MAG Silver Corp. (NYSEAMERICAN:MAG) Sees Large Drop in Short Interest

MAG Silver Corp. (NYSEAMERICAN:MAG) saw a large drop in short interest in the month of November. As of November 30th, there was short interest totalling 2,370,000 shares, a drop of 22.0% from the November 15th total of 3,040,000 shares. Based on an average daily volume of 700,800 shares, the days-to-cover ratio is currently 3.4 days. Currently, 2.6% of the shares of the stock are short sold.

Institutional Investors Weigh In On MAG Silver

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tidal Investments LLC raised its holdings in shares of MAG Silver by 3.6% during the third quarter. Tidal Investments LLC now owns 2,810,051 shares of the company’s stock worth $39,453,000 after purchasing an additional 98,312 shares during the last quarter. Barclays PLC grew its position in MAG Silver by 211.5% during the 3rd quarter. Barclays PLC now owns 30,780 shares of the company’s stock worth $432,000 after purchasing an additional 20,899 shares during the period. Public Employees Retirement System of Ohio purchased a new position in shares of MAG Silver during the 3rd quarter valued at about $390,000. DF Dent & Co. Inc. acquired a new position in shares of MAG Silver in the 3rd quarter valued at about $140,000. Finally, National Bank of Canada FI boosted its stake in shares of MAG Silver by 12.0% in the third quarter. National Bank of Canada FI now owns 225,802 shares of the company’s stock worth $3,171,000 after buying an additional 24,185 shares during the last quarter. 52.50% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. StockNews.com raised MAG Silver from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. HC Wainwright increased their target price on MAG Silver from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Roth Mkm cut shares of MAG Silver from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $17.00 to $17.50 in a research report on Thursday, October 24th. Roth Capital lowered shares of MAG Silver from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 24th. Finally, Scotiabank lifted their price objective on shares of MAG Silver from $14.50 to $15.50 and gave the stock a “sector outperform” rating in a research note on Monday, August 19th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $18.38.

MAG Silver Stock Performance

Shares of MAG traded down $0.11 during mid-day trading on Monday, hitting $14.83. The company’s stock had a trading volume of 507,827 shares, compared to its average volume of 712,939. MAG Silver has a 52-week low of $8.19 and a 52-week high of $18.27. The stock has a market capitalization of $1.53 billion, a PE ratio of 20.89 and a beta of 1.07.

MAG Silver (NYSEAMERICAN:MAG) last released its quarterly 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. Equities research analysts forecast that MAG Silver will post 0.75 EPS for the current year.

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.