Jason Industries (JASN) Cut to Strong Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Jason Industries (NASDAQ:JASN) from a hold rating to a strong sell rating in a research note published on Wednesday morning.

According to Zacks, “Jason Industries, Inc. engages in the manufacturing of Finishing, Seating, Components, and Automotive Acoustics. It produces finishing products, including industrial brushes, buffing wheels, and buffing compounds; supplies seating solutions to equipment manufacturers in the motorcycle, lawn and turf care, industrial, agricultural, construction, and power sports end markets, as well as original equipment manufacturer seating for the heavyweight motorcycles; manufactures engineered non-woven, fiber-based acoustical products; manufactures stamped, formed, expanded, and perforated metal components and subassemblies. Jason Industries, Inc. is headquartered in Milwaukee, Wisconsin. “

Separately, ValuEngine upgraded Jason Industries from a hold rating to a buy rating in a research report on Tuesday, October 2nd.

NASDAQ:JASN traded down $0.03 during midday trading on Wednesday, reaching $2.12. 130,000 shares of the company traded hands, compared to its average volume of 125,360. Jason Industries has a twelve month low of $1.90 and a twelve month high of $3.88. The firm has a market capitalization of $60.27 million, a P/E ratio of 212.00 and a beta of 0.63.

Jason Industries (NASDAQ:JASN) last released its quarterly earnings data on Tuesday, October 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.05) by ($0.07). Jason Industries had a negative net margin of 0.73% and a negative return on equity of 1.05%. The company had revenue of $145.30 million for the quarter, compared to analyst estimates of $142.50 million. As a group, sell-side analysts forecast that Jason Industries will post -0.27 EPS for the current fiscal year.

In other Jason Industries news, major shareholder Wynnefield Partners Small Cap purchased 16,900 shares of Jason Industries stock in a transaction on Wednesday, August 15th. The stock was bought at an average price of $2.33 per share, for a total transaction of $39,377.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Jeffry N. Quinn sold 1,000,000 shares of the business’s stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $2.70, for a total value of $2,700,000.00. The disclosure for this sale can be found here. Insiders have acquired a total of 183,651 shares of company stock valued at $484,392 in the last quarter. 19.20% of the stock is currently owned by insiders.

Hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. acquired a new position in Jason Industries during the 3rd quarter worth $193,000. Millennium Management LLC boosted its position in Jason Industries by 45.5% during the 1st quarter. Millennium Management LLC now owns 77,373 shares of the technology company’s stock worth $241,000 after acquiring an additional 24,198 shares during the period. Essex Investment Management Co. LLC boosted its position in Jason Industries by 42.4% during the 3rd quarter. Essex Investment Management Co. LLC now owns 243,849 shares of the technology company’s stock worth $822,000 after acquiring an additional 72,578 shares during the period. Finally, Skylands Capital LLC raised its stake in shares of Jason Industries by 20.5% in the 3rd quarter. Skylands Capital LLC now owns 539,500 shares of the technology company’s stock worth $1,818,000 after buying an additional 91,681 shares in the last quarter. Institutional investors own 36.61% of the company’s stock.

About Jason Industries

Jason Industries is the parent company to a global family of manufacturing leaders within the seating, finishing, components and automotive acoustics markets, including Assembled Products (Buffalo Grove, Ill.), Janesville Acoustics (Southfield, Mich.), Metalex (Libertyville, Ill.), Milsco (Milwaukee, Wis.), Osborn (Richmond, Indiana and Burgwald, Germany) and Sealeze (Richmond, Va.).

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