MAG Silver (NYSEAMERICAN:MAG) Price Target Raised to C$29.00

MAG Silver (NYSEAMERICAN:MAGGet Rating) had its target price upped by Raymond James from C$28.00 to C$29.00 in a research note issued to investors on Wednesday, The Fly reports.

Several other equities research analysts also recently commented on MAG. Scotiabank downgraded MAG Silver from a “sector outperform” rating to a “sector perform” rating in a report on Friday, January 21st. They noted that the move was a valuation call. Stifel Nicolaus increased their price target on shares of MAG Silver from C$29.75 to C$30.50 in a research report on Monday, March 14th. Zacks Investment Research raised MAG Silver from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 6th. HC Wainwright lowered their price objective on shares of MAG Silver from $22.00 to $21.50 and set a “buy” rating for the company in a research report on Monday, April 4th. Finally, BMO Capital Markets dropped their price target on MAG Silver from C$23.50 to C$20.50 in a research report on Friday, January 28th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $25.96.

MAG traded up $0.33 during midday trading on Wednesday, hitting $17.56. The company’s stock had a trading volume of 30,201 shares, compared to its average volume of 504,376. MAG Silver has a 52-week low of $13.09 and a 52-week high of $24.13. The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of 219.53 and a beta of 1.10.

MAG Silver (NYSEAMERICAN:MAGGet Rating) last issued its earnings results on Thursday, March 31st. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.05.

Hedge funds have recently bought and sold shares of the stock. Banque Cantonale Vaudoise grew its stake in MAG Silver by 1.7% in the third quarter. Banque Cantonale Vaudoise now owns 36,930 shares of the company’s stock valued at $598,000 after purchasing an additional 625 shares in the last quarter. Raymond James & Associates increased its stake in shares of MAG Silver by 0.6% during the 3rd quarter. Raymond James & Associates now owns 126,548 shares of the company’s stock worth $2,046,000 after purchasing an additional 726 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of MAG Silver by 8.9% during the 4th quarter. Bank of America Corp DE now owns 16,510 shares of the company’s stock valued at $259,000 after purchasing an additional 1,344 shares in the last quarter. Shell Asset Management Co. raised its holdings in MAG Silver by 22.0% during the fourth quarter. Shell Asset Management Co. now owns 9,971 shares of the company’s stock valued at $157,000 after buying an additional 1,800 shares in the last quarter. Finally, Beirne Wealth Consulting Services LLC raised its stake in shares of MAG Silver by 3.5% in the 3rd quarter. Beirne Wealth Consulting Services LLC now owns 59,750 shares of the company’s stock valued at $967,000 after acquiring an additional 2,000 shares in the last quarter. Institutional investors and hedge funds own 48.55% of the company’s stock.

About MAG Silver (Get Rating)

MAG Silver Corp. engages in the exploration and development of silver mining properties. It also explores for gold, lead, and zinc deposits. It primarily holds 44% interest in the Juanicipio project located in the Fresnillo District, Zacatecas State, Mexico. The company was incorporated in 2003 and is headquartered in Vancouver, Canada.

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