Veoneer (VNE) Price Target Cut to $49.00

Veoneer (NYSE:VNE) had its price objective lowered by BMO Capital Markets from $60.00 to $49.00 in a research report released on Monday, MarketBeat Ratings reports. The brokerage currently has an outperform rating on the stock. The analysts noted that the move was a valuation call.

Several other analysts also recently weighed in on VNE. Morgan Stanley started coverage on Veoneer in a research note on Tuesday, July 10th. They set an overweight rating and a $55.00 target price for the company. Daiwa Capital Markets started coverage on Veoneer in a research note on Wednesday, July 11th. They set a neutral rating and a $45.00 target price for the company. Jefferies Financial Group started coverage on Veoneer in a research note on Monday, July 16th. They set a hold rating and a $50.00 target price for the company. Mizuho started coverage on Veoneer in a research note on Tuesday, July 17th. They set a buy rating and a $60.00 target price for the company. Finally, Citigroup assumed coverage on Veoneer in a research note on Wednesday, July 18th. They set a neutral rating and a $51.00 target price for the company. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company. Veoneer currently has a consensus rating of Hold and an average target price of $45.80.

Shares of NYSE VNE opened at $36.06 on Monday. The company has a quick ratio of 2.35, a current ratio of 2.62 and a debt-to-equity ratio of 0.01. Veoneer has a 52 week low of $30.74 and a 52 week high of $57.93.

Veoneer (NYSE:VNE) last announced its earnings results on Thursday, October 25th. The company reported ($0.78) earnings per share for the quarter, meeting the consensus estimate of ($0.78). The business had revenue of $526.00 million for the quarter, compared to the consensus estimate of $532.60 million. As a group, analysts forecast that Veoneer will post -2.81 earnings per share for the current fiscal year.

In other news, CEO Jan Carlson acquired 50,000 shares of Veoneer stock in a transaction on Thursday, August 30th. The stock was bought at an average price of $50.65 per share, for a total transaction of $2,532,500.00. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Arthur Blanchford acquired 632 shares of Veoneer stock in a transaction on Wednesday, August 22nd. The stock was purchased at an average price of $51.68 per share, with a total value of $32,661.76. The disclosure for this purchase can be found here.

Several hedge funds have recently made changes to their positions in VNE. Bessemer Group Inc. acquired a new position in shares of Veoneer in the 3rd quarter worth approximately $109,000. LSV Asset Management acquired a new position in shares of Veoneer in the 3rd quarter worth approximately $132,000. Phoenix Investment Adviser LLC acquired a new position in shares of Veoneer in the 2nd quarter worth approximately $144,000. Gabelli Funds LLC acquired a new position in shares of Veoneer in the 3rd quarter worth approximately $220,000. Finally, CIBC Asset Management Inc acquired a new position in shares of Veoneer in the 3rd quarter worth approximately $235,000. Institutional investors own 8.43% of the company’s stock.

About Veoneer

Veoneer, Inc designs, develops, manufactures, and sells automotive safety electronics products. The company offers automotive radars, cameras with driver assist systems, night vision systems, positioning systems, restraint control, sensing, and brake systems. The company is based in Stockholm, Sweden.

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