MAG Silver (NYSEAMERICAN:MAG) Hits New 1-Year High - Still a Buy?

Shares of MAG Silver Corporation (NYSEAMERICAN:MAG - Get Free Report) reached a new 52-week high on Friday . The stock traded as high as $22.22 and last traded at $21.78, with a volume of 280382 shares. The stock had previously closed at $21.64.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MAG. Raymond James Financial restated an "outperform" rating on shares of MAG Silver in a research note on Tuesday, March 25th. Canaccord Genuity Group downgraded shares of MAG Silver from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 12th. Scotiabank reissued a "sector perform" rating on shares of MAG Silver in a research report on Monday, April 14th. Roth Capital raised their price objective on shares of MAG Silver from $18.00 to $21.00 and gave the stock a "neutral" rating in a report on Tuesday, July 1st. Finally, TD Securities lowered shares of MAG Silver from a "strong-buy" rating to a "strong sell" rating in a research note on Thursday, May 22nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $19.38.

MAG Silver Price Performance

The company has a 50 day simple moving average of $19.96 and a 200-day simple moving average of $16.66. The firm has a market cap of $2.28 billion, a PE ratio of 24.99 and a beta of 0.75.

MAG Silver Announces Dividend

The company also recently announced a -- dividend, which was paid on Wednesday, May 28th. Investors of record on Monday, May 19th were paid a $0.18 dividend. This represents a dividend yield of 0.5%. The ex-dividend date of this dividend was Monday, May 19th. MAG Silver's payout ratio is 33.80%.

Institutional Investors Weigh In On MAG Silver

Several institutional investors have recently added to or reduced their stakes in MAG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of MAG Silver by 11.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,455,720 shares of the company's stock valued at $37,350,000 after acquiring an additional 258,379 shares during the period. Royal Bank of Canada grew its stake in shares of MAG Silver by 8.6% in the first quarter. Royal Bank of Canada now owns 1,660,583 shares of the company's stock worth $25,374,000 after purchasing an additional 131,813 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in MAG Silver by 20.5% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,399,405 shares of the company's stock valued at $21,290,000 after purchasing an additional 237,800 shares during the period. TD Asset Management Inc increased its holdings in MAG Silver by 4.1% during the 1st 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. Finally, Millennium Management LLC raised its position in MAG Silver by 3,324.7% during the 4th 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 last quarter. Hedge funds and other institutional investors 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.