MAG Silver (NYSEAMERICAN:MAG) Trading Down 3.1% – Here’s Why

MAG Silver Corp. (NYSEAMERICAN:MAG) dropped 3.1% on Wednesday . The company traded as low as $16.06 and last traded at $16.09. Approximately 94,492 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 584,724 shares. The stock had previously closed at $16.60.

Analyst Upgrades and Downgrades

MAG has been the subject of a number of research analyst reports. HC Wainwright reiterated a “buy” rating and set a $21.00 price target on shares of MAG Silver in a research report on Tuesday, February 25th. TD Securities upgraded shares of MAG Silver to a “strong-buy” rating in a research report on Monday, March 10th. Four analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.63.

MAG Silver Price Performance

The firm’s fifty day moving average price is $15.44. The stock has a market capitalization of $1.65 billion, a P/E ratio of 22.55 and a beta of 1.09.

Institutional Investors Weigh In On MAG Silver

A number of hedge funds have recently made changes to their positions in the business. First Eagle Investment Management LLC increased its holdings in shares of MAG Silver by 46.4% in the fourth quarter. First Eagle Investment Management LLC now owns 7,839,793 shares of the company’s stock worth $106,379,000 after buying an additional 2,486,538 shares during the period. Millennium Management LLC grew its position in MAG Silver by 3,324.7% during the 4th quarter. Millennium Management LLC now owns 886,203 shares of the company’s stock worth $12,052,000 after acquiring an additional 860,326 shares during the last quarter. Raymond James Financial Inc. purchased a new position in MAG Silver in the 4th quarter worth approximately $3,482,000. The Manufacturers Life Insurance Company lifted its position in MAG Silver by 199.7% in the third quarter. The Manufacturers Life Insurance Company now owns 382,027 shares of the company’s stock valued at $5,374,000 after purchasing an additional 254,553 shares during the last quarter. Finally, Sprott Inc. boosted its stake in shares of MAG Silver by 8.5% during the fourth quarter. Sprott Inc. now owns 2,649,507 shares of the company’s stock valued at $36,004,000 after purchasing an additional 208,252 shares during the period. 52.50% of the stock is currently owned by institutional investors.

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.