Visteon (NASDAQ:VC) Shares Gap Up Following Earnings Beat

Visteon Co. (NASDAQ:VC)’s stock price gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $87.61, but opened at $92.26. Visteon shares last traded at $92.71, with a volume of 132,716 shares changing hands.

The company reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.97 by $0.29. The company had revenue of $980.00 million during the quarter, compared to analyst estimates of $965.60 million. Visteon had a net margin of 13.79% and a return on equity of 51.69%. The business’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.35 earnings per share.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on VC shares. Wells Fargo & Company upgraded shares of Visteon from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $115.00 to $122.00 in a research report on Friday, September 20th. JPMorgan Chase & Co. lowered their target price on shares of Visteon from $132.00 to $122.00 and set a “neutral” rating on the stock in a research note on Monday. Morgan Stanley lowered their price objective on shares of Visteon from $135.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 14th. Barclays cut their price target on shares of Visteon from $145.00 to $140.00 and set an “overweight” rating on the stock in a report on Tuesday, October 15th. Finally, Baird R W lowered shares of Visteon from a “strong-buy” rating to a “hold” rating in a report on Friday, July 12th. Six analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $127.93.

Insider Activity at Visteon

In other Visteon news, SVP Joao Paulo Ribeiro sold 3,859 shares of Visteon stock in a transaction on Monday, July 29th. The shares were sold at an average price of $111.73, for a total transaction of $431,166.07. Following the completion of the transaction, the senior vice president now directly owns 5,988 shares of the company’s stock, valued at $669,039.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Visteon

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. lifted its holdings in shares of Visteon by 1,459.9% during the second quarter. American Century Companies Inc. now owns 523,521 shares of the company’s stock worth $55,860,000 after buying an additional 489,959 shares in the last quarter. Victory Capital Management Inc. raised its stake in Visteon by 10.0% in the second quarter. Victory Capital Management Inc. now owns 1,516,024 shares of the company’s stock valued at $161,760,000 after purchasing an additional 137,264 shares in the last quarter. Millennium Management LLC raised its stake in Visteon by 24.4% in the second quarter. Millennium Management LLC now owns 568,536 shares of the company’s stock valued at $60,663,000 after purchasing an additional 111,377 shares in the last quarter. Lodge Hill Capital LLC acquired a new position in Visteon in the second quarter valued at about $11,204,000. Finally, Dimensional Fund Advisors LP raised its stake in Visteon by 14.3% in the second quarter. Dimensional Fund Advisors LP now owns 670,597 shares of the company’s stock valued at $71,552,000 after purchasing an additional 83,840 shares in the last quarter. 99.71% of the stock is owned by institutional investors.

Visteon Stock Performance

The firm has a market cap of $2.55 billion, a price-to-earnings ratio of 4.78, a P/E/G ratio of 0.43 and a beta of 1.45. The stock has a 50 day moving average of $94.67 and a 200 day moving average of $103.97. The company has a quick ratio of 1.50, a current ratio of 1.85 and a debt-to-equity ratio of 0.26.

Visteon Company Profile

Visteon Corporation, an automotive technology company, designs, manufactures, and sells automotive electronics and connected car solutions for vehicle manufacturers worldwide. The company provides instrument clusters, including analog gauge clusters for 2-D and 3-D display-based devices; information displays that integrate a range of user interface technologies and graphics management capabilities, such as active privacy, TrueColor enhancement, local dimming, cameras, optics, haptic feedback, and light effects; and infotainment and connected car solutions, including scalable Android infotainment for seamless connectivity, as well as onboard artificial intelligence-based voice assistants with natural language understanding.