Insights

The Magellan (ASX:MFG) share price just hit another 52-week low, down 17% in a month

Let’s look into what’s weighing on the Magellan share price.
The post The Magellan (ASX:MFG) share price just hit another 52-week low, down 17% in a month appeared first on The Motley Fool Australia. –

The Magellan Financial Group Ltd (ASX: MFG) share price is struggling again today.

So much so, that it hit a new 52-week low of $37.31 in intraday trade.

At the time of writing, the Magellan share price is $37.63, 2.71% lower than its previous closing price. Today’s fall follows the fund manager‘s stock’s 2% plunge yesterday.

In comparison, the broader market has seemingly recovered from its disastrous start to the week.

After falling 2.1% yesterday, the S&P/ASX 200 Index (ASX: XJO) spent much of this morning in the red before pulling up this afternoon. Right now, it is 0.15% higher.

Similarly, the All Ordinaries Index (ASX: XAO) has recovered to trade 0.15% higher than its previous close.

So, what’s been weighing so heavily on the Magellan share price today? Let’s take a look.

What’s dragging the Magellan share price down?

Magellan’s stock has plummeted again today despite no news having been released by the fund manager.

However, as The Motley Fool Australia reported yesterday, the fund has been underperforming as China has cracked down on some of its major holdings.

Additionally, Magellan has retained its high fees amid its struggles and a number of analysts have downgraded the fund’s stock in recent months.

Market watchers might have had hope Magellan’s funds under management update for the month of August, released just over a fortnight ago, could have seen its stock recovering once more.

Magellan’s funds under management increased 0.79% over the month of August, reaching $117.95 billion worth.

However, the market seemingly wanted more from Magellan, evidenced by its share price’s 0.6% dip on the day of the announcement.

Though, this last month’s poor performance isn’t out of trend for Magellan. The Magellan share price has fallen 29% since the start of 2021, despite what looks to be a slight recovery over May and June.

In fact, it has been falling relatively steadily since mid-November 2020, a month after it hit its 52-week high of $64.44.

The post The Magellan (ASX:MFG) share price just hit another 52-week low, down 17% in a month appeared first on The Motley Fool Australia.

Should you invest $1,000 in Magellan Financial right now?

Before you consider Magellan Financial, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Magellan Financial wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

What’s going wrong for the Magellan (ASX:MFG) share price lately?
Top brokers name 3 ASX shares to sell next week

The Magellan (ASX:MFG) share price hit a 52-week low this week. Do brokers think it’s a buy?
Why the Magellan Financial (ASX:MFG) share price is down 21% in a month
Magellan (ASX:MFG) share price slumps on FUM update

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!