Everett Harris & Co. CA Buys New Shares in MAG Silver Corporation (NYSEAMERICAN:MAG)

Key Points

• Everett Harris & Co. CA acquired 11,600 shares of MAG Silver Corporation for approximately $177,000 during the first quarter.
• Institutional investors collectively own 52.50% of MAG Silver's stock, reflecting significant institutional interest.
• Research firms have mixed sentiments on MAG Silver, with ratings ranging from "strong sell" to "buy", and a consensus rating of "Hold" with an average target price of $19.38.

Everett Harris & Co. CA bought a new stake in shares of MAG Silver Corporation (NYSEAMERICAN:MAG - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 11,600 shares of the company's stock, valued at approximately $177,000.

Several other hedge funds also recently added to or reduced their stakes in the business. TD Asset Management Inc increased its holdings in shares of MAG Silver by 4.1% in the first quarter. TD Asset Management Inc now owns 1,116,157 shares of the company's stock valued at $16,976,000 after purchasing an additional 43,822 shares during the period. Millennium Management LLC increased its holdings 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 valued at $12,052,000 after purchasing an additional 860,326 shares during the period. Monaco Asset Management SAM increased its holdings in shares of MAG Silver by 127.6% in the first quarter. Monaco Asset Management SAM now owns 526,000 shares of the company's stock valued at $8,034,000 after purchasing an additional 294,878 shares during the period. Mackenzie Financial Corp increased its holdings in shares of MAG Silver by 58.7% in the first quarter. Mackenzie Financial Corp now owns 521,795 shares of the company's stock valued at $7,937,000 after purchasing an additional 192,991 shares during the period. Finally, Alps Advisors Inc. increased its holdings in shares of MAG Silver by 711.6% in the first quarter. Alps Advisors Inc. now owns 392,675 shares of the company's stock valued at $6,000,000 after purchasing an additional 344,290 shares during the period. 52.50% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently commented on the company. Scotiabank reaffirmed an "outperform" rating on shares of MAG Silver in a report on Tuesday. TD Securities lowered MAG Silver from a "strong-buy" rating to a "strong sell" rating in a report on Thursday, May 22nd. Roth Capital reaffirmed a "neutral" rating and set a $23.00 target price (up from $22.00) on shares of MAG Silver in a report on Tuesday. Canaccord Genuity Group lowered MAG Silver from a "strong-buy" rating to a "hold" rating in a report on Monday, May 12th. Finally, HC Wainwright reiterated a "neutral" rating and set a $22.00 price target on shares of MAG Silver in a research report on Thursday, July 24th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $21.00.

MAG Silver Trading Up 1.3%

MAG stock traded up $0.30 during midday trading on Tuesday, hitting $23.22. 1,035,001 shares of the company's stock were exchanged, compared to its average volume of 1,252,369. The business has a 50-day simple moving average of $21.42 and a two-hundred day simple moving average of $17.56. The stock has a market capitalization of $2.40 billion, a PE ratio of 26.39 and a beta of 0.69. MAG Silver Corporation has a 1-year low of $11.72 and a 1-year high of $23.25.

MAG Silver Profile

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.