HC Wainwright Reiterates Buy Rating for MAG Silver (NYSEAMERICAN:MAG)

MAG Silver (NYSEAMERICAN:MAG)‘s stock had its “buy” rating reiterated by analysts at HC Wainwright in a note issued to investors on Tuesday,Benzinga reports. They currently have a $21.00 price target on the stock. HC Wainwright’s price objective suggests a potential upside of 33.93% from the company’s previous close.

MAG Silver Stock Down 0.5 %

Shares of MAG opened at $15.68 on Tuesday. The firm has a market cap of $1.62 billion, a PE ratio of 22.08 and a beta of 1.09. MAG Silver has a 12 month low of $8.19 and a 12 month high of $18.27.

Hedge Funds Weigh In On MAG Silver

Hedge funds and other institutional investors have recently modified their holdings of the stock. International Assets Investment Management LLC purchased a new position in MAG Silver in the 3rd quarter worth $148,000. Van ECK Associates Corp increased its holdings in shares of MAG Silver by 4.8% in the third quarter. Van ECK Associates Corp now owns 10,231,410 shares of the company’s stock valued at $143,649,000 after purchasing an additional 467,817 shares during the period. Capital Performance Advisors LLP acquired a new position in shares of MAG Silver in the third quarter valued at about $28,000. PCJ Investment Counsel Ltd. raised its stake in shares of MAG Silver by 38.1% in the third quarter. PCJ Investment Counsel Ltd. now owns 369,290 shares of the company’s stock worth $5,196,000 after purchasing an additional 101,870 shares during the last quarter. Finally, Pekin Hardy Strauss Inc. acquired a new stake in shares of MAG Silver during the third quarter worth about $140,000. 52.50% of the stock is owned by hedge funds and other institutional investors.

MAG Silver Company 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.