MAG Silver (NYSEAMERICAN:MAG) Shares Gap Down to $13.46

MAG Silver Corp. (NYSEAMERICAN:MAG)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $13.46, but opened at $12.89. MAG Silver shares last traded at $12.82, with a volume of 67,213 shares trading hands.

Analyst Ratings Changes

A number of research analysts recently commented on MAG shares. StockNews.com upgraded MAG Silver to a “sell” rating in a research note on Wednesday, March 27th. HC Wainwright restated a “buy” rating and issued a $17.00 target price on shares of MAG Silver in a research report on Wednesday. Scotiabank boosted their price objective on MAG Silver from $13.50 to $14.50 and gave the stock a “sector outperform” rating in a research report on Thursday, May 23rd. Stifel Nicolaus raised their target price on MAG Silver from $20.25 to $20.50 and gave the company a “buy” rating in a research report on Wednesday, May 15th. Finally, Ventum Cap Mkts downgraded shares of MAG Silver from a “buy” rating to a “neutral” rating in a report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $18.88.

MAG Silver Price Performance

The firm has a market cap of $1.33 billion, a P/E ratio of 23.75 and a beta of 1.12.

MAG Silver (NYSEAMERICAN:MAG) last posted its quarterly earnings data on Tuesday, May 14th. The company reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.04. Sell-side analysts predict that MAG Silver Corp. will post 0.6 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MAG. Oppenheimer & Co. Inc. grew its position in MAG Silver by 23.4% in the first quarter. Oppenheimer & Co. Inc. now owns 455,150 shares of the company’s stock worth $4,815,000 after acquiring an additional 86,440 shares in the last quarter. Azarias Capital Management L.P. grew its position in MAG Silver by 73.7% in the first quarter. Azarias Capital Management L.P. now owns 1,405,136 shares of the company’s stock worth $14,866,000 after acquiring an additional 596,283 shares in the last quarter. Jupiter Asset Management Ltd. grew its position in MAG Silver by 6.5% in the first quarter. Jupiter Asset Management Ltd. now owns 2,517,445 shares of the company’s stock worth $26,584,000 after acquiring an additional 153,274 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in shares of MAG Silver by 6.6% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 63,884 shares of the company’s stock worth $665,000 after buying an additional 3,950 shares during the last quarter. Finally, CIBC Asset Management Inc lifted its stake in shares of MAG Silver by 3.0% in the fourth quarter. CIBC Asset Management Inc now owns 90,881 shares of the company’s stock worth $949,000 after buying an additional 2,652 shares during the last quarter. 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.