MAG Silver Receives Upgrade from StockNews.com

Research analysts at StockNews.com have upgraded MAG Silver (NYSEAMERICAN:MAG) from a "sell" rating to a "hold" rating in a report published on Thursday.

This is a significant shift in sentiment towards MAG Silver, highlighting a cautious optimism about the company's prospects.

Recent Analyst Reports on MAG Silver

Alongside StockNews.com's upgrade, other analysts have also been active in reassessing MAG Silver. For instance, Scotiabank revised their price objective for MAG Silver from $14.50 to $15.50 and classified the stock as a "sector outperform" in a note released on August 19.

Similarly, HC Wainwright increased their price target from $17.00 to $18.00, giving the stock a "buy" rating in a report dated August 5. On the other hand, Roth MKM downgraded MAG Silver from a "buy" rating to a "neutral" rating, while raising their price objective from $17.00 to $17.50.

Overall, a total of three analysts have assigned a hold rating to MAG Silver, while another three have given it a buy rating. MarketBeat.com indicates that this stock holds an average rating of "Moderate Buy" along with an average price target of $17.88.

MAG Silver's Stock Performance

During trading on Thursday, MAG Silver shares increased by $0.05, reaching $17.85. The trading volume for the day was 941,845 shares, which is higher than the average volume of 723,508 shares. Over the past year, MAG Silver has experienced a low of $8.19 and a high of $18.01. The company has a market capitalization of approximately $1.84 billion, a price-to-earnings (PE) ratio of 30.78, and a beta of 1.15.

Quarterly Earnings Report

MAG Silver recently announced its quarterly earnings results on August 2. The company reported earnings per share (EPS) of $0.21, surpassing analysts' expectations of $0.19 by $0.02. Analysts predict that for the current year, MAG Silver will have an EPS of around $0.69.

Institutional Investors Activity

In recent months, various institutional investors and hedge funds have adjusted their holdings in MAG Silver. For example, Van ECK Associates Corp increased its stake in the company by 7.5% in the first quarter, now holding 9,981,600 shares valued at approximately $105,603,000 after acquiring an additional 696,140 shares. Jupiter Asset Management Ltd. also raised its stake by 6.5%, owning 2,517,445 shares worth $26,584,000 after an investment of 153,274 shares.

Tidal Investments LLC made a new stake valued at $22,518,000 during the same period. Azarias Capital Management L.P. raised its position by 73.7%, now owning 1,405,136 shares worth $14,866,000 after purchasing an additional 596,283 shares. Additionally, TD Asset Management Inc. increased its holdings by 118.3%, now owning 1,063,055 shares worth $12,415,000.

Currently, 52.50% of MAG Silver's stock is owned by institutional investors and hedge funds.

About MAG Silver

MAG Silver Corp. is engaged in the development and exploration of precious metal properties in Canada, focusing on silver, gold, lead, copper, and zinc deposits. Its primary asset is the Juanicipio property, which the company owns 44% of, located in the Fresnillo District of Zacatecas State, Mexico. The company is headquartered in Vancouver, Canada.

MAG, Silver, Stock