MAG Silver (NYSEAMERICAN:MAG) Shares Gap Up to $12.21

MAG Silver Corp. (NYSEAMERICAN:MAG) shares gapped up prior to trading on Friday . The stock had previously closed at $12.21, but opened at $12.78. MAG Silver shares last traded at $12.53, with a volume of 340,074 shares traded.

Analysts Set New Price Targets

MAG has been the subject of a number of recent analyst reports. StockNews.com raised MAG Silver to a “sell” rating in a research report on Wednesday, March 27th. HC Wainwright lowered their price target on MAG Silver from $19.50 to $16.00 and set a “buy” rating for the company in a report on Thursday, April 4th. Stifel Nicolaus decreased their price objective on shares of MAG Silver from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Wednesday, March 20th. Finally, Scotiabank raised shares of MAG Silver from a “sector perform” rating to a “sector outperform” rating and dropped their price objective for the company from $15.00 to $13.50 in a report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $18.00.

MAG Silver Stock Performance

The company has a market cap of $1.23 billion, a price-to-earnings ratio of 25.40 and a beta of 1.15.

MAG Silver (NYSEAMERICAN:MAG) last posted its quarterly earnings data on Tuesday, March 19th. The company reported $0.14 EPS for the quarter, beating the consensus estimate of $0.13 by $0.01. As a group, analysts predict that MAG Silver Corp. will post 0.47 EPS for the current year.

Institutional Trading of MAG Silver

A number of hedge funds and other institutional investors have recently modified their holdings of MAG. Banque Cantonale Vaudoise raised its position in MAG Silver by 8.6% in the first quarter. Banque Cantonale Vaudoise now owns 11,012 shares of the company’s stock valued at $116,000 after purchasing an additional 876 shares during the period. Legal & General Group Plc increased its position in shares of MAG Silver by 7.0% during the 4th quarter. Legal & General Group Plc now owns 15,038 shares of the company’s stock worth $235,000 after purchasing an additional 982 shares during the last quarter. CIBC Asset Management Inc increased its position in shares of MAG Silver by 1.4% during the 1st quarter. CIBC Asset Management Inc now owns 80,066 shares of the company’s stock worth $1,011,000 after purchasing an additional 1,138 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in MAG Silver by 1.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 127,638 shares of the company’s stock valued at $1,421,000 after buying an additional 1,240 shares during the period. Finally, Private Advisor Group LLC lifted its position in MAG Silver by 6.1% in the fourth quarter. Private Advisor Group LLC now owns 24,986 shares of the company’s stock valued at $260,000 after buying an additional 1,447 shares during the last quarter. 52.50% of the stock is owned by institutional investors and hedge funds.

About MAG Silver

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.