MAG Silver Corp. (NYSEAMERICAN:MAG) Short Interest Down 38.9% in May

MAG Silver Corp. (NYSEAMERICAN:MAG) was the recipient of a significant decrease in short interest during the month of May. As of May 31st, there was short interest totalling 1,600,000 shares, a decrease of 38.9% from the May 15th total of 2,620,000 shares. Based on an average daily trading volume, of 1,540,000 shares, the days-to-cover ratio is currently 1.0 days. Currently, 1.6% of the company’s stock are short sold.

MAG Silver Price Performance

Shares of NYSEAMERICAN:MAG traded up $0.01 on Monday, hitting $21.43. 2,249,096 shares of the company’s stock were exchanged, compared to its average volume of 1,177,867. The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of 30.18 and a beta of 1.09. MAG Silver has a 12 month low of $11.29 and a 12 month high of $21.83. The business’s 50 day simple moving average is $17.29 and its two-hundred day simple moving average is $16.02.

MAG Silver Dividend Announcement

The firm also recently declared a — dividend, which was paid on Wednesday, May 28th. Stockholders of record on Monday, May 19th were given a $0.18 dividend. The ex-dividend date was Monday, May 19th. This represents a dividend yield of 0.5%. MAG Silver’s payout ratio is presently 101.41%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MAG. Canaccord Genuity Group lowered shares of MAG Silver from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 12th. TD Securities lowered shares of MAG Silver from a “strong-buy” rating to a “strong sell” rating in a research note on Thursday, May 22nd. Scotiabank reissued a “sector perform” rating on shares of MAG Silver in a report on Monday, April 14th. Wall Street Zen raised MAG Silver from a “sell” rating to a “hold” rating in a report on Monday, March 31st. Finally, Roth Capital set a $16.00 price objective on MAG Silver in a research report on Tuesday, March 25th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $18.13.

Institutional Investors Weigh In On MAG Silver

A number of institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC increased its stake in shares of MAG Silver by 56.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 278,000 shares of the company’s stock worth $3,781,000 after acquiring an additional 100,500 shares during the period. Strategic Financial Concepts LLC purchased a new stake in MAG Silver in the 4th quarter worth $240,000. CIBC Asset Management Inc raised its position in shares of MAG Silver by 0.7% during the 4th quarter. CIBC Asset Management Inc now owns 114,355 shares of the company’s stock worth $1,550,000 after purchasing an additional 755 shares during the last quarter. Sprott Inc. lifted its stake in MAG Silver by 8.5% in the 4th quarter. Sprott Inc. now owns 2,649,507 shares of the company’s stock valued at $36,004,000 after buying an additional 208,252 shares in the last quarter. Finally, Aigen Investment Management LP purchased a new position in MAG Silver in the 4th quarter valued at about $156,000. 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.