MAG Silver (NYSEAMERICAN:MAG) Sets New 1-Year Low After Earnings Miss

MAG Silver Corp. (NYSEAMERICAN:MAG) shares reached a new 52-week low during mid-day trading on Friday following a dissappointing earnings announcement. The stock traded as low as $9.74 and last traded at $9.78, with a volume of 246537 shares trading hands. The stock had previously closed at $10.09.

The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.07).

Wall Street Analysts Forecast Growth

Several equities analysts have commented on MAG shares. HC Wainwright decreased their price target on shares of MAG Silver from $20.50 to $19.50 and set a “buy” rating for the company in a research report on Thursday, October 26th. Scotiabank decreased their price target on shares of MAG Silver from $16.00 to $15.50 in a research report on Monday, August 14th. BMO Capital Markets initiated coverage on shares of MAG Silver in a research report on Thursday, September 14th. They issued an “outperform” rating and a $23.50 price target for the company. Finally, StockNews.com initiated coverage on shares of MAG Silver in a research report on Thursday, October 5th. They set a “sell” rating for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, MAG Silver presently has a consensus rating of “Hold” and an average target price of $23.09.

Institutional Investors Weigh In On MAG Silver

A number of institutional investors and hedge funds have recently made changes to their positions in MAG. Advisor Group Holdings Inc. raised its holdings in shares of MAG Silver by 73.4% in the first quarter. Advisor Group Holdings Inc. now owns 24,835 shares of the company’s stock valued at $394,000 after buying an additional 10,513 shares during the last quarter. Cetera Advisor Networks LLC purchased a new stake in shares of MAG Silver in the first quarter valued at about $219,000. BlackRock Inc. raised its holdings in shares of MAG Silver by 1.0% in the first quarter. BlackRock Inc. now owns 670,578 shares of the company’s stock valued at $10,843,000 after buying an additional 6,578 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in MAG Silver by 115.8% during the first quarter. Dimensional Fund Advisors LP now owns 307,218 shares of the company’s stock worth $4,968,000 after purchasing an additional 164,859 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in MAG Silver by 7.9% during the first quarter. Vanguard Group Inc. now owns 54,836 shares of the company’s stock worth $886,000 after purchasing an additional 4,024 shares in the last quarter. 42.80% of the stock is owned by hedge funds and other institutional investors.

MAG Silver Stock Performance

The firm has a market capitalization of $1.02 billion, a PE ratio of 31.90 and a beta of 1.11.

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.