Insider Selling: Magnetek Major Shareholder Sells 1,959 Shares of Stock (MAG)
Magnetek (NYSE:MAG) major shareholder Austin & Greenhouse Da Marxe sold 1,959 shares of the stock on the open market in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $24.87, for a total transaction of $48,720.33. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.
Separately, analysts at Sidoti initiated coverage on shares of Magnetek in a research note to investors on Thursday, December 5th. They set a “neutral” rating on the stock.
Shares of Magnetek (NYSE:MAG) traded down 0.83% on Thursday, hitting $24.841. The stock had a trading volume of 4,005 shares. Magnetek has a 1-year low of $10.42 and a 1-year high of $25.75. The stock has a 50-day moving average of $21.68 and a 200-day moving average of $19.03. The company has a market cap of $80.7 million and a price-to-earnings ratio of 21.69.
Magnetek (NYSE:MAG) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.38 earnings per share (EPS) for the quarter. The company had revenue of $26.00 million for the quarter, compared to the consensus estimate of $26.86 million. On average, analysts predict that Magnetek will post $1.31 earnings per share for the current fiscal year.
Magnetek, Inc (NYSE:MAG) is a provider of digital power control systems that are used to control motion and power primarily in material handling, elevator, and energy delivery applications.
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