MAG Silver Corp. (NYSEAMERICAN:MAG) Short Interest Up 5.1% in August

MAG Silver Corp. (NYSEAMERICAN:MAG) was the recipient of a large increase in short interest during the month of August. As of August 15th, there was short interest totalling 3,090,000 shares, an increase of 5.1% from the July 31st total of 2,940,000 shares. Based on an average daily volume of 560,700 shares, the days-to-cover ratio is currently 5.5 days. Approximately 3.3% of the shares of the company are sold short.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on MAG shares. HC Wainwright raised 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 target price on MAG Silver from $14.50 to $15.50 and gave the company a “sector outperform” rating in a report on Monday, August 19th. Finally, Stifel Nicolaus upped their price target on MAG Silver from $20.25 to $20.50 and gave the stock a “buy” rating in a report on Wednesday, May 15th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, MAG Silver presently has an average rating of “Moderate Buy” and a consensus target price of $19.38.

Institutional Trading of MAG Silver

Several hedge funds have recently modified their holdings of MAG. Oppenheimer & Co. Inc. boosted its holdings in MAG Silver by 23.4% in the first quarter. Oppenheimer & Co. Inc. now owns 455,150 shares of the company’s stock valued at $4,815,000 after acquiring an additional 86,440 shares during the last quarter. Azarias Capital Management L.P. grew its position in shares of MAG Silver by 73.7% during the 1st quarter. Azarias Capital Management L.P. now owns 1,405,136 shares of the company’s stock worth $14,866,000 after buying an additional 596,283 shares during the period. Janus Henderson Group PLC bought a new stake in shares of MAG Silver during the first quarter worth approximately $3,925,000. Jupiter Asset Management Ltd. lifted its holdings in MAG Silver by 6.5% in the first quarter. Jupiter Asset Management Ltd. now owns 2,517,445 shares of the company’s stock valued at $26,584,000 after buying an additional 153,274 shares during the period. Finally, CIBC Asset Management Inc boosted its stake in MAG Silver by 3.0% in the fourth quarter. CIBC Asset Management Inc now owns 90,881 shares of the company’s stock valued at $949,000 after acquiring an additional 2,652 shares during the last quarter. 52.50% of the stock is owned by institutional investors.

MAG Silver Price Performance

Shares of NYSEAMERICAN MAG opened at $12.14 on Thursday. MAG Silver has a 52-week low of $8.19 and a 52-week high of $14.30. The firm has a market cap of $1.25 billion, a price-to-earnings ratio of 21.67 and a beta of 1.12.

MAG Silver (NYSEAMERICAN:MAG) last posted its quarterly earnings data on Friday, August 2nd. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.02. As a group, sell-side analysts predict that MAG Silver will post 0.67 earnings per share for the current year.

About MAG Silver

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.