Magnetek Inc (MAG) Shares Down 1.6%
Magnetek Inc (NYSE:MAG) shares dropped 1.6% during trading on Tuesday . The stock traded as low as $15.66 and last traded at $15.71, with a volume of 100,450 shares traded. The stock had previously closed at $15.97.
MAG has been the subject of several research reports. Zacks Investment Research upgraded shares of Magnetek from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a report on Thursday, August 18th. Canaccord Genuity lowered shares of Magnetek from a “buy” rating to a “hold” rating in a report on Monday, August 15th. TD Securities lowered shares of Magnetek from a “buy” rating to a “hold” rating in a report on Wednesday, June 29th. Finally, Roth Capital lowered shares of Magnetek from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $15.00 to $16.00 in a report on Wednesday, August 17th.
The stock has a 50-day moving average of $15.69 and a 200 day moving average of $12.09. The firm’s market capitalization is $1.26 billion.
Magnetek (NYSE:MAG) last posted its earnings results on Monday, August 15th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by $0.01. Equities research analysts anticipate that Magnetek Inc 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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