Alpine Associates Management Inc. Invests $53.78 Million in MAG Silver Corporation $MAG

Alpine Associates Management Inc. purchased a new stake in shares of MAG Silver Corporation (NYSEAMERICAN:MAG) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,545,149 shares of the company’s stock, valued at approximately $53,779,000. MAG Silver makes up approximately 2.9% of Alpine Associates Management Inc.’s portfolio, making the stock its 9th largest holding. Alpine Associates Management Inc. owned about 2.46% of MAG Silver at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MAG. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of MAG Silver in the 2nd quarter worth about $53,000. Wolverine Asset Management LLC acquired a new position in shares of MAG Silver during the second quarter worth approximately $2,006,000. New York Life Investment Management LLC bought a new position in MAG Silver in the 2nd quarter worth approximately $4,233,000. Envestnet Asset Management Inc. increased its position in MAG Silver by 7.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 30,182 shares of the company’s stock valued at $638,000 after acquiring an additional 2,018 shares during the period. Finally, D.A. Davidson & CO. boosted its position in MAG Silver by 9.2% during the 2nd quarter. D.A. Davidson & CO. now owns 11,900 shares of the company’s stock worth $251,000 after acquiring an additional 1,000 shares during the period. Institutional investors and hedge funds own 52.50% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Roth Capital reiterated a “neutral” rating and set a $23.00 price target (up from $22.00) on shares of MAG Silver in a research report on Tuesday, August 12th. HC Wainwright reissued a “neutral” rating and set a $22.00 target price on shares of MAG Silver in a research note on Thursday, July 24th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of MAG Silver in a report on Tuesday, August 12th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $21.00.

MAG Silver Price Performance

Shares of MAG Silver stock opened at $24.47 on Monday. The stock has a market capitalization of $2.54 billion, a P/E ratio of 24.72 and a beta of 0.73. MAG Silver Corporation has a one year low of $11.72 and a one year high of $25.09. The business’s 50 day simple moving average is $24.43 and its two-hundred day simple moving average is $21.53.

MAG Silver Dividend Announcement

The firm also recently announced a dividend, which was paid on Monday, September 1st. Shareholders of record on Tuesday, August 19th were paid a dividend of $0.124 per share. The ex-dividend date of this dividend was Monday, August 18th. This represents a dividend yield of 236.0%. MAG Silver’s dividend payout ratio (DPR) is currently 33.80%.

MAG Silver Company 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.