.0 %

Shares of MAG opened at $9.91 on Thursday. The firm has a market cap of $1.02 billion, a price-to-earnings ratio of 21.09 and a beta of 1.13. MAG Silver has a 12 month low of $8.19 and a 12 month high of $14.42.

MAG Silver (NYSEAMERICAN:MAG) last released its quarterly earnings data on Tuesday, March 19th. The company reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.01. As a group, sell-side analysts predict that MAG Silver will post 0.55 EPS for the current year.

Institutional Investors Weigh In On MAG Silver

Several large investors have recently added to or reduced their stakes in MAG. BlackRock Inc. bought a new stake in shares of MAG Silver during the second quarter valued at about $11,613,000. Azarias Capital Management L.P. bought a new stake in shares of MAG Silver during the fourth quarter valued at about $8,420,000. First Eagle Investment Management LLC increased its position in shares of MAG Silver by 11.2% during the fourth quarter. First Eagle Investment Management LLC now owns 6,380,120 shares of the company’s stock valued at $66,402,000 after buying an additional 642,494 shares during the period. 1832 Asset Management L.P. increased its position in shares of MAG Silver by 103.5% during the fourth quarter. 1832 Asset Management L.P. now owns 865,000 shares of the company’s stock valued at $13,520,000 after buying an additional 440,000 shares during the period. Finally, Invesco Ltd. increased its position in shares of MAG Silver by 98.1% during the first quarter. Invesco Ltd. now owns 849,779 shares of the company’s stock valued at $13,741,000 after buying an additional 420,757 shares during the period. Hedge funds and other institutional investors own 52.50% of the company’s stock.

MAG Silver Company Profile

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.