Magnetek Inc (MAG) Sees Large Volume Increase
Shares of Magnetek Inc (NYSE:MAG) saw unusually-high trading volume on Friday . Approximately 115,511 shares traded hands 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.
MAG has been the subject of several recent research reports. Zacks Investment Research lowered shares of Magnetek from a “buy” rating to a “hold” rating in a research report on Tuesday, August 9th. Canaccord Genuity lowered shares of Magnetek from a “buy” rating to a “hold” rating in a research report on Monday, August 15th. Roth Capital downgraded 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. Finally, TD Securities downgraded shares of Magnetek from a “buy” rating to a “hold” rating in a report on Wednesday, June 29th.
The firm has a 50 day moving average of $15.77 and a 200-day moving average of $12.19. The company’s market capitalization is $1.26 billion.
Magnetek (NYSE:MAG) last posted its quarterly earnings data on Monday, August 15th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of ($0.02) by $0.01. On average, analysts forecast that Magnetek Inc will post ($0.10) EPS 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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