Gabelli Funds LLC trimmed its holdings in MAG Silver Corp (NYSEAMERICAN:MAG) by 33.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 247,500 shares of the company’s stock after selling 122,500 shares during the quarter. Gabelli Funds LLC owned approximately 0.29% of MAG Silver worth $2,626,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in the company. PenderFund Capital Management Ltd. acquired a new position in MAG Silver in the 2nd quarter valued at $13,833,000. Bank of Montreal Can increased its stake in MAG Silver by 268.1% in the 2nd quarter. Bank of Montreal Can now owns 1,671,131 shares of the company’s stock valued at $17,614,000 after buying an additional 1,217,142 shares during the period. Tocqueville Asset Management L.P. increased its stake in MAG Silver by 7.7% in the 3rd quarter. Tocqueville Asset Management L.P. now owns 8,523,325 shares of the company’s stock valued at $90,468,000 after buying an additional 607,600 shares during the period. ETF Managers Group LLC increased its stake in MAG Silver by 134.3% in the 2nd quarter. ETF Managers Group LLC now owns 513,409 shares of the company’s stock valued at $5,474,000 after buying an additional 294,309 shares during the period. Finally, Great West Life Assurance Co. Can increased its stake in MAG Silver by 36.1% in the 3rd quarter. Great West Life Assurance Co. Can now owns 730,712 shares of the company’s stock valued at $7,795,000 after buying an additional 193,878 shares during the period.
MAG traded up $0.20 during trading on Friday, hitting $9.76. The stock had a trading volume of 503,171 shares, compared to its average volume of 360,087. MAG Silver Corp has a twelve month low of $6.12 and a twelve month high of $14.00.
MAG Silver (NYSEAMERICAN:MAG) last announced its quarterly earnings data on Monday, August 12th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.01.
In other MAG Silver news, insider Berrie David 1,360,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th.
Several brokerages have issued reports on MAG. HC Wainwright boosted their price objective on shares of MAG Silver from $16.50 to $18.50 and gave the company a “buy” rating in a research note on Monday, August 19th. Zacks Investment Research cut shares of MAG Silver from a “buy” rating to a “hold” rating in a research note on Saturday, November 2nd. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $14.75.
About MAG Silver
MAG Silver Corp. focuses on acquiring, exploring, and development of mineral properties in Mexico. It explores for silver, gold, lead, and zinc deposits. The company primarily holds interest in the Juanicipio property covering an area of approximately 7,679 hectares located in the Fresnillo District, Zacatecas State, Mexico.
Featured Story: What are momentum indicators and what do they show?
Receive News & Ratings for MAG Silver Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MAG Silver and related companies with MarketBeat.com's FREE daily email newsletter.