MAG Silver (NYSEAMERICAN:MAG) Stock Price Up 5.8% – Should You Buy?

MAG Silver Corp. (NYSEAMERICAN:MAG)’s stock price rose 5.8% on Tuesday . The stock traded as high as $14.57 and last traded at $14.54. Approximately 183,991 shares changed hands during mid-day trading, a decline of 46% from the average daily volume of 343,702 shares. The stock had previously closed at $13.74.

Analysts Set New Price Targets

MAG has been the topic of several recent research reports. Roth Mkm cut shares of MAG Silver from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $17.00 to $17.50 in a research note on Thursday, October 24th. HC Wainwright raised their target price on shares of MAG Silver from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Roth Capital cut shares of MAG Silver from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, StockNews.com upgraded shares of MAG Silver from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, MAG Silver currently has an average rating of “Hold” and an average price target of $18.38.

MAG Silver Trading Up 5.5 %

The firm has a market cap of $1.50 billion, a PE ratio of 20.41 and a beta of 1.07.

MAG Silver (NYSEAMERICAN:MAG) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.02. Analysts predict that MAG Silver Corp. will post 0.75 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of MAG. Van ECK Associates Corp grew its holdings in shares of MAG Silver by 4.8% in the third quarter. Van ECK Associates Corp now owns 10,231,410 shares of the company’s stock valued at $143,649,000 after purchasing an additional 467,817 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in MAG Silver by 199.7% during the third quarter. The Manufacturers Life Insurance Company now owns 382,027 shares of the company’s stock worth $5,374,000 after buying an additional 254,553 shares during the period. JPMorgan Chase & Co. boosted its stake in MAG Silver by 69.1% during the third quarter. JPMorgan Chase & Co. now owns 456,335 shares of the company’s stock worth $6,407,000 after buying an additional 186,445 shares during the period. Mackenzie Financial Corp boosted its stake in MAG Silver by 310.5% during the second quarter. Mackenzie Financial Corp now owns 190,385 shares of the company’s stock worth $2,224,000 after buying an additional 144,007 shares during the period. Finally, PCJ Investment Counsel Ltd. boosted its stake in MAG Silver by 38.1% during the third quarter. PCJ Investment Counsel Ltd. now owns 369,290 shares of the company’s stock worth $5,196,000 after buying an additional 101,870 shares during the period. 52.50% of the stock is owned by hedge funds and other 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.