An issue of Meritor Inc (NYSE:MTOR) debt rose 1.3% against its face value during trading on Friday after Citigroup lowered their price target on the stock from $26.00 to $21.00. The high-yield debt issue has a 6.25% coupon and will mature on February 15, 2024. The bonds in the issue are now trading at $98.00 and were trading at $99.84 last week. Price changes in a company’s debt in credit markets often anticipate parallel changes in its share price.

Several other analysts have also commented on MTOR. Piper Jaffray Companies reissued a “buy” rating and set a $37.00 target price on shares of Meritor in a research note on Wednesday, August 1st. TheStreet raised shares of Meritor from a “c+” rating to a “b-” rating in a research note on Friday, August 24th. Barclays increased their target price on shares of Meritor from $24.00 to $25.00 and gave the company an “equal weight” rating in a research note on Thursday, August 2nd. Stifel Nicolaus set a $29.00 target price on shares of Meritor and gave the company a “buy” rating in a research note on Wednesday, August 1st. Finally, ValuEngine lowered shares of Meritor from a “hold” rating to a “sell” rating in a research note on Wednesday, September 12th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. Meritor presently has an average rating of “Hold” and an average target price of $28.17.

Hedge funds have recently added to or reduced their stakes in the stock. Eqis Capital Management Inc. acquired a new stake in Meritor during the second quarter valued at approximately $203,000. Stone Ridge Asset Management LLC purchased a new stake in shares of Meritor in the 3rd quarter valued at approximately $198,000. Meeder Asset Management Inc. lifted its position in shares of Meritor by 559.6% in the 3rd quarter. Meeder Asset Management Inc. now owns 11,049 shares of the auto parts company’s stock valued at $212,000 after acquiring an additional 9,374 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Meritor in the 2nd quarter valued at approximately $252,000. Finally, GAM Holding AG purchased a new stake in shares of Meritor in the 2nd quarter valued at approximately $253,000. 87.84% of the stock is owned by institutional investors and hedge funds.

The company has a debt-to-equity ratio of 2.41, a quick ratio of 0.70 and a current ratio of 1.15. The stock has a market cap of $1.50 billion, a P/E ratio of 5.61 and a beta of 2.53.

Meritor (NYSE:MTOR) last issued its quarterly earnings results on Wednesday, November 14th. The auto parts company reported $0.82 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.04. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.04 billion. Meritor had a net margin of 2.80% and a return on equity of 94.31%. The firm’s quarterly revenue was up 17.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.62 EPS. Sell-side analysts forecast that Meritor Inc will post 3.24 earnings per share for the current year.

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About Meritor (NYSE:MTOR)

Meritor, Inc designs, develops, manufactures, markets, distributes, sells, services, and supports integrated systems, modules, and components to original equipment manufacturers (OEMs) and the aftermarket for the commercial vehicle, transportation, and industrial sectors. It operates through two segments, Commercial Truck & Industrial; and Aftermarket & Trailer.

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