BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp cut its position in shares of MAG Silver Corp. (NYSEAMERICAN:MAG) by 29.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 93,054 shares of the company’s stock after selling 38,558 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned about 0.10% of MAG Silver worth $1,401,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Van ECK Associates Corp grew its position in MAG Silver by 18.5% in the fourth quarter. Van ECK Associates Corp now owns 4,287,651 shares of the company’s stock valued at $87,983,000 after acquiring an additional 669,274 shares during the period. ETF Managers Group LLC grew its position in MAG Silver by 38.4% in the fourth quarter. ETF Managers Group LLC now owns 1,725,929 shares of the company’s stock valued at $35,684,000 after acquiring an additional 478,790 shares during the period. FMR LLC grew its position in MAG Silver by 19.7% in the first quarter. FMR LLC now owns 728,901 shares of the company’s stock valued at $7,783,000 after acquiring an additional 120,000 shares during the period. ExodusPoint Capital Management LP bought a new stake in MAG Silver in the fourth quarter valued at $2,042,000. Finally, Mackenzie Financial Corp grew its position in MAG Silver by 21.7% in the fourth quarter. Mackenzie Financial Corp now owns 536,535 shares of the company’s stock valued at $10,951,000 after acquiring an additional 95,604 shares during the period. Institutional investors and hedge funds own 39.73% of the company’s stock.
Shares of MAG opened at $19.23 on Friday. MAG Silver Corp. has a 12-month low of $11.24 and a 12-month high of $24.43. The firm has a market capitalization of $1.82 billion, a price-to-earnings ratio of -91.57 and a beta of 1.19. The firm’s fifty day moving average price is $17.12.
MAG Silver (NYSEAMERICAN:MAG) last issued its quarterly earnings results on Tuesday, March 30th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.09. On average, sell-side analysts expect that MAG Silver Corp. will post -0.15 EPS for the current fiscal year.
A number of analysts have weighed in on the company. CIBC started coverage on MAG Silver in a research report on Tuesday, April 13th. They issued a “neutral” rating on the stock. Zacks Investment Research raised MAG Silver from a “sell” rating to a “hold” rating in a research note on Wednesday, April 7th. Stifel Nicolaus boosted their price objective on MAG Silver from $27.75 to $29.00 and gave the stock a “buy” rating in a research note on Monday, February 8th. HC Wainwright reduced their price objective on MAG Silver from $22.50 to $21.50 and set a “buy” rating on the stock in a research note on Tuesday, March 16th. Finally, BMO Capital Markets reduced their price objective on MAG Silver from $23.50 to $22.50 and set an “outperform” rating on the stock in a research note on Thursday, January 28th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. MAG Silver has a consensus rating of “Buy” and a consensus price target of $25.64.
MAG Silver Profile
MAG Silver Corp. engages in the exploration and development of silver mining properties. It also explores for gold, lead, and zinc deposits. It primarily holds 44% interest in the Juanicipio project located in the Fresnillo District, Zacatecas State, Mexico. The company was incorporated in 2003 and is headquartered in Vancouver, Canada.
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