Zacks Investment Research lowered shares of MAG Silver Corp (NYSE:MAG) from a buy rating to a hold rating in a research report sent to investors on Thursday morning.
According to Zacks, “MAG is focused on district scale projects located within the Mexican Silver Belt. Our mission is to become one of the premier companies in the Silver Mining Industry. MAG and its partner, Industrias Penoles, are delineating a significant new silver vein discovery on the Juanicipio Joint Venture in Zacatecas State, Mexico. MAG is based in Vancouver, British Columbia, Canada. “
Separately, Roth Capital set a $22.00 price objective on MAG Silver Corp and gave the company a buy rating in a research report on Monday, August 21st. Five research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. MAG Silver Corp presently has an average rating of Buy and a consensus target price of $16.00.
Shares of MAG Silver Corp (NYSE MAG) traded up 1.23% during mid-day trading on Thursday, hitting $10.73. The company’s stock had a trading volume of 305,238 shares. The company’s market cap is $866.95 million. The stock has a 50-day moving average of $11.62 and a 200-day moving average of $12.31. MAG Silver Corp has a 12-month low of $9.50 and a 12-month high of $16.78.
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Institutional investors have recently added to or reduced their stakes in the stock. Quantbot Technologies LP acquired a new position in MAG Silver Corp in the second quarter valued at $183,000. BlueCrest Capital Management Ltd acquired a new position in MAG Silver Corp in the second quarter valued at $196,000. Sigma Planning Corp acquired a new position in MAG Silver Corp in the second quarter valued at $203,000. Goldman Sachs Group Inc. acquired a new position in MAG Silver Corp in the first quarter valued at $242,000. Finally, Bank of Nova Scotia increased its stake in MAG Silver Corp by 90.0% in the second quarter. Bank of Nova Scotia now owns 21,154 shares of the industrial goods maker’s stock valued at $276,000 after purchasing an additional 10,019 shares during the last quarter.
About MAG Silver Corp
MAG Silver Corp. is a mineral exploration and development company. The Company is focused on the acquisition, exploration and development of projects located within the Mexican silver belt. The Company operates through the exploration of mineral properties in Mexico segment. The Company’s projects include Juanicipio Property, Cinco De Mayo Property and Guigui Property.
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