MAG Silver (NYSEAMERICAN:MAG) Shares Down 10.3%

MAG Silver Corp. (NYSEAMERICAN:MAG)’s stock price was down 10.3% on Monday . The stock traded as low as $11.31 and last traded at $11.36. Approximately 46,254 shares changed hands during trading, a decline of 94% from the average daily volume of 765,398 shares. The stock had previously closed at $12.67.

Analyst Upgrades and Downgrades

Several equities analysts have commented on MAG shares. Stifel Nicolaus upped their price objective on MAG Silver from $20.25 to $20.50 and gave the company a “buy” rating in a research report on Wednesday, May 15th. HC Wainwright upped their price objective on MAG Silver from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Monday. Ventum Cap Mkts downgraded MAG Silver from a “buy” rating to a “neutral” rating in a research report on Friday, May 3rd. Finally, Scotiabank upped their price objective on MAG Silver from $13.50 to $14.50 and gave the company a “sector outperform” rating in a research report on Thursday, May 23rd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $19.13.

MAG Silver Stock Down 3.4 %

The stock has a market cap of $1.22 billion, a price-to-earnings ratio of 21.82 and a beta of 1.12.

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MAG. Oppenheimer & Co. Inc. grew its holdings in MAG Silver by 23.4% during 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 during the period. Azarias Capital Management L.P. grew its holdings in MAG Silver by 73.7% during 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 during the period. Janus Henderson Group PLC acquired a new stake in MAG Silver during the first quarter worth about $3,925,000. Jupiter Asset Management Ltd. grew its holdings in MAG Silver by 6.5% during 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 during the period. Finally, Raymond James Financial Services Advisors Inc. grew its holdings in MAG Silver by 6.6% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 63,884 shares of the company’s stock worth $665,000 after acquiring an additional 3,950 shares during the period. 52.50% of the stock is currently owned by hedge funds and other institutional investors.

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.