Metaldyne Performance Group Inc. (MPG) Bonds Drop 1% During Trading
An issue of Metaldyne Performance Group Inc. (NYSE:MPG) debt fell 1% against its face value during trading on Friday. The high-yield issue of debt has a 7.375% coupon and is set to mature on October 15, 2022. The bonds in the issue are now trading at $102.25. Price changes in a company’s debt in credit markets sometimes anticipate parallel changes in its share price.
A number of equities research analysts have recently weighed in on the company. Zacks Investment Research cut Metaldyne Performance Group from a “hold” rating to a “sell” rating in a research note on Thursday, July 14th. Deutsche Bank AG dropped their price objective on Metaldyne Performance Group from $22.00 to $21.00 and set a “hold” rating for the company in a research note on Friday, August 5th. Bank of America Corp. cut Metaldyne Performance Group from a “buy” rating to a “neutral” rating in a research note on Tuesday, June 21st. Royal Bank Of Canada cut Metaldyne Performance Group from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $18.00 to $14.00 in a research note on Wednesday, June 29th. They noted that the move was a valuation call. Finally, KeyCorp reaffirmed a “buy” rating on shares of Metaldyne Performance Group in a research note on Sunday, July 3rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. Metaldyne Performance Group presently has a consensus rating of “Hold” and a consensus price target of C$17.50.
Shares of Metaldyne Performance Group Inc. (NYSE:MPG) traded up 0.96% during mid-day trading on Friday, reaching $15.85. The company’s stock had a trading volume of 78,453 shares. The firm has a market capitalization of $1.07 billion, a PE ratio of 10.13 and a beta of 1.75. The firm has a 50-day moving average of $15.89 and a 200-day moving average of $15.66. Metaldyne Performance Group Inc. has a 52 week low of $10.87 and a 52 week high of $24.62.
Metaldyne Performance Group (NYSE:MPG) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.49 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by $0.09. Metaldyne Performance Group had a return on equity of 18.57% and a net margin of 3.71%. The business had revenue of $728 million for the quarter, compared to analysts’ expectations of $756.60 million. During the same period in the prior year, the company earned $0.69 EPS. The company’s revenue for the quarter was down 9.0% compared to the same quarter last year. Equities research analysts forecast that Metaldyne Performance Group Inc. will post $1.73 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 20th. Shareholders of record on Tuesday, September 6th were paid a dividend of $0.0925 per share. This represents a $0.37 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date of this dividend was Thursday, September 1st. Metaldyne Performance Group’s dividend payout ratio is presently 23.57%.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Aristotle Capital Boston LLC raised its position in shares of Metaldyne Performance Group by 3.5% in the second quarter. Aristotle Capital Boston LLC now owns 224,618 shares of the company’s stock worth $3,088,000 after buying an additional 7,511 shares in the last quarter. Schwab Charles Investment Management Inc. raised its position in shares of Metaldyne Performance Group by 30.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 43,397 shares of the company’s stock valued at $597,000 after buying an additional 10,198 shares during the period. Metropolitan Life Insurance Co. NY purchased a new position in shares of Metaldyne Performance Group during the second quarter valued at $126,000. AQR Capital Management LLC raised its position in shares of Metaldyne Performance Group by 44.4% in the second quarter. AQR Capital Management LLC now owns 43,567 shares of the company’s stock valued at $599,000 after buying an additional 13,397 shares during the period. Finally, Parametric Portfolio Associates LLC raised its position in shares of Metaldyne Performance Group by 2.4% in the second quarter. Parametric Portfolio Associates LLC now owns 22,919 shares of the company’s stock valued at $315,000 after buying an additional 538 shares during the period. 18.55% of the stock is currently owned by institutional investors.
About Metaldyne Performance Group
Metaldyne Performance Group Inc provides components for use in engine, transmission and driveline (Powertrain) and chassis, suspension, steering and brake component (Safety-Critical) Platforms for the global light, commercial and industrial vehicle markets. The Company produces these components using complex metal-forming manufacturing technologies and processes for a customer base of vehicle original equipment manufacturers (OEMs) and Tier I suppliers.
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