MAG Silver (NYSEAMERICAN:MAG) Shares Up 5.8% – Still a Buy?

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

Analysts Set New Price Targets

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

MAG Silver Price Performance

The stock has a market cap of $1.56 billion, a PE ratio of 21.24 and a beta of 1.08.

MAG Silver (NYSEAMERICAN:MAG) last issued its earnings results on Tuesday, November 12th. The company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.02. Analysts forecast that MAG Silver Corp. will post 0.75 EPS for the current fiscal year.

Hedge Funds Weigh In On MAG Silver

Several institutional investors and hedge funds have recently bought and sold shares of MAG. Gabelli Funds LLC lifted its holdings in MAG Silver by 12.2% in the second quarter. Gabelli Funds LLC now owns 459,000 shares of the company’s stock valued at $5,357,000 after acquiring an additional 50,000 shares during the last quarter. Cubist Systematic Strategies LLC raised its position in MAG Silver by 304.8% in the second quarter. Cubist Systematic Strategies LLC now owns 25,569 shares of the company’s stock valued at $299,000 after purchasing an additional 19,253 shares during the period. Toronto Dominion Bank lifted its stake in shares of MAG Silver by 67.1% in the 2nd quarter. Toronto Dominion Bank now owns 33,207 shares of the company’s stock valued at $388,000 after purchasing an additional 13,340 shares during the last quarter. Mackenzie Financial Corp grew its holdings in shares of MAG Silver by 310.5% during the 2nd quarter. Mackenzie Financial Corp now owns 190,385 shares of the company’s stock worth $2,224,000 after purchasing an additional 144,007 shares during the period. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of MAG Silver during the 2nd quarter worth about $161,000. 52.50% of the stock is currently owned by institutional investors and hedge funds.

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.