DAVENPORT & Co LLC Sells 21,105 Shares of MAG Silver Corp. (NYSEAMERICAN:MAG)

DAVENPORT & Co LLC trimmed its holdings in shares of MAG Silver Corp. (NYSEAMERICAN:MAGGet Rating) by 43.6% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 27,290 shares of the company’s stock after selling 21,105 shares during the period. DAVENPORT & Co LLC’s holdings in MAG Silver were worth $441,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MAG. ETF Managers Group LLC grew its position in MAG Silver by 52.7% during the fourth quarter. ETF Managers Group LLC now owns 4,358,743 shares of the company’s stock worth $67,502,000 after buying an additional 1,505,098 shares in the last quarter. Sprott Inc. grew its position in MAG Silver by 4.5% during the fourth quarter. Sprott Inc. now owns 4,982,345 shares of the company’s stock worth $78,111,000 after buying an additional 213,242 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of MAG Silver in the 4th quarter worth about $2,156,000. PCJ Investment Counsel Ltd. purchased a new position in shares of MAG Silver in the 4th quarter worth about $1,961,000. Finally, CQS US LLC boosted its holdings in shares of MAG Silver by 158.2% in the 4th quarter. CQS US LLC now owns 204,000 shares of the company’s stock worth $3,197,000 after purchasing an additional 125,000 shares in the last quarter. 48.55% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. National Bank Financial cut their price objective on MAG Silver from C$28.25 to C$23.50 in a report on Thursday, July 21st. Stifel Nicolaus cut their price objective on MAG Silver from C$30.00 to C$29.75 in a report on Wednesday, July 20th. HC Wainwright cut their price objective on MAG Silver from $22.00 to $21.50 and set a “buy” rating for the company in a report on Monday, April 4th. Raymond James boosted their target price on MAG Silver from C$28.00 to C$29.00 in a research note on Wednesday, April 20th. Finally, TD Securities lowered their target price on MAG Silver from C$31.00 to C$28.00 in a research note on Wednesday, May 18th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $25.38.

MAG Silver Price Performance

NYSEAMERICAN MAG opened at $11.35 on Tuesday. MAG Silver Corp. has a 1-year low of $10.32 and a 1-year high of $21.73. The stock has a market capitalization of $1.12 billion, a PE ratio of 141.89 and a beta of 1.10.

MAG Silver (NYSEAMERICAN:MAGGet Rating) last released its earnings results on Monday, May 16th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.07).

MAG Silver Company Profile

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

See Also

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Institutional Ownership by Quarter for MAG Silver (NYSEAMERICAN:MAG)

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