Zacks Investment Research Upgrades MAG Silver (MAG) to “Buy”

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MAG Silver (NYSEAMERICAN:MAG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The firm currently has a $9.00 target price on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 7.02% from the company’s current price.

According to Zacks, “MAG is focused on district scale projects located within the Mexican Silver Belt. Our mission is to become one of the premier companies in the Silver Mining Industry. MAG and its partner, Industrias Penoles, are delineating a significant new silver vein discovery on the Juanicipio Joint Venture in Zacatecas State, Mexico. MAG is based in Vancouver, British Columbia, Canada. “

Other equities analysts have also issued reports about the company. HC Wainwright set a $19.00 target price on MAG Silver and gave the company a “buy” rating in a report on Monday, October 22nd. BMO Capital Markets restated a “buy” rating on shares of MAG Silver in a report on Monday, December 17th.

MAG traded up $0.17 during trading on Wednesday, reaching $8.41. 11,504 shares of the stock traded hands, compared to its average volume of 291,957. MAG Silver has a fifty-two week low of $6.12 and a fifty-two week high of $12.61.

MAG Silver (NYSEAMERICAN:MAG) last released its quarterly earnings data on Tuesday, November 13th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.03.

A number of hedge funds and other institutional investors have recently bought and sold shares of MAG. DF Dent & Co. Inc. bought a new position in MAG Silver during the third quarter valued at about $102,000. Signition LP bought a new position in shares of MAG Silver in the third quarter worth about $109,000. OLD Mission Capital LLC bought a new position in shares of MAG Silver in the second quarter worth about $120,000. Bank of America Corp DE increased its stake in shares of MAG Silver by 257.5% in the second quarter. Bank of America Corp DE now owns 12,294 shares of the company’s stock worth $133,000 after purchasing an additional 8,855 shares during the period. Finally, BlackRock Inc. increased its stake in shares of MAG Silver by 124.7% in the second quarter. BlackRock Inc. now owns 15,236 shares of the company’s stock worth $165,000 after purchasing an additional 8,454 shares during the period.

MAG Silver Company Profile

MAG Silver Corp. focuses on acquiring, exploring, and development of mineral properties in Canada. It explores for copper, gold, silver, lead, and zinc deposits. The company primarily holds interests in the Juanicipio property covering 7,679 hectares located in the Fresnillo District, Zacatecas State, Mexico.

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