BMO Capital Markets Cuts Veoneer (VNE) Price Target to $49.00

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

A number of other equities research analysts have also weighed in on VNE. Buckingham Research set a $34.00 price objective on Veoneer and gave the stock a hold rating in a research report on Tuesday, October 30th. Mizuho assumed coverage on Veoneer in a research report on Tuesday, July 17th. They set a buy rating and a $60.00 price objective on the stock. Longbow Research set a $49.00 price objective on Veoneer and gave the stock a buy rating in a research report on Saturday, July 28th. Daiwa Capital Markets assumed coverage on Veoneer in a research report on Wednesday, July 11th. They set a neutral rating and a $45.00 price objective on the stock. Finally, Citigroup assumed coverage on Veoneer in a research report on Wednesday, July 18th. They set a neutral rating and a $51.00 price objective on the stock. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $46.33.

Shares of VNE stock opened at $34.33 on Monday. Veoneer has a twelve month low of $30.74 and a twelve month high of $57.93. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.62 and a quick ratio of 2.35.

Veoneer (NYSE:VNE) last issued its quarterly earnings data on Thursday, October 25th. The company reported ($0.78) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.78). The firm had revenue of $526.00 million for the quarter, compared to the consensus estimate of $532.60 million. On average, sell-side analysts expect that Veoneer will post -2.81 earnings per share for the current year.

In related news, CEO Jan Carlson bought 50,000 shares of the business’s stock in a transaction on Thursday, August 30th. The shares were purchased at an average cost of $50.65 per share, with a total value of $2,532,500.00. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Mathias Hermansson bought 2,500 shares of the business’s stock in a transaction on Friday, August 10th. The shares were bought at an average cost of $55.43 per share, for a total transaction of $138,575.00. The disclosure for this purchase can be found here.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Folketrygdfondet acquired a new position in shares of Veoneer in the 2nd quarter valued at about $11,897,000. Nikko Asset Management Americas Inc. acquired a new position in shares of Veoneer in the 3rd quarter valued at about $7,478,000. BTIM Corp. acquired a new position in shares of Veoneer in the 3rd quarter valued at about $6,037,000. Wells Fargo & Company MN acquired a new position in shares of Veoneer in the 3rd quarter valued at about $4,195,000. Finally, Gateway Investment Advisers LLC acquired a new position in shares of Veoneer in the 3rd quarter valued at about $3,033,000. 8.43% of the stock is currently owned by hedge funds and other institutional investors.

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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