PCJ Investment Counsel Ltd. Purchases 111,950 Shares of MAG Silver Corporation (NYSEAMERICAN:MAG)

Key Points

• PCJ Investment Counsel Ltd. increased its stake in MAG Silver Corporation by 40% in Q1, acquiring an additional 111,950 shares, bringing its total to 391,930 shares valued at approximately $5.96 million.
• Several institutional investors have also recently boosted their holdings in MAG Silver, including a remarkable 711.6% increase by Alps Advisors Inc., highlighting significant institutional interest in the stock.
• Despite a recent stock price of $22.84 and a 12-month high of $22.98, research analysts maintain a consensus rating of "Hold" for MAG Silver, with a target price of $19.38.

PCJ Investment Counsel Ltd. grew its holdings in MAG Silver Corporation (NYSEAMERICAN:MAG - Free Report) by 40.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 391,930 shares of the company's stock after acquiring an additional 111,950 shares during the quarter. MAG Silver accounts for approximately 2.3% of PCJ Investment Counsel Ltd.'s investment portfolio, making the stock its 11th biggest position. PCJ Investment Counsel Ltd. owned about 0.38% of MAG Silver worth $5,963,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Pictet Asset Management Holding SA lifted its position in MAG Silver by 20.5% during the fourth quarter. Pictet Asset Management Holding SA now owns 17,792 shares of the company's stock worth $242,000 after purchasing an additional 3,029 shares during the period. Geode Capital Management LLC lifted its position in 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 purchasing an additional 1,245 shares during the period. Raymond James Financial Inc. bought a new stake in MAG Silver during the fourth quarter worth about $3,482,000. Rossby Financial LCC acquired a new position in MAG Silver during the fourth quarter worth about $326,000. Finally, Marshall Wace LLP acquired a new position in MAG Silver during the fourth quarter worth about $274,000. Institutional investors own 52.50% of the company's stock.

MAG Silver Stock Up 1.4%

MAG traded up $0.31 during trading hours on Friday, hitting $23.15. The stock had a trading volume of 1,162,346 shares, compared to its average volume of 1,137,779. The company's fifty day simple moving average is $21.35 and its 200 day simple moving average is $17.48. MAG Silver Corporation has a 1 year low of $11.72 and a 1 year high of $23.25. The stock has a market cap of $2.40 billion, a PE ratio of 26.31 and a beta of 0.69.

Wall Street Analyst Weigh In

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

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.