MAG Silver Upgraded by StockNews.com

MAG Silver (NYSEAMERICAN:MAG) received an upgrade from research analysts at StockNews.com, moving its rating from a "sell" to a "hold". This change was noted in a report published on Thursday.

Recent Analyst Ratings

In the days leading up to this upgrade, other financial institutions also reassessed MAG Silver's stock. For instance, Scotiabank raised their price target for MAG Silver from $14.50 to $15.50, designating the stock as a "sector outperform" in their report dated August 19th. Meanwhile, HC Wainwright lifted their price target from $17.00 to $18.00, giving MAG Silver a "buy" rating in a report released on August 5th. On the other hand, Roth Mkm changed its stance, dropping MAG Silver from a "buy" to a "neutral" rating while adjusting their target price from $17.00 to $17.50 in their update on Thursday. Presently, three analysts classify the stock with a hold rating, while another three support a buy rating, resulting in an average recommendation of "Moderate Buy" with a price target of $17.88 according to MarketBeat.com.

Trading Performance of MAG Silver

On the day of the report, MAG Silver's stock increased by $0.05, reaching a trading value of $17.85. Trading volume was recorded at 941,845 shares, exceeding the typical volume of 723,508 shares. Over the past year, MAG Silver has experienced a low of $8.19 and a high of $18.01, with the company holding a market capitalization of $1.84 billion. The price-to-earnings (PE) ratio stands at 30.78, indicating the stock's valuation in relation to its earnings, while it has a beta of 1.15, reflecting its volatility compared to the market.

Earnings and Future Projections

MAG Silver released its quarterly earnings results on August 2nd, reporting earnings per share (EPS) of $0.21, surpassing the analysts' consensus estimate of $0.19 by $0.02. Analysts are projecting an average EPS of 0.69 for the current year.

Institutional Activity

Recent activity among institutional investors and hedge funds shows a growing interest in MAG Silver. Van ECK Associates Corp increased its stake by 7.5% during the first quarter, now owning 9,981,600 shares valued at $105,603,000 after acquiring an additional 696,140 shares. Similarly, Jupiter Asset Management Ltd. raised its holdings by 6.5%, now owning 2,517,445 shares worth $26,584,000 after a purchase of 153,274 shares. Other notable investors include Tidal Investments LLC, which acquired a new stake valued at $22,518,000, and Azarias Capital Management L.P., increasing its position by 73.7% with 1,405,136 shares worth $14,866,000. Overall, institutional investors and hedge funds control approximately 52.50% of MAG Silver's stock.

About MAG Silver Corp.

MAG Silver Corporation engages in exploring and developing precious metal properties primarily in Canada. The company focuses on silver, gold, lead, copper, and zinc deposits, with its flagship asset being the 44% owned Juanicipio property located in Zacatecas, Mexico. The company operates out of Vancouver, Canada.

MAG, Silver, Stock