MAG Silver (NYSEAMERICAN:MAG) Hits New 52-Week High - Here's Why

Key Points

• MAG Silver Corporation shares recently reached a new 52-week high of $22.89, with a closing price of $22.72 after trading 381,485 shares.
• The company announced a $0.18 dividend, yielding 50.0%, which was paid to investors of record on May 19th.
• Currently, MAG Silver holds a "Hold" rating from analysts, with the stock having a consensus price target of $19.38.

Shares of MAG Silver Corporation (NYSEAMERICAN:MAG - Get Free Report) hit a new 52-week high on Thursday . The stock traded as high as $22.89 and last traded at $22.72, with a volume of 381485 shares traded. The stock had previously closed at $21.68.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on MAG shares. Scotiabank restated a "sector perform" rating on shares of MAG Silver in a research note on Monday, April 14th. HC Wainwright reaffirmed a "neutral" rating and set a $22.00 price target on shares of MAG Silver in a research report on Thursday, July 24th. Canaccord Genuity Group cut MAG Silver from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 12th. Roth Capital lifted their price target on MAG Silver from $18.00 to $21.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 1st. Finally, TD Securities cut MAG Silver from a "strong-buy" rating to a "strong sell" rating in a research report on Thursday, May 22nd. 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. Based on data from MarketBeat, MAG Silver presently has an average rating of "Hold" and a consensus price target of $19.38.

MAG Silver Stock Up 5.5%

The company has a market capitalization of $2.37 billion, a PE ratio of 25.99 and a beta of 0.69. The firm has a 50-day moving average of $21.18 and a two-hundred day moving average of $17.34.

MAG Silver Dividend Announcement

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MAG. Rathbones Group PLC lifted its stake in MAG Silver by 4.8% during the first quarter. Rathbones Group PLC now owns 16,957 shares of the company's stock worth $259,000 after purchasing an additional 770 shares in the last quarter. D.A. Davidson & CO. raised its stake in shares of MAG Silver by 9.2% in the second quarter. D.A. Davidson & CO. now owns 11,900 shares of the company's stock valued at $251,000 after acquiring an additional 1,000 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of MAG Silver by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 50,088 shares of the company's stock valued at $687,000 after acquiring an additional 1,245 shares in the last quarter. Veracity Capital LLC raised its stake in shares of 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 acquiring an additional 1,401 shares in the last quarter. Finally, Raymond James Financial Inc. raised its stake in shares of MAG Silver by 0.7% in the first quarter. Raymond James Financial Inc. now owns 257,763 shares of the company's stock valued at $3,939,000 after acquiring an additional 1,738 shares in the last quarter. 52.50% of the stock is currently owned by hedge funds and other institutional investors.

MAG Silver Company 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.

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