MAG Silver (NYSEAMERICAN:MAG) Shares Down 9.4%

MAG Silver Corp (NYSEAMERICAN:MAG)’s share price traded down 9.4% during trading on Wednesday . The company traded as low as $11.10 and last traded at $11.12, 645,148 shares traded hands during trading. An increase of 112% from the average session volume of 304,889 shares. The stock had previously closed at $12.28.

A number of research firms have issued reports on MAG. Zacks Investment Research upgraded MAG Silver from a “hold” rating to a “strong-buy” rating and set a $12.00 price objective for the company in a report on Thursday, July 18th. Macquarie reiterated a “buy” rating on shares of MAG Silver in a report on Friday, April 5th. Finally, HC Wainwright set a $17.00 price objective on MAG Silver and gave the stock a “buy” rating in a report on Tuesday, May 14th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $16.00.

MAG Silver (NYSEAMERICAN:MAG) last released its quarterly earnings data on Friday, May 10th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.02) by $0.01.

Several institutional investors have recently added to or reduced their stakes in MAG. FIL Ltd purchased a new position in MAG Silver in the first quarter worth about $32,000. PCJ Investment Counsel Ltd. boosted its position in MAG Silver by 22.7% in the first quarter. PCJ Investment Counsel Ltd. now owns 56,510 shares of the company’s stock worth $604,000 after purchasing an additional 10,450 shares during the last quarter. Oppenheimer & Co. Inc. boosted its position in MAG Silver by 4.4% in the first quarter. Oppenheimer & Co. Inc. now owns 307,175 shares of the company’s stock worth $3,275,000 after purchasing an additional 12,830 shares during the last quarter. Confluence Investment Management LLC purchased a new position in MAG Silver in the second quarter worth about $146,000. Finally, CIBC Asset Management Inc boosted its position in MAG Silver by 6.5% in the first quarter. CIBC Asset Management Inc now owns 298,471 shares of the company’s stock worth $3,187,000 after purchasing an additional 18,129 shares during the last quarter.

MAG Silver Company Profile (NYSEAMERICAN:MAG)

MAG Silver Corp. focuses on acquiring, exploring, and development of mineral properties in Mexico. It explores for silver, gold, lead, and zinc deposits. The company primarily holds interest in the Juanicipio property covering an area of approximately 7,679 hectares located in the Fresnillo District, Zacatecas State, Mexico.

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