Toronto Dominion Bank grew its holdings in MAG Silver Corp. (NYSEAMERICAN:MAG) by 11.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 27,531 shares of the company’s stock after acquiring an additional 2,770 shares during the quarter. Toronto Dominion Bank’s holdings in MAG Silver were worth $446,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC acquired a new stake in shares of MAG Silver during the second quarter worth about $200,000. Juncture Wealth Strategies LLC acquired a new position in MAG Silver in the second quarter valued at approximately $237,000. AlphaCrest Capital Management LLC acquired a new position in MAG Silver in the second quarter valued at approximately $289,000. StoneX Group Inc. lifted its holdings in MAG Silver by 14.1% in the third quarter. StoneX Group Inc. now owns 17,153 shares of the company’s stock valued at $278,000 after acquiring an additional 2,115 shares during the period. Finally, Fulcrum Asset Management LLP acquired a new position in MAG Silver in the third quarter valued at approximately $268,000. 41.06% of the stock is owned by hedge funds and other institutional investors.
MAG opened at $15.01 on Friday. MAG Silver Corp. has a 12-month low of $14.15 and a 12-month high of $24.43. The stock has a market cap of $1.47 billion, a P/E ratio of 187.65 and a beta of 1.17.
A number of brokerages have issued reports on MAG. BMO Capital Markets decreased their price target on MAG Silver from C$24.00 to C$23.50 and set a “market perform” rating for the company in a report on Wednesday, January 5th. Zacks Investment Research raised MAG Silver from a “hold” rating to a “strong-buy” rating and set a $21.00 price target for the company in a report on Friday, October 15th. Raymond James decreased their price target on MAG Silver from C$28.50 to C$28.00 and set an “outperform” rating for the company in a report on Tuesday, November 30th. Finally, TD Securities assumed coverage on MAG Silver in a report on Monday, December 6th. They issued a “buy” rating for the company. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, MAG Silver presently has an average rating of “Buy” and an average price target of $26.17.
MAG Silver Company Profile
MAG Silver Corp. operates as a Canadian development and exploration company, which focuses on becoming a top-tier primary silver mining company by exploring and advancing high-grade, district scale, silver-dominant projects in the Americas. Its principal focus and asset is the Juanicipio Project (44%), being developed with Fresnillo Plc (56%), the Operator.
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