Oppenheimer & Co. Inc. has increased its holdings in MAG Silver Corp. by 23.4% in the first quarter, according to a report by HoldingsChannel.com. The institutional investor now owns 455,150 shares of the company’s stock, with a value of $4,815,000. This purchase reflects a growing interest in the precious metal company by investors.
Other hedge funds have also made significant modifications to their holdings of MAG Silver. Azarias Capital Management L.P. increased its stake by 73.7%, Raymond James Financial Services Advisors Inc. by 6.6%, CIBC Asset Management Inc by 3.0%, and National Bank of Canada FI by 5.9%. These investments show a positive outlook on the future growth of MAG Silver.
Analyst reports have also been optimistic about MAG Silver, with StockNews.com upgrading the stock to a “sell” rating, HC Wainwright maintaining a “buy” rating with a target price of $17.00, and Stifel Nicolaus and Scotiabank both providing bullish outlooks on the stock. These endorsements have contributed to the stock’s 0.4% increase on Friday, with a market cap of $1.40 billion.
MAG Silver Corp. is a Canadian company that explores and develops precious metal properties, primarily focusing on silver, gold, lead, copper, and zinc deposits. With its flagship Juanicipio property in Mexico, the company continues to show promise for investors. Overall, MAG Silver has received a consensus rating of “Moderate Buy” from analysts, indicating a positive sentiment towards its future performance.
