MAG Silver (NYSEAMERICAN:MAG) Shares Gap Up After Dividend Announcement

MAG Silver Corp. (NYSEAMERICAN:MAG) gapped up before the market opened on Monday following a dividend announcement from the company. The stock had previously closed at $16.92, but opened at $19.00. MAG Silver shares last traded at $18.20, with a volume of 2,385,915 shares.

The newly announced dividend which will be paid on Wednesday, May 28th. Investors of record on Monday, May 19th will be given a $0.18 dividend. This represents a yield of 0.5%. The ex-dividend date of this dividend is Monday, May 19th. MAG Silver’s dividend payout ratio is presently 101.41%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MAG. TD Securities raised MAG Silver to a “strong-buy” rating in a research report on Monday, March 10th. Raymond James reissued an “outperform” rating on shares of MAG Silver in a research report on Tuesday, March 25th. HC Wainwright reissued a “buy” rating and issued a $22.00 target price on shares of MAG Silver in a research report on Thursday, April 24th. Roth Capital set a $16.00 price target on MAG Silver in a research note on Tuesday, March 25th. Finally, Roth Mkm decreased their price target on MAG Silver from $16.50 to $16.00 and set a “neutral” rating for the company in a research note on Tuesday, March 25th. Five equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, MAG Silver presently has an average rating of “Moderate Buy” and a consensus target price of $18.60.

MAG Silver Trading Up 0.3%

The company has a 50 day moving average price of $15.42 and a 200 day moving average price of $15.34. The company has a market capitalization of $1.86 billion, a P/E ratio of 25.35 and a beta of 1.09.

Institutional Trading of MAG Silver

Several hedge funds have recently added to or reduced their stakes in the company. First Eagle Investment Management LLC lifted its holdings in MAG Silver by 46.4% during the 4th quarter. First Eagle Investment Management LLC now owns 7,839,793 shares of the company’s stock worth $106,379,000 after purchasing an additional 2,486,538 shares during the last quarter. Sprott Inc. lifted its holdings in MAG Silver by 8.5% during the 4th quarter. Sprott Inc. now owns 2,649,507 shares of the company’s stock worth $36,004,000 after purchasing an additional 208,252 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in MAG Silver by 20.5% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,399,405 shares of the company’s stock valued at $21,290,000 after acquiring an additional 237,800 shares in the last quarter. TD Asset Management Inc raised its holdings in MAG Silver by 4.1% in the 1st quarter. TD Asset Management Inc now owns 1,116,157 shares of the company’s stock valued at $16,976,000 after acquiring an additional 43,822 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in MAG Silver by 3,324.7% in the 4th quarter. Millennium Management LLC now owns 886,203 shares of the company’s stock valued at $12,052,000 after acquiring an additional 860,326 shares in the last quarter. 52.50% of the stock is owned by institutional investors and hedge funds.

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.