Zacks: Brokerages Set $15.81 Target Price for Magnetek Inc (NYSE:MAG)

Magnetek Inc (NYSE:MAG) has been given a consensus broker rating score of 1.71 (Buy) from the seven brokers that provide coverage for the stock, Zacks Investment Research reports. Two investment analysts have rated the stock with a hold recommendation, one has assigned a buy recommendation and four have given a strong buy recommendation to the company. Magnetek’s rating score has declined by 28.6% from three months ago as a result of various analysts’ ratings changes.

Analysts have set a 1 year consensus price objective of $15.81 for the company and are anticipating that the company will post ($0.03) earnings per share for the current quarter, according to Zacks. Zacks has also assigned Magnetek an industry rank of 22 out of 265 based on the ratings given to related companies.

MAG has been the subject of a number of recent analyst reports. Roth Capital cut shares of Magnetek from a “buy” rating to a “neutral” rating and increased their price target for the company from $15.00 to $16.00 in a research note on Wednesday, August 17th. Zacks Investment Research upgraded shares of Magnetek from a “hold” rating to a “buy” rating and set a $19.00 target price for the company in a research note on Thursday, August 18th. TD Securities cut shares of Magnetek from a “buy” rating to a “hold” rating in a research note on Wednesday, June 29th. Finally, Canaccord Genuity cut shares of Magnetek from a “buy” rating to a “hold” rating in a research note on Monday, August 15th.

Magnetek (NYSE:MAG) traded down 2.27% during mid-day trading on Tuesday, reaching $15.06. 41,548 shares of the company were exchanged. Magnetek has a 12-month low of $6.12 and a 12-month high of $18.12. The stock’s market capitalization is $1.21 billion. The company’s 50 day moving average price is $16.18 and its 200-day moving average price is $13.48.

Magnetek (NYSE:MAG) last released its earnings results on Monday, August 15th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by $0.01. On average, equities research analysts forecast that Magnetek will post ($0.10) earnings per share for the current fiscal year.

Magnetek Company Profile

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.

5 Day Chart for NYSE:MAG

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