Magnetek Inc (MAG) Trading Up 3.5%
Magnetek Inc (NYSE:MAG)’s share price was up 3.5% during trading on Thursday . The company traded as high as $15.34 and last traded at $15.26, with a volume of 54,432 shares traded. The stock had previously closed at $14.74.
A number of equities analysts have commented on MAG shares. TD Securities cut shares of Magnetek from a “buy” rating to a “hold” rating in a research report on Wednesday, June 29th. Zacks Investment Research cut shares of Magnetek from a “buy” rating to a “hold” rating in a research report on Tuesday, August 9th. Canaccord Genuity cut shares of Magnetek from a “buy” rating to a “hold” rating in a research report on Monday, August 15th. Finally, Roth Capital cut shares of Magnetek from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $15.00 to $16.00 in a research report on Wednesday, August 17th.
The stock’s market capitalization is $1.34 billion. The firm has a 50 day moving average price of $15.83 and a 200-day moving average price of $12.44.
Magnetek (NYSE:MAG) last issued 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. 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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