MAG Silver Corp. (NYSEAMERICAN:MAG) Short Interest Update

MAG Silver Corp. (NYSEAMERICAN:MAG) was the target of a large decrease in short interest in the month of September. As of September 30th, there was short interest totalling 2,270,000 shares, a decrease of 22.0% from the September 15th total of 2,910,000 shares. Based on an average daily volume of 583,400 shares, the days-to-cover ratio is currently 3.9 days. Currently, 2.5% of the shares of the company are sold short.

MAG Silver Price Performance

MAG traded down $0.02 during trading on Monday, hitting $15.45. The stock had a trading volume of 317,170 shares, compared to its average volume of 718,493. The company has a market capitalization of $1.59 billion, a PE ratio of 26.64 and a beta of 1.15. MAG Silver has a 12 month low of $8.19 and a 12 month high of $16.00.

MAG Silver (NYSEAMERICAN:MAG) last issued its quarterly earnings results on Friday, August 2nd. The company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.02. Analysts anticipate that MAG Silver will post 0.69 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MAG. HC Wainwright lifted their price target on MAG Silver from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Scotiabank raised their price objective on MAG Silver from $14.50 to $15.50 and gave the stock a “sector outperform” rating in a research note on Monday, August 19th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $18.00.

Institutional Trading of MAG Silver

A number of hedge funds have recently modified their holdings of MAG. Banque Cantonale Vaudoise boosted its position in shares of MAG Silver by 8.6% during the 1st quarter. Banque Cantonale Vaudoise now owns 11,012 shares of the company’s stock valued at $116,000 after acquiring an additional 876 shares in the last quarter. Azarias Capital Management L.P. boosted its holdings in MAG Silver by 73.7% during the first quarter. Azarias Capital Management L.P. now owns 1,405,136 shares of the company’s stock valued at $14,866,000 after purchasing an additional 596,283 shares in the last quarter. Privium Fund Management B.V. raised its holdings in shares of MAG Silver by 71.9% in the 1st quarter. Privium Fund Management B.V. now owns 26,300 shares of the company’s stock worth $278,000 after buying an additional 11,000 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of MAG Silver by 7.5% during the 1st quarter. Van ECK Associates Corp now owns 9,981,600 shares of the company’s stock worth $105,603,000 after buying an additional 696,140 shares during the period. Finally, Private Advisor Group LLC grew its position in MAG Silver by 29.0% in the first quarter. Private Advisor Group LLC now owns 32,230 shares of the company’s stock valued at $341,000 after acquiring an additional 7,244 shares during the period. Institutional investors own 52.50% of the company’s stock.

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.