MAG Silver Corp (NYSEAMERICAN:MAG) was the recipient of a significant increase in short interest in August. As of August 31st, there was short interest totalling 2,547,864 shares, an increase of 22.9% from the August 15th total of 2,073,245 shares. Based on an average trading volume of 197,472 shares, the days-to-cover ratio is presently 12.9 days.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Tocqueville Asset Management L.P. raised its holdings in MAG Silver by 1.2% during the 2nd quarter. Tocqueville Asset Management L.P. now owns 7,196,925 shares of the company’s stock worth $77,787,000 after buying an additional 87,000 shares during the period. Van ECK Associates Corp increased its holdings in shares of MAG Silver by 8.0% in the 1st quarter. Van ECK Associates Corp now owns 5,478,156 shares of the company’s stock valued at $53,412,000 after purchasing an additional 405,935 shares during the period. Global X Management Co LLC increased its holdings in shares of MAG Silver by 12.0% in the 2nd quarter. Global X Management Co LLC now owns 1,139,617 shares of the company’s stock valued at $12,302,000 after purchasing an additional 122,338 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of MAG Silver by 711.7% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 773,088 shares of the company’s stock valued at $8,345,000 after purchasing an additional 677,843 shares during the period. Finally, FMR LLC increased its holdings in shares of MAG Silver by 2.6% in the 2nd quarter. FMR LLC now owns 697,501 shares of the company’s stock valued at $7,534,000 after purchasing an additional 17,400 shares during the period.
Several equities research analysts have commented on the stock. Zacks Investment Research upgraded shares of MAG Silver from a “sell” rating to a “hold” rating and set a $13.00 price target on the stock in a research report on Saturday, May 19th. HC Wainwright set a $19.00 price target on shares of MAG Silver and gave the stock a “buy” rating in a research report on Wednesday, August 15th. Finally, National Bank Financial reiterated an “outperform spec market weight” rating on shares of MAG Silver in a research report on Sunday, August 12th. 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 stock. The stock has an average rating of “Hold” and a consensus price target of $16.00.
NYSEAMERICAN MAG traded up $0.32 on Wednesday, hitting $7.49. 195,277 shares of the company were exchanged, compared to its average volume of 236,059. MAG Silver has a twelve month low of $7.04 and a twelve month high of $12.78.
About MAG Silver
MAG Silver Corp. focuses on acquiring, exploring, and development of mineral properties in Canada. It explores for copper, gold, silver, lead, and zinc deposits. The company primarily holds interests in the Juanicipio property covering 7,679 hectares located in the Fresnillo District, Zacatecas State, Mexico.
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