Magnetek Inc (MAG) Sees Unusually-High Trading Volume
Magnetek Inc (NYSE:MAG) shares saw strong trading volume on Friday . 138,866 shares changed hands during trading, an increase of 17% from the previous session’s volume of 118,881 shares.The stock last traded at $16.45 and had previously closed at $15.36.
A number of equities analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of Magnetek from a “buy” rating to a “hold” rating in a report on Friday, August 19th. TD Securities downgraded shares of Magnetek from a “buy” rating to a “hold” rating in a report on Wednesday, June 29th. Roth Capital downgraded shares of Magnetek from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $15.00 to $16.00 in a report on Wednesday, August 17th. Finally, Canaccord Genuity downgraded shares of Magnetek from a “buy” rating to a “hold” rating in a report on Monday, August 15th.
The company’s 50-day moving average is $15.83 and its 200-day moving average is $12.44. The company’s market cap is $1.34 billion.
Magnetek (NYSE:MAG) last announced its quarterly earnings data on Monday, August 15th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of ($0.02) by $0.01. 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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