Magnetek Inc (MAG) Sees Strong Trading Volume
Shares of Magnetek Inc (NYSE:MAG) saw unusually-high trading volume on Friday . Approximately 115,511 shares were traded during trading, an increase of 4% from the previous session’s volume of 111,314 shares.The stock last traded at $16.18 and had previously closed at $15.31.
Several analysts have issued reports on MAG shares. Zacks Investment Research lowered Magnetek from a “buy” rating to a “hold” rating in a research note on Tuesday, August 9th. Canaccord Genuity lowered Magnetek from a “buy” rating to a “hold” rating in a research note on Monday, August 15th. Roth Capital lowered Magnetek from a “buy” rating to a “neutral” rating and boosted their target price for the company from $15.00 to $16.00 in a research note on Wednesday, August 17th. Finally, TD Securities lowered Magnetek from a “buy” rating to a “hold” rating in a research note on Wednesday, June 29th.
The stock’s 50 day moving average is $15.73 and its 200 day moving average is $12.13. The stock’s market cap is $1.26 billion.
Magnetek (NYSE:MAG) last released its quarterly earnings results on Monday, August 15th. The company reported ($0.03) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.02) by $0.01. Equities research analysts predict that Magnetek Inc will post ($0.10) EPS 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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