MAG Silver (NYSEAMERICAN:MAG) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of MAG Silver (NYSEAMERICAN:MAG) from a buy rating to a hold rating in a report published on Tuesday morning, Zacks.com reports.

According to Zacks, “MAG Silver is a Vancouver-based advanced stage exploration and development company that is focused on the acquisition, exploration and development of high-grade, district-scale projects located primarily in the Americas. The Company’s principal asset is a 44% interest in the Juanicipio joint venture located in Mexico, which is now in the construction phase heading to production. The Company also owns a 100% interest in the Cinco de Mayo Project, also located in Mexico. “

Separately, HC Wainwright raised their price target on MAG Silver from $16.50 to $18.50 and gave the company a buy rating in a report on Monday, August 19th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. MAG Silver has a consensus rating of Buy and an average price target of $16.17.

NYSEAMERICAN MAG opened at $9.71 on Tuesday. MAG Silver has a 12 month low of $6.12 and a 12 month high of $14.00.

MAG Silver (NYSEAMERICAN:MAG) last released its quarterly earnings data on Monday, August 12th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.02) by $0.01.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Toronto Dominion Bank grew its position in MAG Silver by 100.5% in the second quarter. Toronto Dominion Bank now owns 86,177 shares of the company’s stock valued at $910,000 after acquiring an additional 43,194 shares during the last quarter. Royal Bank of Canada grew its position in MAG Silver by 9.4% in the second quarter. Royal Bank of Canada now owns 1,032,445 shares of the company’s stock valued at $10,883,000 after acquiring an additional 88,594 shares during the last quarter. Amundi Pioneer Asset Management Inc. bought a new position in MAG Silver in the second quarter valued at about $249,000. Schroder Investment Management Group bought a new position in MAG Silver in the second quarter valued at about $1,839,000. Finally, UBS Asset Management Americas Inc. grew its position in MAG Silver by 3.8% in the second quarter. UBS Asset Management Americas Inc. now owns 46,159 shares of the company’s stock valued at $488,000 after acquiring an additional 1,700 shares during the last quarter.

About MAG Silver

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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