Canaccord Genuity Group Upgrades Volex (LON:VLX) to “Buy”

Volex (LON:VLX) was upgraded by research analysts at Canaccord Genuity Group to a “buy” rating in a note issued to investors on Tuesday,Digital Look reports. The brokerage currently has a GBX 600 target price on the stock, up from their previous target price of GBX 590. Canaccord Genuity Group’s price objective would suggest a potential upside of 17.10% from the company’s current price.

Several other brokerages have also commented on VLX. Berenberg Bank reaffirmed a “buy” rating and issued a GBX 700 price target on shares of Volex in a research note on Tuesday, July 14th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Volex from GBX 500 to GBX 590 and gave the company a “hold” rating in a research note on Friday, June 26th. Finally, Jefferies Financial Group restated a “buy” rating and issued a GBX 700 price objective on shares of Volex in a report on Thursday, June 25th. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of GBX 594.

Volex Stock Performance

VLX opened at GBX 512.38 on Tuesday. The firm has a market capitalization of £944.18 million, a PE ratio of 14.68 and a beta of 1.21. The company has a current ratio of 1.74, a quick ratio of 1.04 and a debt-to-equity ratio of 46.75. Volex has a twelve month low of GBX 325 and a twelve month high of GBX 710. The firm’s 50-day moving average price is GBX 597.98 and its 200 day moving average price is GBX 523.43.

Volex (LON:VLX) last announced its quarterly earnings data on Friday, June 26th. The company reported GBX 35.20 EPS for the quarter. Volex had a return on equity of 15.29% and a net margin of 5.29%.The firm had revenue of GBX 124.26 billion for the quarter. As a group, sell-side analysts expect that Volex will post 30.9454191 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Nathaniel Rothschild bought 7,500 shares of the company’s stock in a transaction on Thursday, July 9th. The stock was bought at an average cost of GBX 510 per share, with a total value of £38,250. 34.97% of the stock is owned by company insiders.

About Volex

Volex plc (AIM:VLX) is a driving force in integrated manufacturing for mission-critical applications and a global leader in power and data connectivity solutions. Our diverse operations support international blue-chip customers in five key end-markets: Electric Vehicles, Consumer Electricals, Medical, Complex Industrial Technology and Off-Highway. Headquartered in the UK, we orchestrate operations across 27 advanced manufacturing facilities, uniting 13,000 dynamic individuals from 25 different nations.