Magnetek Inc (MAG) Shares Gap Up to $15.36
Magnetek Inc (NYSE:MAG)’s share price gapped up before the market opened on Monday . The stock had previously closed at $14.90, but opened at $15.36. Magnetek shares last traded at $16.72, with a volume of 199,500 shares.
A number of research firms have issued reports on MAG. Zacks Investment Research downgraded shares of Magnetek from a “buy” rating to a “hold” rating in a report on Friday, August 19th. Roth Capital downgraded shares of Magnetek from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $15.00 to $16.00 in a report on Wednesday, August 17th. Canaccord Genuity downgraded shares of Magnetek from a “buy” rating to a “hold” rating in a report on Monday, August 15th. Finally, TD Securities downgraded shares of Magnetek from a “buy” rating to a “hold” rating in a report on Wednesday, June 29th.
The company’s market cap 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 announced its quarterly earnings results on Monday, August 15th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by $0.01. On average, analysts predict that Magnetek Inc will post ($0.10) earnings per share 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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