Short Interest in Magnetek Inc (MAG) Expands By 22.2%
Magnetek Inc (NYSE:MAG) was the recipient of a significant growth in short interest in the month of September. As of September 30th, there was short interest totalling 866,313 shares, a growth of 22.2% from the September 15th total of 709,037 shares. Based on an average daily trading volume, of 112,759 shares, the days-to-cover ratio is presently 7.7 days. Currently, 1.2% of the company’s shares are short sold.
Magnetek (NYSE:MAG) traded down 1.54% during trading on Tuesday, hitting $13.39. The stock had a trading volume of 122,612 shares. Magnetek has a 1-year low of $6.12 and a 1-year high of $18.12. The firm’s 50 day moving average is $15.56 and its 200 day moving average is $13.86. The firm’s market cap is $1.08 billion.
Magnetek (NYSE:MAG) last posted its quarterly earnings data on Monday, August 15th. The company reported ($0.03) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.02) by $0.01. On average, analysts anticipate that Magnetek will post ($0.10) earnings per share for the current year.
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Several equities analysts recently weighed in on the company. Roth Capital upgraded Magnetek from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $18.00 to $16.00 in a research report on Tuesday, October 4th. Zacks Investment Research downgraded Magnetek from a “buy” rating to a “hold” rating in a report on Friday, August 19th. Canaccord Genuity downgraded Magnetek from a “buy” rating to a “hold” rating in a report on Monday, August 15th. Finally, TD Securities downgraded Magnetek from a “buy” rating to a “hold” rating in a report on Wednesday, June 29th.
Magnetek, Inc (Magnetek) is a provider of digital power control systems that are used to control motion and power in material handling, elevator and mining applications. The Company’s products are sold directly or through manufacturers’ representatives to original equipment manufacturers (OEMs) for incorporation into their products, to system integrators and value-added resellers for assembly and incorporation into end-user systems, to distributors for resale to OEMs and contractors, and to end users for repair and replacement purposes.
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