Magnetek Inc (MAG) Stock Price Down 3.7%
Shares of Magnetek Inc (NYSE:MAG) fell 3.7% on Wednesday . The company traded as low as $16.29 and last traded at $16.77, with a volume of 126,940 shares. The stock had previously closed at $17.41.
A number of brokerages have recently weighed in on MAG. TD Securities cut Magnetek from a “buy” rating to a “hold” rating in a research report on Wednesday, June 29th. Roth Capital cut Magnetek from a “buy” rating to a “neutral” rating and increased their price target for the stock from $15.00 to $16.00 in a research report on Wednesday. Canaccord Genuity cut Magnetek from a “buy” rating to a “hold” rating in a research report on Monday. Finally, Zacks Investment Research cut Magnetek from a “buy” rating to a “hold” rating in a research report on Tuesday, August 9th.
The firm’s market capitalization is $1.34 billion. The stock has a 50-day moving average price of $15.40 and a 200 day moving average price of $11.78.
Magnetek (NYSE:MAG) last announced its earnings results on Monday, August 15th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.02) by $0.01. On average, equities research analysts anticipate that Magnetek Inc will post ($0.09) earnings per share for the current fiscal 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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