Zacks Investment Research Downgrades MAG Silver Corp (NYSE:MAG) to Hold
MAG Silver Corp (NYSE:MAG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday.
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 research analysts also recently issued reports about the company. BMO Capital Markets upgraded MAG Silver Corp from a “market perform” rating to an “outperform” rating and cut their target price for the stock from $18.00 to $9.50 in a research report on Friday, May 26th. Raymond James Financial, Inc. upgraded MAG Silver Corp from an “outperform” rating to a “strong-buy” rating in a research report on Wednesday, April 5th. Finally, UBS AG upgraded MAG Silver Corp from an “outperform” rating to a “strong-buy” rating in a research report on Wednesday, April 5th. Two research analysts have rated the stock with a hold rating, five have given a buy rating and three have issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $15.25.
MAG Silver Corp (NYSE MAG) traded down 0.37% during trading on Thursday, reaching $13.47. The company had a trading volume of 122,469 shares. MAG Silver Corp has a 52-week low of $9.50 and a 52-week high of $18.12. The company has a 50-day moving average of $12.71 and a 200-day moving average of $13.27. The firm’s market capitalization is $1.09 billion.
A number of large investors have recently added to or reduced their stakes in the company. A.R.T. Advisors LLC purchased a new stake in MAG Silver Corp during the fourth quarter worth $114,000. UBS Asset Management Americas Inc. purchased a new stake in MAG Silver Corp during the fourth quarter worth $164,000. Goldman Sachs Group Inc. purchased a new stake in MAG Silver Corp during the first quarter worth $242,000. Quadrature Capital Ltd purchased a new stake in MAG Silver Corp during the fourth quarter worth $293,000. Finally, Highbridge Capital Management LLC purchased a new stake in MAG Silver Corp during the first quarter worth $309,000.
About MAG Silver Corp
MAG Silver Corp. is a mineral exploration and development company. The Company is focused on the acquisition, exploration and development of projects located within the Mexican silver belt. The Company operates through the exploration of mineral properties in Mexico segment. The Company’s projects include Juanicipio Property, Cinco De Mayo Property and Guigui Property.
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