Stone Ridge Asset Management LLC purchased a new stake in shares of Visteon Corp (NYSE:VC) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 15,463 shares of the auto parts company’s stock, valued at approximately $1,935,000.
Other hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp lifted its position in shares of Visteon by 0.6% during the fourth quarter. Bank of New York Mellon Corp now owns 1,815,769 shares of the auto parts company’s stock worth $227,226,000 after purchasing an additional 11,660 shares in the last quarter. BlackRock Inc. lifted its position in shares of Visteon by 2.0% during the fourth quarter. BlackRock Inc. now owns 1,353,256 shares of the auto parts company’s stock worth $169,348,000 after purchasing an additional 26,010 shares in the last quarter. OppenheimerFunds Inc. lifted its position in shares of Visteon by 3.8% during the fourth quarter. OppenheimerFunds Inc. now owns 1,049,828 shares of the auto parts company’s stock worth $131,374,000 after purchasing an additional 38,646 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of Visteon by 7.2% during the third quarter. Janus Henderson Group PLC now owns 825,572 shares of the auto parts company’s stock worth $102,181,000 after purchasing an additional 55,325 shares in the last quarter. Finally, Eagle Asset Management Inc. lifted its position in shares of Visteon by 3.2% during the third quarter. Eagle Asset Management Inc. now owns 671,302 shares of the auto parts company’s stock worth $85,074,000 after purchasing an additional 20,570 shares in the last quarter.
Shares of Visteon Corp (NYSE:VC) opened at $123.52 on Wednesday. The stock has a market cap of $3,840.00, a price-to-earnings ratio of 9.80, a P/E/G ratio of 1.34 and a beta of 0.88. The company has a quick ratio of 1.76, a current ratio of 1.97 and a debt-to-equity ratio of 0.47. Visteon Corp has a twelve month low of $91.20 and a twelve month high of $140.64.
Visteon announced that its board has authorized a stock repurchase plan on Tuesday, January 16th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the auto parts company to reacquire shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.
In related news, CEO Sachin Lawande sold 2,500 shares of the company’s stock in a transaction on Thursday, January 4th. The shares were sold at an average price of $130.00, for a total value of $325,000.00. Following the sale, the chief executive officer now directly owns 8,595 shares of the company’s stock, valued at $1,117,350. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 11,539 shares of company stock worth $1,474,051 over the last ninety days. 0.19% of the stock is currently owned by corporate insiders.
A number of research analysts have recently commented on the stock. Guggenheim set a $145.00 target price on shares of Visteon and gave the stock a “buy” rating in a research report on Friday, February 23rd. Gabelli raised shares of Visteon from a “hold” rating to a “buy” rating and set a $158.00 target price on the stock in a research report on Monday, February 26th. Zacks Investment Research cut shares of Visteon from a “hold” rating to a “sell” rating in a research report on Thursday, March 1st. BMO Capital Markets set a $160.00 target price on shares of Visteon and gave the stock a “buy” rating in a research report on Friday, February 23rd. Finally, Morgan Stanley boosted their target price on shares of Visteon from $112.00 to $123.00 and gave the stock an “overweight” rating in a research report on Thursday, January 25th. One analyst has rated the stock with a sell rating, six have given a hold rating and twelve have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $137.76.
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Visteon Corporation is a global automotive supplier that designs, engineers and manufactures electronics products for original equipment vehicle manufacturer (OEM), including Ford, Mazda, Nissan/Renault, General Motors, Honda BMW and Daimler. The Company operates through Electronics segment. The Electronics segment provides vehicle cockpit electronics products to customers, including instrument clusters, information displays, infotainment, audio systems, telematics solutions and head up displays.
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