The Manufacturers Life Insurance Company Boosts Stake in MAG Silver Corp. (NYSEAMERICAN:MAG)

The Manufacturers Life Insurance Company grew its position in shares of MAG Silver Corp. (NYSEAMERICAN:MAG) by 199.7% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 382,027 shares of the company’s stock after buying an additional 254,553 shares during the quarter. The Manufacturers Life Insurance Company owned 0.37% of MAG Silver worth $5,374,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pekin Hardy Strauss Inc. purchased a new stake in shares of MAG Silver during the third quarter valued at approximately $140,000. PCJ Investment Counsel Ltd. increased its position in shares of MAG Silver by 38.1% during the 3rd quarter. PCJ Investment Counsel Ltd. now owns 369,290 shares of the company’s stock valued at $5,196,000 after purchasing an additional 101,870 shares during the last quarter. Capital Performance Advisors LLP bought a new stake in shares of MAG Silver during the 3rd quarter worth $28,000. Van ECK Associates Corp boosted its holdings in shares of MAG Silver by 4.8% in the 3rd quarter. Van ECK Associates Corp now owns 10,231,410 shares of the company’s stock worth $143,649,000 after buying an additional 467,817 shares during the last quarter. Finally, International Assets Investment Management LLC purchased a new position in shares of MAG Silver in the 3rd quarter worth about $148,000. Hedge funds and other institutional investors own 52.50% of the company’s stock.

MAG Silver Trading Down 1.4 %

MAG opened at $15.33 on Friday. MAG Silver Corp. has a 12 month low of $8.19 and a 12 month high of $18.27. The stock has a market capitalization of $1.58 billion, a PE ratio of 21.70 and a beta of 1.07.

MAG Silver (NYSEAMERICAN:MAG) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.02. On average, analysts predict that MAG Silver Corp. will post 0.75 earnings per share for the current year.

Analyst Ratings Changes

MAG has been the topic of a number of research analyst reports. Scotiabank boosted their target price on shares of MAG Silver from $14.50 to $15.50 and gave the company a “sector outperform” rating in a research note on Monday, August 19th. StockNews.com raised MAG Silver from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Roth Capital lowered MAG Silver from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 24th. HC Wainwright increased their price target on MAG Silver from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, Roth Mkm cut MAG Silver from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $17.00 to $17.50 in a research note on Thursday, October 24th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $18.38.

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.