Intact Investment Management Inc. Sells 16,400 Shares of MAG Silver Corp. (NYSEAMERICAN:MAG)

Intact Investment Management Inc. decreased its position in MAG Silver Corp. (NYSEAMERICAN:MAG) by 6.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 253,400 shares of the company’s stock after selling 16,400 shares during the period. Intact Investment Management Inc. owned approximately 0.25% of MAG Silver worth $3,566,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Oppenheimer & Co. Inc. increased its position in MAG Silver by 23.4% during the 1st quarter. Oppenheimer & Co. Inc. now owns 455,150 shares of the company’s stock valued at $4,815,000 after purchasing an additional 86,440 shares during the period. Janus Henderson Group PLC acquired a new position in shares of MAG Silver in the 1st quarter valued at about $3,925,000. Jupiter Asset Management Ltd. grew its position in MAG Silver by 6.5% during the first quarter. Jupiter Asset Management Ltd. now owns 2,517,445 shares of the company’s stock valued at $26,584,000 after buying an additional 153,274 shares during the period. Mackenzie Financial Corp grew its holdings in MAG Silver by 310.5% in the second quarter. Mackenzie Financial Corp now owns 190,385 shares of the company’s stock valued at $2,224,000 after purchasing an additional 144,007 shares during the period. Finally, Van ECK Associates Corp increased its holdings in MAG Silver by 4.8% in the 3rd quarter. Van ECK Associates Corp now owns 10,231,410 shares of the company’s stock worth $143,649,000 after acquiring an additional 467,817 shares in the last quarter. 52.50% of the stock is owned by institutional investors.

MAG Silver Price Performance

Shares of MAG opened at $16.45 on Tuesday. MAG Silver Corp. has a 52 week low of $8.19 and a 52 week high of $18.27. The firm has a market capitalization of $1.70 billion, a PE ratio of 28.88 and a beta of 1.12.

Wall Street Analyst Weigh In

MAG has been the subject of a number of recent research reports. Scotiabank increased their price objective on shares of MAG Silver from $14.50 to $15.50 and gave the company a “sector outperform” rating in a report on Monday, August 19th. Roth Capital cut shares of MAG Silver from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 24th. HC Wainwright lifted their price target on MAG Silver from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. StockNews.com raised MAG Silver from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, Roth Mkm lowered shares of MAG Silver from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $17.00 to $17.50 in a research report on Thursday, October 24th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, MAG Silver presently has an average rating of “Hold” and a consensus price target of $17.88.

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.