Magnetek Inc (MAG) Shares Down 4.9%
Magnetek Inc (NYSE:MAG)’s share price traded down 4.9% during mid-day trading on Tuesday . The stock traded as low as $15.01 and last traded at $15.08, with a volume of 69,870 shares changing hands. The stock had previously closed at $15.85.
Several equities analysts have issued reports on the stock. Roth Capital cut shares of 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 research note on Wednesday, August 17th. Zacks Investment Research raised shares of Magnetek from a “hold” rating to a “buy” rating and set a $19.00 price objective on the stock in a research note on Thursday, August 18th. Canaccord Genuity cut shares of Magnetek from a “buy” rating to a “hold” rating in a research note on Monday, August 15th. Finally, TD Securities cut shares of Magnetek from a “buy” rating to a “hold” rating in a research note on Wednesday, June 29th.
The company’s market cap is $1.23 billion. The firm has a 50-day moving average price of $15.81 and a 200-day moving average price of $12.37.
Magnetek (NYSE:MAG) last released its earnings results on Monday, August 15th. The company reported ($0.03) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.02) by $0.01. Equities analysts predict 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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