MAG Silver (NYSEAMERICAN:MAG) Shares Gap Down to $12.40

Shares of MAG Silver Corp. (NYSEAMERICAN:MAG - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $12.40, but opened at $11.65. MAG Silver shares last traded at $11.96, with a volume of 355,987 shares trading hands.

Wall Street Analyst Weigh In

Several research firms have issued reports on MAG. HC Wainwright lowered their target price on shares of MAG Silver from $19.50 to $16.00 and set a "buy" rating on the stock in a research note on Thursday, April 4th. Stifel Nicolaus lowered their target price on shares of MAG Silver from $20.00 to $19.00 and set a "buy" rating on the stock in a research note on Wednesday, March 20th. Scotiabank upgraded shares of MAG Silver from a "sector perform" rating to a "sector outperform" rating and lowered their price objective for the stock from $15.00 to $13.50 in a research note on Thursday, March 28th. Finally, StockNews.com upgraded shares of MAG Silver to a "sell" rating in a research note on Wednesday, March 27th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $18.00.

MAG Silver Stock Down 4.5 %

The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of 25.19 and a beta of 1.15.

MAG Silver (NYSEAMERICAN:MAG - Get Free Report) last released its quarterly earnings data on Tuesday, March 19th. The company reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.01. Equities analysts expect that MAG Silver Corp. will post 0.47 EPS for the current fiscal year.

Hedge Funds Weigh In On MAG Silver

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Van ECK Associates Corp boosted its position in MAG Silver by 4.4% in the third quarter. Van ECK Associates Corp now owns 9,746,401 shares of the company's stock valued at $101,069,000 after buying an additional 406,335 shares during the last quarter. First Eagle Investment Management LLC boosted its position in MAG Silver by 11.2% in the fourth quarter. First Eagle Investment Management LLC now owns 6,380,120 shares of the company's stock valued at $66,402,000 after buying an additional 642,494 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in MAG Silver by 2.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,542,545 shares of the company's stock valued at $26,403,000 after buying an additional 58,849 shares during the last quarter. Jupiter Asset Management Ltd. boosted its position in MAG Silver by 1.7% in the third quarter. Jupiter Asset Management Ltd. now owns 2,364,171 shares of the company's stock valued at $24,551,000 after buying an additional 38,784 shares during the last quarter. Finally, Invesco Ltd. boosted its position in MAG Silver by 8.8% in the third quarter. Invesco Ltd. now owns 1,465,920 shares of the company's stock valued at $15,202,000 after buying an additional 118,211 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.