Scotiabank Increases MAG Silver (NYSEAMERICAN:MAG) Price Target to $15.50

MAG Silver (NYSEAMERICAN:MAG) had its price target hoisted by equities research analysts at Scotiabank from $14.50 to $15.50 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s target price suggests a potential upside of 14.05% from the stock’s current price.

A number of other equities research analysts also recently commented on MAG. HC Wainwright lifted their target price on MAG Silver from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Ventum Cap Mkts downgraded MAG Silver from a “buy” rating to a “neutral” rating in a report on Friday, May 3rd. Finally, Stifel Nicolaus increased their price target on MAG Silver from $20.25 to $20.50 and gave the company a “buy” rating in a research report on Wednesday, May 15th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $19.38.

MAG Silver Stock Up 1.0 %

MAG stock opened at $13.59 on Monday. MAG Silver has a 1 year low of $8.19 and a 1 year high of $14.30. The company has a market capitalization of $1.40 billion, a PE ratio of 24.27 and a beta of 1.12.

MAG Silver (NYSEAMERICAN:MAG) last issued its earnings results on Friday, August 2nd. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.02. Equities research analysts predict that MAG Silver will post 0.65 EPS for the current fiscal year.

Hedge Funds Weigh In On MAG Silver

Hedge funds and other institutional investors have recently made changes to their positions in the business. Oppenheimer & Co. Inc. grew its stake 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 purchasing an additional 86,440 shares in the last quarter. Azarias Capital Management L.P. raised its position in shares of MAG Silver by 73.7% during the 1st quarter. Azarias Capital Management L.P. now owns 1,405,136 shares of the company’s stock worth $14,866,000 after buying an additional 596,283 shares in the last quarter. Janus Henderson Group PLC bought a new stake in MAG Silver during the first quarter worth approximately $3,925,000. Jupiter Asset Management Ltd. lifted its holdings in shares of MAG Silver by 6.5% in the first quarter. Jupiter Asset Management Ltd. now owns 2,517,445 shares of the company’s stock valued at $26,584,000 after buying an additional 153,274 shares during the period. Finally, CIBC Asset Management Inc lifted its holdings in MAG Silver by 3.0% in the 4th quarter. CIBC Asset Management Inc now owns 90,881 shares of the company’s stock valued at $949,000 after acquiring an additional 2,652 shares during the last quarter. Institutional investors and hedge funds own 52.50% of the company’s stock.

About MAG Silver

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.