Magnetek Inc (MAG) Sees Unusually-High Trading Volume
Shares of Magnetek Inc (NYSE:MAG) saw unusually-high trading volume on Friday . Approximately 138,866 shares changed hands during mid-day 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.
MAG has been the subject of a number of research reports. Zacks Investment Research cut Magnetek from a “buy” rating to a “hold” rating in a research note on Tuesday, August 9th. Canaccord Genuity lowered Magnetek from a “buy” rating to a “hold” rating in a research report on Monday, August 15th. Roth Capital lowered Magnetek from a “buy” rating to a “neutral” rating and raised their target price for the stock from $15.00 to $16.00 in a research report on Wednesday, August 17th. Finally, TD Securities lowered Magnetek from a “buy” rating to a “hold” rating in a research report on Wednesday, June 29th.
The company’s market capitalization is $1.34 billion. The stock has a 50-day moving average of $15.80 and a 200 day moving average of $12.41.
Magnetek (NYSE:MAG) last released 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, equities research analysts anticipate 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.