Short Interest in Magnetek Inc (MAG) Rises By 22.2%
Magnetek Inc (NYSE:MAG) saw a significant increase in short interest during the month of September. As of September 30th, there was short interest totalling 866,313 shares, an increase of 22.2% from the September 15th total of 709,037 shares. Based on an average 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 sold short.
Several research firms have issued reports on MAG. Roth Capital raised Magnetek from a “neutral” rating to a “buy” rating and cut their target price for the stock from $18.00 to $16.00 in a research note on Tuesday, October 4th. Zacks Investment Research cut Magnetek from a “buy” rating to a “hold” rating in a research note on Friday, August 19th. TD Securities cut Magnetek from a “buy” rating to a “hold” rating in a research note on Wednesday, June 29th. Finally, Canaccord Genuity cut Magnetek from a “buy” rating to a “hold” rating in a research note on Monday, August 15th.
Shares of Magnetek (NYSE:MAG) opened at 13.52 on Friday. Magnetek has a 52 week low of $6.12 and a 52 week high of $18.12. The stock has a 50 day moving average price of $15.38 and a 200-day moving average price of $13.85. The firm’s market capitalization is $1.09 billion.
Magnetek (NYSE:MAG) last posted its earnings results on Monday, August 15th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by $0.01. Equities analysts anticipate that Magnetek will post ($0.10) earnings per share 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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