Swiss National Bank reduced its stake in Veoneer, Inc. (NYSE:VNE) by 3.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 233,800 shares of the company’s stock after selling 8,400 shares during the period. Swiss National Bank’s holdings in Veoneer were worth $5,389,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. The PNC Financial Services Group Inc. acquired a new stake in Veoneer in the 1st quarter valued at $25,000. Concord Wealth Partners acquired a new stake in shares of Veoneer during the first quarter valued at about $42,000. Exchange Traded Concepts LLC grew its stake in shares of Veoneer by 15.6% during the second quarter. Exchange Traded Concepts LLC now owns 4,365 shares of the company’s stock valued at $101,000 after acquiring an additional 589 shares in the last quarter. Keel Point LLC acquired a new stake in shares of Veoneer during the second quarter valued at about $208,000. Finally, Bluestein R H & Co. acquired a new position in Veoneer in the first quarter worth about $220,000. Hedge funds and other institutional investors own 26.21% of the company’s stock.
A number of research firms recently commented on VNE. Zacks Investment Research upgraded Veoneer from a “sell” rating to a “hold” rating in a research note on Tuesday, August 24th. Credit Suisse Group upgraded Veoneer from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $17.00 to $37.00 in a research note on Wednesday, August 18th. Barclays lifted their price target on Veoneer from $24.00 to $31.00 and gave the stock an “equal weight” rating in a research note on Monday, July 26th. Mizuho downgraded Veoneer from a “buy” rating to a “neutral” rating and set a $31.15 price target for the company. in a research note on Monday, July 26th. Finally, Kepler Capital Markets cut shares of Veoneer to a “sell” rating and set a $19.00 target price on the stock. in a report on Friday, June 18th. Three investment analysts have rated the stock with a sell rating and ten have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $26.64.
Veoneer (NYSE:VNE) last released its quarterly earnings results on Thursday, July 22nd. The company reported ($0.89) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.91) by $0.02. The company had revenue of $398.00 million for the quarter, compared to analysts’ expectations of $399.00 million. Veoneer had a negative return on equity of 34.38% and a negative net margin of 25.99%. As a group, analysts forecast that Veoneer, Inc. will post -3.16 EPS for the current year.
Veoneer Company Profile
Veoneer, Inc engages in the design, development, sale, and manufacture of automotive safety electronics. It operates through the Electronics and Brake Systems segments. The Electronics segment consists of safety and restraint control systems product areas. The Brake Systems segment comprises of brake systems product area.
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