Zacks Investment Research downgraded shares of MAG Silver (NYSEAMERICAN:MAG) from a hold rating to a sell rating in a report issued on Tuesday 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. “
A number of other research analysts have also recently issued reports on the company. BMO Capital Markets assumed coverage on MAG Silver in a report on Friday, November 17th. They set a buy rating for the company. HC Wainwright set a $19.00 price objective on MAG Silver and gave the company a buy rating in a report on Thursday, November 16th. Raymond James Financial reissued an outperform rating on shares of MAG Silver in a report on Tuesday, November 21st. Finally, BidaskClub cut MAG Silver from a sell rating to a strong sell rating in a report on Wednesday, November 15th. Two research analysts have rated the stock with a sell rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $16.60.
Several institutional investors have recently added to or reduced their stakes in MAG. Stifel Financial Corp bought a new stake in MAG Silver during the 3rd quarter worth about $137,000. Quantbot Technologies LP bought a new stake in MAG Silver during the 2nd quarter worth about $183,000. BlueCrest Capital Management Ltd bought a new stake in MAG Silver during the 2nd quarter worth about $196,000. Bank of Nova Scotia raised its holdings in MAG Silver by 90.0% during the 2nd quarter. Bank of Nova Scotia now owns 21,154 shares of the company’s stock worth $276,000 after purchasing an additional 10,019 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in MAG Silver by 10.4% during the 2nd quarter. Vanguard Group Inc. now owns 22,465 shares of the company’s stock worth $301,000 after purchasing an additional 2,111 shares during the last quarter.
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About MAG Silver
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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