Van ECK Associates Corp Decreases Stock Holdings in MAG Silver Corp. (NYSEAMERICAN:MAG)

Van ECK Associates Corp reduced its stake in shares of MAG Silver Corp. (NYSEAMERICAN:MAG) by 9.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,309,431 shares of the company’s stock after selling 921,979 shares during the quarter. Van ECK Associates Corp owned approximately 9.01% of MAG Silver worth $126,580,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Capital Performance Advisors LLP purchased a new stake in shares of MAG Silver during the 3rd quarter worth $28,000. Veracity Capital LLC raised its stake in MAG Silver by 16.8% in the third quarter. Veracity Capital LLC now owns 16,653 shares of the company’s stock valued at $234,000 after buying an additional 2,396 shares during the last quarter. Quantbot Technologies LP purchased a new stake in MAG Silver in the third quarter valued at about $52,000. DF Dent & Co. Inc. purchased a new stake in MAG Silver in the third quarter valued at about $140,000. Finally, Pekin Hardy Strauss Inc. purchased a new stake in MAG Silver in the third quarter valued at about $140,000. 52.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MAG. Roth Mkm cut MAG Silver from a “buy” rating to a “neutral” rating and increased their price target for the company from $17.00 to $17.50 in a research note on Thursday, October 24th. HC Wainwright increased their price target on MAG Silver from $20.00 to $21.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. Roth Capital cut MAG Silver from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, StockNews.com raised MAG Silver from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, MAG Silver presently has a consensus rating of “Hold” and an average price target of $18.63.

MAG Silver Trading Up 1.1 %

MAG Silver stock opened at $17.10 on Friday. The stock has a market cap of $1.77 billion, a P/E ratio of 24.08 and a beta of 1.09. MAG Silver Corp. has a 52 week low of $8.19 and a 52 week high of $18.27.

MAG Silver (NYSEAMERICAN:MAG) last posted its earnings results on Tuesday, November 12th. The company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.20 by $0.02. Research analysts anticipate that MAG Silver Corp. will post 0.75 earnings per share for the current fiscal year.

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.