Short Interest in Magnetek Inc (MAG) Increases By 9.7%
Magnetek Inc (NYSE:MAG) was the recipient of a large growth in short interest in the month of September. As of September 15th, there was short interest totalling 709,037 shares, a growth of 9.7% from the August 31st total of 646,260 shares. Based on an average daily volume of 148,184 shares, the short-interest ratio is presently 4.8 days. Currently, 1.0% of the company’s stock are sold short.
Several equities research analysts have recently weighed in on the stock. Zacks Investment Research cut shares of Magnetek from a “buy” rating to a “hold” rating in a research report on Friday, August 19th. TD Securities lowered shares of Magnetek from a “buy” rating to a “hold” rating in a research note on Wednesday, June 29th. Roth Capital lowered shares of Magnetek from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $15.00 to $16.00 in a research note on Wednesday, August 17th. Finally, Canaccord Genuity lowered shares of Magnetek from a “buy” rating to a “hold” rating in a research note on Monday, August 15th.
Magnetek (NYSE:MAG) opened at 15.08 on Friday. Magnetek has a 1-year low of $6.12 and a 1-year high of $18.12. The company’s market cap is $1.21 billion. The company’s 50 day moving average is $16.04 and its 200 day moving average is $13.60.
Magnetek (NYSE:MAG) last released its quarterly earnings data on Monday, August 15th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.02) by $0.01. Equities research analysts forecast that Magnetek will post ($0.10) EPS for the current year.
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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