MAG Silver (NYSEAMERICAN:MAG) Rating Lowered to “Hold” at Canaccord Genuity Group

MAG Silver (NYSEAMERICAN:MAG) was downgraded by equities research analysts at Canaccord Genuity Group from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

Other research analysts have also issued research reports about the company. Scotiabank reaffirmed a “sector perform” rating on shares of MAG Silver in a report on Monday, April 14th. Raymond James reaffirmed an “outperform” rating on shares of MAG Silver in a research note on Tuesday, March 25th. StockNews.com upgraded MAG Silver from a “sell” rating to a “hold” rating in a report on Monday, March 31st. Roth Mkm reduced their price objective on MAG Silver from $16.50 to $16.00 and set a “neutral” rating for the company in a report on Tuesday, March 25th. Finally, HC Wainwright reiterated a “buy” rating and issued a $22.00 price objective on shares of MAG Silver in a report on Thursday, April 24th. Five equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, MAG Silver presently has an average rating of “Moderate Buy” and an average price target of $18.60.

MAG Silver Trading Up 6.1%

Shares of NYSEAMERICAN:MAG opened at $17.95 on Monday. The stock’s fifty day simple moving average is $15.36 and its two-hundred day simple moving average is $15.32. MAG Silver has a 1-year low of $11.29 and a 1-year high of $19.17. The stock has a market cap of $1.86 billion, a PE ratio of 25.28 and a beta of 1.09.

Hedge Funds Weigh In On MAG Silver

Several large investors have recently modified their holdings of MAG. Banque Cantonale Vaudoise bought a new position in shares of MAG Silver during the 1st quarter worth $37,000. D.A. Davidson & CO. purchased a new stake in MAG Silver in the first quarter valued at about $167,000. D. E. Shaw & Co. Inc. purchased a new position in shares of MAG Silver in the fourth quarter worth about $156,000. Aigen Investment Management LP purchased a new position in shares of MAG Silver in the fourth quarter worth about $156,000. Finally, Everett Harris & Co. CA acquired a new stake in MAG Silver during the first quarter worth about $177,000. Institutional investors own 52.50% of the company’s stock.

About MAG Silver

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.