MAG Silver (NYSEAMERICAN:MAG) Shares Gap Down - Here's Why

Shares of MAG Silver Corp. (NYSEAMERICAN:MAG - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $18.63, but opened at $18.12. MAG Silver shares last traded at $18.20, with a volume of 246,693 shares.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MAG. Roth Mkm decreased their target price on MAG Silver from $16.50 to $16.00 and set a "neutral" rating for the company in a research report on Tuesday, March 25th. Roth Capital set a $16.00 price target on MAG Silver in a report on Tuesday, March 25th. Scotiabank reiterated a "sector perform" rating on shares of MAG Silver in a report on Monday, April 14th. TD Securities downgraded MAG Silver from a "strong-buy" rating to a "strong sell" rating in a report on Thursday, May 22nd. Finally, Raymond James reiterated an "outperform" rating on shares of MAG Silver in a report on Tuesday, March 25th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, MAG Silver currently has a consensus rating of "Hold" and a consensus price target of $18.13.

MAG Silver Stock Performance

The company has a 50 day moving average of $15.89 and a two-hundred day moving average of $15.52. The stock has a market capitalization of $1.94 billion, a PE ratio of 26.38 and a beta of 1.09.

MAG Silver Dividend Announcement

The business also recently disclosed a -- dividend, which will be paid on Wednesday, May 28th. Stockholders of record on Monday, May 19th will be issued a $0.18 dividend. The ex-dividend date is Monday, May 19th. This represents a dividend yield of 0.5%. MAG Silver's dividend payout ratio (DPR) is presently 101.41%.

Hedge Funds Weigh In On MAG Silver

A number of large investors have recently bought and sold shares of MAG. Goldman Sachs Group Inc. increased its stake in MAG Silver by 124.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 805,198 shares of the company's stock worth $12,303,000 after buying an additional 446,543 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake 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 worth $37,350,000 after acquiring an additional 258,379 shares during the last quarter. Amundi increased its position in shares of MAG Silver by 39.8% during the first quarter. Amundi now owns 710,000 shares of the company's stock worth $10,771,000 after purchasing an additional 202,059 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in shares of MAG Silver during the first quarter worth approximately $1,264,000. Finally, Royal Bank of Canada increased its position in shares of MAG Silver by 8.6% during 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 in the last quarter. 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.