MAG Silver (NYSEAMERICAN:MAG) Price Target Raised to $23.00 at Scotiabank

Key Points

• Scotiabank has raised its price target for MAG Silver from $20.50 to $23.00, maintaining a "sector outperform" rating on the stock.
• Despite the positive outlook from Scotiabank, other analysts have given mixed ratings, with Roth Capital and HC Wainwright both reaffirming "neutral" ratings and TD Securities downgrading the stock to "strong sell."
• MAG Silver's stock performance shows a fifty-two week high of $23.25, with the company currently valued at approximately $2.38 billion.

MAG Silver (NYSEAMERICAN:MAG - Get Free Report) had its price objective lifted by investment analysts at Scotiabank from $20.50 to $23.00 in a report released on Tuesday,Benzinga reports. The firm presently has a "sector outperform" rating on the stock.

MAG has been the subject of several other reports. Roth Capital reaffirmed a "neutral" rating on shares of MAG Silver in a report on Tuesday. HC Wainwright restated a "neutral" rating and set a $22.00 price objective on shares of MAG Silver in a research note on Thursday, July 24th. TD Securities downgraded MAG Silver from a "strong-buy" rating to a "strong sell" rating in a research note on Thursday, May 22nd. Finally, Canaccord Genuity Group downgraded MAG Silver from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $20.50.

MAG Silver Stock Performance

Shares of NYSEAMERICAN:MAG traded up $0.08 during trading on Tuesday, hitting $23.00. The company's stock had a trading volume of 321,180 shares, compared to its average volume of 1,247,405. MAG Silver has a fifty-two week low of $11.72 and a fifty-two week high of $23.25. The stock's 50-day moving average price is $21.42 and its two-hundred day moving average price is $17.56. The company has a market capitalization of $2.38 billion, a PE ratio of 26.14 and a beta of 0.69.

Institutional Trading of MAG Silver

Institutional investors have recently bought and sold shares of the company. Banque Cantonale Vaudoise bought a new stake in shares of MAG Silver in the 1st quarter worth approximately $37,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of MAG Silver in the 2nd quarter worth $53,000. Mark Sheptoff Financial Planning LLC bought a new position in shares of MAG Silver in the 2nd quarter worth $71,000. Northwest & Ethical Investments L.P. boosted its position in shares of MAG Silver by 39.3% in the 1st quarter. Northwest & Ethical Investments L.P. now owns 8,178 shares of the company's stock worth $124,000 after purchasing an additional 2,308 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. acquired a new stake in MAG Silver during the 4th quarter worth $156,000. Institutional investors and hedge funds own 52.50% of the company's stock.

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.

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