MAG Silver (NYSEAMERICAN:MAG) Sets New 1-Year High – Should You Buy?

MAG Silver Corp. (NYSEAMERICAN:MAG)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $16.08 and last traded at $16.06, with a volume of 10910 shares. The stock had previously closed at $15.74.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Scotiabank increased their target price on MAG Silver from $14.50 to $15.50 and gave the company a “sector outperform” rating in a research note on Monday, August 19th. HC Wainwright increased their price target on shares of MAG Silver from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $18.00.

MAG Silver Stock Up 0.4 %

The company has a market capitalization of $1.63 billion, a P/E ratio of 27.16 and a beta of 1.15.

MAG Silver (NYSEAMERICAN:MAG) last posted its quarterly earnings results on Friday, August 2nd. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.02. On average, analysts predict that MAG Silver Corp. will post 0.69 earnings per share for the current fiscal year.

Institutional Trading of MAG Silver

Hedge funds have recently bought and sold shares of the company. Oppenheimer & Co. Inc. increased its stake in shares of MAG Silver by 23.4% in the 1st quarter. Oppenheimer & Co. Inc. now owns 455,150 shares of the company’s stock worth $4,815,000 after purchasing an additional 86,440 shares in the last quarter. Azarias Capital Management L.P. increased its position in MAG Silver by 73.7% in the first quarter. Azarias Capital Management L.P. now owns 1,405,136 shares of the company’s stock worth $14,866,000 after buying an additional 596,283 shares in the last quarter. Janus Henderson Group PLC bought a new position in shares of MAG Silver during the 1st quarter valued at approximately $3,925,000. Jupiter Asset Management Ltd. increased its holdings in MAG Silver by 6.5% in the 1st quarter. Jupiter Asset Management Ltd. now owns 2,517,445 shares of the company’s stock worth $26,584,000 after acquiring an additional 153,274 shares in the last quarter. Finally, Mackenzie Financial Corp raised its stake in MAG Silver by 310.5% during the 2nd quarter. Mackenzie Financial Corp now owns 190,385 shares of the company’s stock worth $2,224,000 after acquiring an additional 144,007 shares during the period. 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.