MAG Silver (NYSEAMERICAN:MAG) Shares Down 3.1% – Should You Sell?

MAG Silver Corp. (NYSEAMERICAN:MAG)’s share price was down 3.1% on Wednesday . The stock traded as low as $16.06 and last traded at $16.09. Approximately 94,492 shares traded hands during trading, a decline of 84% from the average daily volume of 584,724 shares. The stock had previously closed at $16.60.

Analyst Ratings Changes

Several analysts have weighed in on MAG shares. HC Wainwright reaffirmed a “buy” rating and set a $21.00 price objective on shares of MAG Silver in a research report on Tuesday, February 25th. TD Securities raised MAG Silver to a “strong-buy” rating in a research report on Monday, March 10th. Four investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $18.63.

MAG Silver Stock Down 4.5 %

The company has a 50-day moving average of $15.35. The company has a market capitalization of $1.64 billion, a PE ratio of 22.34 and a beta of 1.09.

Hedge Funds Weigh In On MAG Silver

A number of hedge funds have recently added to or reduced their stakes in MAG. PCJ Investment Counsel Ltd. raised its holdings in MAG Silver by 38.1% in the 3rd quarter. PCJ Investment Counsel Ltd. now owns 369,290 shares of the company’s stock worth $5,196,000 after acquiring an additional 101,870 shares during the last quarter. Pekin Hardy Strauss Inc. purchased a new position in MAG Silver in the 3rd quarter worth approximately $140,000. The Manufacturers Life Insurance Company raised its holdings in MAG Silver by 199.7% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 382,027 shares of the company’s stock worth $5,374,000 after acquiring an additional 254,553 shares during the last quarter. Quantbot Technologies LP purchased a new stake in MAG Silver during the 3rd quarter valued at $52,000. Finally, Verition Fund Management LLC purchased a new stake in MAG Silver during the 3rd quarter valued at $168,000. 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.