Formula Growth Ltd. Raises Stake in Visteon Corp (NYSE:VC)
Formula Growth Ltd. lifted its position in Visteon Corp (NYSE:VC) by 17.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 99,475 shares of the auto parts company’s stock after purchasing an additional 14,875 shares during the quarter. Formula Growth Ltd.’s holdings in Visteon were worth $6,700,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Pearl River Capital LLC bought a new stake in shares of Visteon in the fourth quarter worth about $36,000. BNP Paribas Arbitrage SA increased its holdings in shares of Visteon by 76.1% in the first quarter. BNP Paribas Arbitrage SA now owns 905 shares of the auto parts company’s stock worth $61,000 after purchasing an additional 391 shares during the last quarter. Bronfman E.L. Rothschild L.P. increased its holdings in shares of Visteon by 132.5% in the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 1,981 shares of the auto parts company’s stock worth $119,000 after purchasing an additional 1,129 shares during the last quarter. Dupont Capital Management Corp bought a new stake in shares of Visteon in the first quarter worth about $155,000. Finally, Edmond DE Rothschild Holding S.A. increased its holdings in shares of Visteon by 66.7% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 2,500 shares of the auto parts company’s stock worth $168,000 after purchasing an additional 1,000 shares during the last quarter.
Several equities research analysts have recently issued reports on the company. Zacks Investment Research cut Visteon from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 21st. Longbow Research set a $85.00 target price on Visteon and gave the stock a “buy” rating in a report on Tuesday. TheStreet cut Visteon from a “b-” rating to a “c” rating in a report on Thursday, May 2nd. Morgan Stanley set a $73.00 target price on Visteon and gave the stock a “sell” rating in a report on Tuesday, March 5th. Finally, BMO Capital Markets lifted their target price on Visteon from $91.00 to $103.00 and gave the stock an “outperform” rating in a report on Monday, February 25th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $94.50.
VC opened at $52.27 on Friday. Visteon Corp has a 12 month low of $44.04 and a 12 month high of $139.45.
Visteon (NYSE:VC) last released its quarterly earnings results on Thursday, April 25th. The auto parts company reported $0.53 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.11 by ($0.58). The company had revenue of $737.00 million during the quarter, compared to the consensus estimate of $713.99 million. The company’s quarterly revenue was down 9.5% compared to the same quarter last year. During the same period in the prior year, the company posted $2.08 EPS.
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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