Morgan Stanley cut shares of Visteon (NYSE:VC) from an overweight rating to an underweight rating in a research report released on Thursday morning, Marketbeat.com reports. They currently have $110.00 target price on the auto parts company’s stock.
A number of other brokerages have also recently commented on VC. Zacks Investment Research raised Visteon from a hold rating to a buy rating and set a $141.00 price target for the company in a research note on Saturday, January 6th. Royal Bank of Canada lowered their price target on Visteon to $131.00 and set a sector perform rating for the company in a research note on Sunday, January 21st. Guggenheim reaffirmed a buy rating and issued a $154.00 price target on shares of Visteon in a research note on Wednesday, January 10th. Gabelli raised Visteon from a hold rating to a buy rating and set a $158.00 price target for the company in a research note on Monday, February 26th. Finally, ValuEngine raised Visteon from a hold rating to a buy rating in a research note on Sunday, December 31st. Two analysts have rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $137.33.
Shares of Visteon stock opened at $108.76 on Thursday. The firm has a market capitalization of $3,770.00, a PE ratio of 8.62, a price-to-earnings-growth ratio of 1.34 and a beta of 0.88. Visteon has a twelve month low of $91.20 and a twelve month high of $140.64. The company has a current ratio of 1.97, a quick ratio of 1.76 and a debt-to-equity ratio of 0.47.
Visteon declared that its Board of Directors has initiated a stock buyback plan on Tuesday, January 16th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the auto parts company to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
In related news, CEO Sachin Lawande sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, January 4th. The stock was sold at an average price of $130.00, for a total value of $325,000.00. Following the completion of the transaction, the chief executive officer now directly owns 8,595 shares in the company, valued at approximately $1,117,350. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 11,539 shares of company stock valued at $1,474,051 over the last quarter. 0.19% of the stock is owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company grew its position in shares of Visteon by 6.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,040 shares of the auto parts company’s stock valued at $106,000 after purchasing an additional 61 shares during the period. BNP Paribas Arbitrage SA grew its position in shares of Visteon by 32.3% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 1,773 shares of the auto parts company’s stock valued at $219,000 after purchasing an additional 433 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Visteon by 42.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,758 shares of the auto parts company’s stock valued at $220,000 after purchasing an additional 526 shares during the period. State of Alaska Department of Revenue acquired a new position in shares of Visteon in the 4th quarter valued at approximately $287,000. Finally, Ladenburg Thalmann Financial Services Inc. boosted its position in Visteon by 644.8% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,294 shares of the auto parts company’s stock worth $287,000 after acquiring an additional 1,986 shares during the last quarter.
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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