MAG Silver (TSE:MAG) Reaches New 52-Week High - Here's What Happened

Key Points

• MAG Silver Corp. shares reached a new 52-week high of C$34.65 before closing at C$33.92 with a trading volume of 114,097 shares.
• Several brokerages have downgraded MAG Silver's ratings, with TD Securities moving from a "strong-buy" to a "strong sell," while Cormark raised the target price from C$25.10 to C$31.70.
• The company announced a quarterly dividend of $0.144, representing a 1.7% annual yield, amid a dividend payout ratio of 38.38%.

Shares of MAG Silver Corp. (TSE:MAG - Get Free Report) NYSEAMERICAN: MAG hit a new 52-week high on Wednesday . The stock traded as high as C$34.65 and last traded at C$33.92, with a volume of 114097 shares trading hands. The stock had previously closed at C$34.18.

Analyst Ratings Changes

Several brokerages have recently weighed in on MAG. TD Securities cut MAG Silver from a "strong-buy" rating to a "strong sell" rating in a research note on Thursday, May 22nd. Cormark raised their target price on MAG Silver from C$25.10 to C$31.70 in a research note on Tuesday, August 12th. HC Wainwright cut MAG Silver from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 24th. Finally, Canaccord Genuity Group cut MAG Silver from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 12th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of C$27.19.

MAG Silver Stock Down 1.2%

The company has a quick ratio of 25.31, a current ratio of 32.55 and a debt-to-equity ratio of 0.01. The stock has a 50 day simple moving average of C$30.45 and a 200 day simple moving average of C$26.00. The stock has a market cap of C$3.50 billion, a price-to-earnings ratio of 34.11, a PEG ratio of 0.84 and a beta of 1.09.

MAG Silver Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Monday, September 1st were issued a $0.144 dividend. This represents a $0.58 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Monday, August 18th. MAG Silver's dividend payout ratio (DPR) is currently 38.38%.

MAG Silver Company Profile

MAG Silver Corp is a Canadian mining company. It is focused on becoming a top-tier primary silver mining company by exploring and advancing high-grade, district-scale, silver-dominant projects in the Americas. Its principal focus and asset are the Juanicipio Project (44%), being developed in a JV partnership with Fresnillo Plc (56%).

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