MAG Silver (NYSEAMERICAN:MAG) Stock Price Up 6.1% – Here’s What Happened

MAG Silver Corp. (NYSEAMERICAN:MAG)’s share price rose 6.1% during mid-day trading on Tuesday . The stock traded as high as $15.05 and last traded at $15.05. Approximately 60,379 shares changed hands during trading, a decline of 89% from the average daily volume of 570,871 shares. The stock had previously closed at $14.18.

Wall Street Analysts Forecast Growth

MAG has been the subject of several analyst reports. TD Securities raised shares of MAG Silver to a “strong-buy” rating in a research note on Monday. HC Wainwright reiterated a “buy” rating and issued a $21.00 target price on shares of MAG Silver in a report on Tuesday, February 25th. Four investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, MAG Silver presently has an average rating of “Moderate Buy” and an average price target of $18.63.

MAG Silver Stock Performance

The business’s 50 day moving average price is $15.15. The stock has a market cap of $1.63 billion, a PE ratio of 22.18 and a beta of 1.09.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in MAG. First Eagle Investment Management LLC lifted its position in shares of MAG Silver by 46.4% during the fourth quarter. First Eagle Investment Management LLC now owns 7,839,793 shares of the company’s stock worth $106,379,000 after acquiring an additional 2,486,538 shares in the last quarter. Millennium Management LLC raised its position in shares of MAG Silver by 3,324.7% in the fourth quarter. Millennium Management LLC now owns 886,203 shares of the company’s stock worth $12,052,000 after buying an additional 860,326 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of MAG Silver during the 4th quarter valued at about $3,482,000. The Manufacturers Life Insurance Company lifted its position 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 valued at $5,374,000 after purchasing an additional 254,553 shares during the last quarter. Finally, Sprott Inc. increased its holdings in shares of MAG Silver by 8.5% in the 4th quarter. Sprott Inc. now owns 2,649,507 shares of the company’s stock worth $36,004,000 after buying an additional 208,252 shares during the last quarter. Hedge funds and other institutional investors 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.