Mackenzie Financial Corp Increases Stake in MAG Silver Corporation (NYSEAMERICAN:MAG)

Key Points

• Mackenzie Financial Corp has increased its stake in MAG Silver Corporation by 58.7%, owning approximately $7.94 million worth of shares after purchasing additional shares in the first quarter.
• Analysts have a mixed outlook on MAG Silver, with Roth Capital raising its price target to $21.00, while TD Securities downgraded it to a "strong sell", indicating varying levels of confidence in the stock.
• The company announced a $0.18 dividend yielding 50.0%, reinforcing investor interest amid its recent performance fluctuations within a one-year trading range of $11.29 to $22.66.

Mackenzie Financial Corp boosted its stake in shares of MAG Silver Corporation (NYSEAMERICAN:MAG - Free Report) by 58.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 521,795 shares of the company's stock after purchasing an additional 192,991 shares during the quarter. Mackenzie Financial Corp owned about 0.50% of MAG Silver worth $7,937,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its holdings in shares of MAG Silver by 2.5% during the fourth quarter. Geode Capital Management LLC now owns 50,088 shares of the company's stock worth $687,000 after buying an additional 1,245 shares in the last quarter. Veracity Capital LLC raised its stake in MAG Silver by 8.1% in the first quarter. Veracity Capital LLC now owns 18,611 shares of the company's stock valued at $284,000 after purchasing an additional 1,401 shares in the last quarter. Bank of America Corp DE raised its stake in MAG Silver by 5.1% in the fourth quarter. Bank of America Corp DE now owns 49,779 shares of the company's stock valued at $677,000 after purchasing an additional 2,399 shares in the last quarter. Pictet Asset Management Holding SA raised its stake in MAG Silver by 20.5% in the fourth quarter. Pictet Asset Management Holding SA now owns 17,792 shares of the company's stock valued at $242,000 after purchasing an additional 3,029 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in MAG Silver by 12.4% during the first quarter. Envestnet Asset Management Inc. now owns 28,164 shares of the company's stock worth $430,000 after acquiring an additional 3,109 shares in the last quarter. 52.50% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on MAG shares. HC Wainwright reaffirmed a "neutral" rating and issued a $22.00 price objective on shares of MAG Silver in a research note on Thursday, July 24th. TD Securities downgraded shares of MAG Silver from a "strong-buy" rating to a "strong sell" rating in a research report on Thursday, May 22nd. Roth Capital increased their target price on shares of MAG Silver from $18.00 to $21.00 and gave the company a "neutral" rating in a research report on Tuesday, July 1st. Scotiabank restated a "sector perform" rating on shares of MAG Silver in a report on Monday, April 14th. Finally, Canaccord Genuity Group cut MAG Silver from a "strong-buy" rating to a "hold" rating in a report on Monday, May 12th. One analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $19.38.

MAG Silver Stock Performance

NYSEAMERICAN MAG traded up $0.66 during trading hours on Tuesday, hitting $21.64. The company had a trading volume of 1,003,426 shares, compared to its average volume of 1,243,330. MAG Silver Corporation has a 52 week low of $11.54 and a 52 week high of $22.66. The firm has a 50 day simple moving average of $21.06 and a 200 day simple moving average of $17.26. The firm has a market capitalization of $2.24 billion, a price-to-earnings ratio of 24.59 and a beta of 0.69.

MAG Silver Dividend Announcement

The company also recently announced a -- dividend, which was paid on Wednesday, May 28th. Investors of record on Monday, May 19th were given a $0.18 dividend. The ex-dividend date was Monday, May 19th. This represents a yield of 50.0%. MAG Silver's payout ratio is presently 33.80%.

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.