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

MAG Silver Corp. (NYSEAMERICAN:MAG – Get Rating) saw a large decrease in short interest during the month of February. As of February 28th, there was short interest totalling 2,070,000 shares, a decrease of 6.8% from the February 13th total of 2,220,000 shares. Based on an average daily volume of 518,700 shares, the days-to-cover ratio is currently 4.0 days. Approximately 2.1% of the company’s stock are short sold.

MAG Silver Stock Up 2.1 %

MAG stock opened at $11.89 on Wednesday. The stock has a market capitalization of $1.22 billion, a P/E ratio of 42.46 and a beta of 1.10. MAG Silver has a 1-year low of $10.32 and a 1-year high of $18.47.

Hedge Funds Weigh In On MAG Silver

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Jump Financial LLC lifted its holdings in MAG Silver by 88.2% in the third quarter. Jump Financial LLC now owns 30,300 shares of the company’s stock valued at $378,000 after acquiring an additional 14,200 shares during the period. Mackenzie Financial Corp grew its holdings in shares of MAG Silver by 1.2% during the 2nd quarter. Mackenzie Financial Corp now owns 1,793,488 shares of the company’s stock worth $21,889,000 after purchasing an additional 21,803 shares during the period. Public Sector Pension Investment Board lifted its stake in MAG Silver by 2.6% during the 2nd quarter. Public Sector Pension Investment Board now owns 214,791 shares of the company’s stock worth $2,616,000 after acquiring an additional 5,394 shares in the last quarter. Banque Cantonale Vaudoise lifted its stake in MAG Silver by 23.2% during the 3rd quarter. Banque Cantonale Vaudoise now owns 43,122 shares of the company’s stock worth $539,000 after acquiring an additional 8,127 shares in the last quarter. Finally, Jupiter Asset Management Ltd. lifted its stake in MAG Silver by 6.5% during the 3rd quarter. Jupiter Asset Management Ltd. now owns 2,527,371 shares of the company’s stock worth $31,803,000 after acquiring an additional 154,632 shares in the last quarter. Hedge funds and other institutional investors own 40.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. National Bank Financial lowered their target price on shares of MAG Silver from C$26.50 to C$26.00 in a research note on Friday, February 17th. Stifel Nicolaus reduced their target price on shares of MAG Silver from C$28.75 to C$28.25 in a report on Tuesday, November 15th. Raymond James increased their target price on shares of MAG Silver from C$24.50 to C$25.50 in a report on Wednesday, February 8th. TD Securities increased their price objective on shares of MAG Silver from C$24.00 to C$28.00 in a report on Tuesday, November 15th. Finally, CIBC cut their target price on shares of MAG Silver from C$27.00 to C$24.00 in a report on Tuesday, February 7th.

MAG Silver Company Profile

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MAG Silver Corp. operates as a Canadian development and exploration company, which focuses on becoming a top-tier primary silver mining company by exploring and advancing high-grade, district scale, silver-dominant projects in the Americas. Its principal focus and asset is the Juanicipio Project (44%), being developed with Fresnillo Plc (56%), the Operator.