Van ECK Associates Corp Sells 460,941 Shares of MAG Silver Corp. (NYSEAMERICAN:MAG)

Van ECK Associates Corp cut its stake in MAG Silver Corp. (NYSEAMERICAN:MAG) by 4.7% in the 4th quarter, Holdings Channel reports. The firm owned 9,285,460 shares of the company’s stock after selling 460,941 shares during the period. Van ECK Associates Corp owned approximately 0.09% of MAG Silver worth $96,662,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Azarias Capital Management L.P. bought a new stake in shares of MAG Silver during the fourth quarter valued at approximately $8,420,000. Invesco Ltd. grew its position in shares of MAG Silver by 8.8% in the 3rd quarter. Invesco Ltd. now owns 1,465,920 shares of the company’s stock worth $15,202,000 after buying an additional 118,211 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of MAG Silver by 2.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,542,545 shares of the company’s stock worth $26,403,000 after acquiring an additional 58,849 shares in the last quarter. Lynwood Capital Management Inc. bought a new stake in MAG Silver during the third quarter worth about $517,000. Finally, Jupiter Asset Management Ltd. grew its holdings in MAG Silver by 1.7% in the third quarter. Jupiter Asset Management Ltd. now owns 2,364,171 shares of the company’s stock worth $24,551,000 after purchasing an additional 38,784 shares during the period. 52.50% of the stock is owned by hedge funds and other institutional investors.

MAG Silver Stock Performance

NYSEAMERICAN MAG traded down $0.36 during trading hours on Tuesday, hitting $12.49. The company’s stock had a trading volume of 266,406 shares, compared to its average volume of 850,693. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of 27.38 and a beta of 1.15. MAG Silver Corp. has a 12 month low of $8.19 and a 12 month high of $13.62.

MAG Silver (NYSEAMERICAN:MAG) last released its quarterly earnings data on Tuesday, March 19th. The company reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.01. On average, equities analysts predict that MAG Silver Corp. will post 0.55 earnings per share for the current fiscal year.

Analysts Set New Price Targets

MAG has been the topic of several recent research reports. Stifel Nicolaus cut their price target on MAG Silver from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Wednesday, March 20th. Scotiabank upgraded shares of MAG Silver from a “sector perform” rating to a “sector outperform” rating and reduced their price objective for the company from $15.00 to $13.50 in a research note on Thursday, March 28th. HC Wainwright upped their target price on shares of MAG Silver from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, April 25th. Finally, StockNews.com raised shares of MAG Silver to a “sell” rating in a research report on Wednesday, March 27th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $18.25.

MAG Silver 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.