Magnetek Inc (NYSE:MAG) was the target of a significant decline in short interest in November. As of November 15th, there was short interest totalling 732,889 shares, a decline of 10.7% from the October 31st total of 820,891 shares. Based on an average daily volume of 161,245 shares, the short-interest ratio is presently 4.5 days. Approximately 1.1% of the shares of the company are sold short.

Magnetek (NYSE:MAG) opened at 12.02 on Friday. The company’s 50 day moving average price is $13.68 and its 200-day moving average price is $14.45. The stock’s market cap is $969.63 million. Magnetek has a 12-month low of $6.12 and a 12-month high of $18.12.

A number of analysts have recently commented on the company. Roth Capital cut Magnetek from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $15.00 to $16.00 in a research report on Wednesday, August 17th. Zacks Investment Research upgraded Magnetek from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a research report on Thursday, August 18th. Canaccord Genuity cut Magnetek from a “buy” rating to a “hold” rating in a research report on Monday, August 15th. Finally, Desjardins upgraded Magnetek from a “hold” rating to a “buy” rating in a research report on Thursday, October 20th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $15.00.

TRADEMARK VIOLATION NOTICE: This piece was published by The Cerbat Gem and is owned by of The Cerbat Gem. If you are viewing this piece on another publication, it was stolen and reposted in violation of U.S. and international copyright legislation. The correct version of this piece can be read at https://www.thecerbatgem.com/2016/11/26/magnetek-inc-mag-short-interest-down-10-7-in-november.html.

Magnetek Company Profile

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.

5 Day Chart for NYSE:MAG

Receive News & Stock Ratings for Magnetek Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magnetek Inc and related stocks with our FREE daily email newsletter.