DAVENPORT & Co LLC reduced its holding in MAG Silver Corp. stock. (NYSEAMERICAN:MAG – Get Rating) up 43.6% in the first quarter, reports Holdings Channel.com. The institutional investor owned 27,290 shares of the company after selling 21,105 shares during the period. DAVENPORT & Co LLC holdings in MAG Silver were worth $441,000 at the end of the last reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in MAG. ETF Managers Group LLC increased its position in MAG Silver by 52.7% in the fourth quarter. ETF Managers Group LLC now owns 4,358,743 shares of the company’s stock valued at $67,502,000 after purchasing an additional 1,505,098 shares last quarter. Sprott Inc. increased its position in MAG Silver by 4.5% in the fourth quarter. Sprott Inc. now owns 4,982,345 shares of the company’s stock valued at $78,111,000 after purchasing an additional 213,242 shares last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in MAG Silver stock valued at approximately $2,156,000 during the fourth quarter. PCJ Investment Counsel Ltd. acquired a new position in MAG Silver stock valued at approximately $1,961,000 during the fourth quarter. Finally, CQS US LLC increased its holding in MAG Silver shares by 158.2% during the fourth quarter. CQS US LLC now owns 204,000 shares of the company’s stock valued at $3,197,000 after purchasing an additional 125,000 shares last quarter. 48.55% of the shares are currently owned by hedge funds and other institutional investors.
Analysts set new price targets
A number of equity analysts recently issued reports on the company. National Bank Financial lowered its price target for MAG Silver from $28.25 to $23.50 in a report Thursday, July 21. Stifel Nicolaus lowered his price target on MAG Silver from C$30.00 to C$29.75 in a report on Wednesday, July 20. HC Wainwright lowered its price target on MAG Silver to $21.50 from $22.00 and disclosed the company in a report on Monday 4th. Raymond James increased its price target on MAG Silver on Wednesday 20th April in a research Note from C$28.00 to C$29.00. Finally, on Wednesday, May 18, TD Securities lowered its price target on MAG Silver from $31.00 to $28.00 in a research note. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $25.38.
MAG Silver value for money
NYSEAMERICAN MAG opened at $11.35 on Tuesday. MAG Silver Corp. has a 1-year low of $10.32 and a 1-year high of $21.73. The stock has a market cap of $1.12 billion, a P/E of 141.89, and a beta of 1.10.
MAG Silver (NYSEAMERICAN:MAG – Get Rating) last reported its earnings results on Monday, May 16th. The company reported earnings per share of $0.03 for the quarter, falling short of analyst consensus estimates of $0.10 ($0.07).
MAG Silver company profile
(received rating)
MAG Silver Corp. is engaged in the exploration and development of precious metals mining properties. The Company is prospecting for silver, gold, lead and zinc deposits. It primarily holds a 44% interest in the Juanicipio Project in the Fresnillo District of Zacatecas State, Mexico. The company is headquartered in Vancouver, Canada.
See also
Want to see what other hedge funds are holding MAG? Visit HoldingsChannel.com for the latest 13F filings and insider trading for MAG Silver Corp. (NYSEAMERICAN:MAG – Get Rating).
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