Connor Clark & Lunn Investment Management Ltd. Cuts Stock Holdings in MAG Silver Corp. (NYSEAMERICAN:MAG)

Connor Clark & Lunn Investment Management Ltd. reduced its position in shares of MAG Silver Corp. (NYSEAMERICAN:MAG) by 0.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,088,400 shares of the company’s stock after selling 8,300 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 1.05% of MAG Silver worth $15,313,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Van ECK Associates Corp lifted its position in MAG Silver by 4.8% during the third quarter. Van ECK Associates Corp now owns 10,231,410 shares of the company’s stock valued at $143,649,000 after buying an additional 467,817 shares during the period. Tidal Investments LLC bought a new position in MAG Silver in the first quarter valued at about $22,518,000. TD Asset Management Inc grew its position in shares of MAG Silver by 118.3% during the 2nd quarter. TD Asset Management Inc now owns 1,063,055 shares of the company’s stock valued at $12,415,000 after acquiring an additional 576,156 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in MAG Silver in the 2nd quarter worth approximately $9,932,000. Finally, Gabelli Funds LLC raised its position in shares of MAG Silver by 12.2% during the second quarter. Gabelli Funds LLC now owns 459,000 shares of the company’s stock valued at $5,357,000 after buying an additional 50,000 shares during the last quarter. 52.50% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on MAG shares. HC Wainwright boosted their target price on shares of MAG Silver from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. StockNews.com upgraded shares of MAG Silver from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Scotiabank raised their price objective on MAG Silver from $14.50 to $15.50 and gave the stock a “sector outperform” rating in a research report on Monday, August 19th. Roth Mkm cut shares of MAG Silver from a “buy” rating to a “neutral” rating and raised their price target for the stock from $17.00 to $17.50 in a report on Thursday, October 24th. Finally, Roth Capital lowered shares of MAG Silver from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $18.38.

MAG Silver Stock Performance

Shares of MAG stock opened at $15.70 on Thursday. The stock has a market cap of $1.62 billion, a PE ratio of 22.23 and a beta of 1.12. MAG Silver Corp. has a twelve month low of $8.19 and a twelve month high of $18.27.

MAG Silver (NYSEAMERICAN:MAG) last posted its earnings results on Tuesday, November 12th. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.02. As a group, analysts forecast that MAG Silver Corp. will post 0.71 earnings per share for the current year.

MAG Silver Profile

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.