Molex Rating Reiterated by Citigroup Inc. (MOLX)
Molex (NASDAQ:MOLX)‘s stock had its “neutral” rating reiterated by Citigroup Inc. in a research note issued on Tuesday, American Banking News reports. They currently have a $38.50 price objective on the stock, up from their previous price objective of $30.00. Citigroup Inc.’s price target would indicate a potential downside of 0.34% from the stock’s previous close.
The analysts wrote, “Monday morning, September 9, Molex announced it would be acquired by Koch Industries (private company) for $38.50/share or $7.2 billion (31% premium to MOLX and 56% premium to MOLXA shares). Importantly the majority of Krehbiel family, who control the privately held super voting shares, have agreed to the acquisition. We do not anticipate a bidding war for two reasons. 1) Both TEL & APH would likely see this transaction as dilutive and we also note the cultures among these three companies are very different. Furthermore, TEL is focused on its internal restructuring efforts and Amphenol acquisitions are generally private or carve out companies.”
Shares of Molex (NASDAQ:MOLX) traded down 0.14% on Tuesday, hitting $38.575. The stock had a trading volume of 5,520,382 shares. Molex has a 1-year low of $24.99 and a 1-year high of $38.74. The stock has a 50-day moving average of $30.2 and a 200-day moving average of $29.23. The company has a market cap of $6.873 billion and a P/E ratio of 28.40.
Molex (NASDAQ:MOLX) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by $0.02. The company had revenue of $182.90 million for the quarter, compared to the consensus estimate of $888.02 million. During the same quarter in the previous year, the company posted $0.40 earnings per share. The company’s revenue for the quarter was up 2.8% on a year-over-year basis. Analysts expect that Molex will post $1.59 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at William Blair downgraded shares of Molex (NASDAQ:MOLX) from an “outperform” rating to a “market perform” rating in a research note to investors on Monday. Separately, analysts at UBS AG raised their price target on shares of Molex (NASDAQ:MOLX) from $28.55 to $29.00 in a research note to investors on Thursday, August 8th. They now have a “neutral” rating on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Molex (NASDAQ:MOLX) in a research note to investors on Thursday, August 8th. They now have a $31.00 price target on the stock.
One investment analyst has rated the stock with a sell rating and eleven have issued a hold rating to the stock. The company currently has an average rating of “Hold” and an average price target of $29.11.
Molex Incorporated is a manufacturer of electronic connectors. The Company manufactures and sells electronic components.
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