Magnetar Financial LLC Invests $1.88 Million in MAG Silver Corporation $MAG

Magnetar Financial LLC bought a new stake in MAG Silver Corporation (NYSEAMERICAN:MAG) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 88,443 shares of the company’s stock, valued at approximately $1,880,000. Magnetar Financial LLC owned approximately 0.09% of MAG Silver as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of MAG. Rathbones Group PLC grew its stake in MAG Silver by 4.8% in the 1st quarter. Rathbones Group PLC now owns 16,957 shares of the company’s stock valued at $259,000 after purchasing an additional 770 shares during the period. D.A. Davidson & CO. boosted its holdings in shares of MAG Silver by 9.2% in the 2nd quarter. D.A. Davidson & CO. now owns 11,900 shares of the company’s stock worth $251,000 after buying an additional 1,000 shares during the last quarter. Veracity Capital LLC grew its position in MAG Silver by 8.5% during the second quarter. Veracity Capital LLC now owns 20,190 shares of the company’s stock valued at $427,000 after buying an additional 1,579 shares during the period. Geode Capital Management LLC grew its position in MAG Silver by 3.2% during the second quarter. Geode Capital Management LLC now owns 55,168 shares of the company’s stock valued at $1,177,000 after buying an additional 1,706 shares during the period. Finally, Raymond James Financial Inc. increased its holdings in MAG Silver by 0.7% during the first quarter. Raymond James Financial Inc. now owns 257,763 shares of the company’s stock worth $3,939,000 after buying an additional 1,738 shares during the last quarter. 52.50% of the stock is currently owned by institutional investors.

MAG Silver Trading Down 1.2%

Shares of MAG stock opened at $24.47 on Friday. The firm’s 50 day moving average is $24.47 and its 200 day moving average is $22.45. The stock has a market capitalization of $2.54 billion, a P/E ratio of 24.72 and a beta of 0.73. MAG Silver Corporation has a 12 month low of $11.72 and a 12 month high of $25.09.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Scotiabank reiterated an “outperform” rating on shares of MAG Silver in a research note on Tuesday, August 12th. Roth Capital reissued a “neutral” rating and set a $23.00 price objective (up from $22.00) on shares of MAG Silver in a report on Tuesday, August 12th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, MAG Silver has a consensus rating of “Hold” and an average target price of $21.00.

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.