Magnetek Inc (MAG) Shares Up 2.3%
Shares of Magnetek Inc (NYSE:MAG) shot up 2.3% during trading on Thursday . The company traded as high as $15.49 and last traded at $15.31, with a volume of 103,771 shares traded. The stock had previously closed at $14.96.
A number of brokerages have commented on MAG. Zacks Investment Research cut Magnetek from a “buy” rating to a “hold” rating in a research report on Friday, August 19th. TD Securities cut Magnetek from a “buy” rating to a “hold” rating in a research report on Wednesday, June 29th. Roth Capital cut Magnetek from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $15.00 to $16.00 in a report on Wednesday, August 17th. Finally, Canaccord Genuity cut Magnetek from a “buy” rating to a “hold” rating in a report on Monday, August 15th.
The company’s market capitalization is $1.26 billion. The stock’s 50-day moving average is $15.77 and its 200 day moving average is $12.19.
Magnetek (NYSE:MAG) last announced its quarterly earnings data on Monday, August 15th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by $0.01. Equities analysts expect that Magnetek Inc will post ($0.10) earnings per share 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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