Magnetek Inc (MAG) Lifted to Buy at Roth Capital
Magnetek Inc (NYSE:MAG) was upgraded by research analysts at Roth Capital from a “neutral” rating to a “buy” rating in a report released on Tuesday. The brokerage presently has a $16.00 price target on the stock, down from their previous price target of $18.00. Roth Capital’s target price would indicate a potential upside of 3.56% from the company’s previous close.
A number of other research analysts have also recently issued reports on MAG. Zacks Investment Research upgraded Magnetek from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a research report on Thursday, August 18th. TD Securities cut Magnetek from a “buy” rating to a “hold” rating in a research report on Wednesday, June 29th. Finally, Canaccord Genuity cut Magnetek from a “buy” rating to a “hold” rating in a report on Monday, August 15th.
Shares of Magnetek (NYSE:MAG) traded down 7.77% during mid-day trading on Tuesday, reaching $14.25. 68,680 shares of the company’s stock traded hands. Magnetek has a 12 month low of $6.12 and a 12 month high of $18.12. The company’s market cap is $1.15 billion. The company has a 50 day moving average of $16.00 and a 200 day moving average of $13.71.
Magnetek (NYSE:MAG) last released its earnings results on Monday, August 15th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.02) by $0.01. Analysts expect that Magnetek will post ($0.10) earnings per share for the current fiscal 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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