Analysis: Nortek Inc (NASDAQ:NTK) Stock Target Increased Today
In a recent report finalized by Jefferies & Co on Friday morning, the firm, Nortek Inc (NASDAQ:NTK), had their TP lowered to $49.00. Analusts now have a solid “Hold” rating on the stock.
Approximately 87,995 shares of stock traded hands or 73.29% up from the average. Nortek Inc (NASDAQ:NTK) has declined 48.81% since May 15, 2015 and is downtrending. It has underperformed by 45.00% the S&P500.
The overall sentiment of institutions has decreased to 1 in Q2 2015. Its down 0.46, from 1.46 in 2015Q2. The ratio fall, as 9 institutions have sold all the shares of Nortek Inc that they owned while 26 funds have taken shares off the table. 12 funds have purchased shares for the first time while 23 added to their positions. These institutions now hold 15.10 million shares or 4.32% less than the 15.78 million shares they owned in 2015Q2.
The Fund Ares Management Llc currently is holding shares equating to 30.33% of its total portfolio in Nortek Inc representing a total of 6.22 million shares. Another fund,Gates Capital Management Inc., is holding a total of 3.50 million shares equating to 8.57% of their holdings. Additionally, Silver Point Capital L.P. has a 740,500 share stake in Nortek Inc which represents 6.02% of their total portfolio. The Fund, Anchorage Capital Group L.L.C., based out of New York, has also built up a stake in the stock, which represents a total of 2.81% of their total portfolio. Finally Watershed Asset Management L.L.C., a fund which is based in the state of California reported a total holdings of 69,344 shares.
Nortek, Inc. is a diversified firm delivering technology-driven products and solutions for lifestyle improvement at home and at work. The company has a market cap of $701.84 million. The Company’s divisions include: the Air Quality and Home Solutions (AQH); the Security and Control Solutions (SCS); the Ergonomic and Productivity Solutions (ERG); the Residential and Commercial HVAC (RCH); the Custom and Commercial Air Solutions (CAS), and Audio, Video and Control Solutions divisions (AVC). It currently has negative earnings.
According to Zacks Investment Research, “Nortek, Inc. is a manufacturer of residential and commercial building products primarily in the United States, Canada, and Europe. It offers range hoods, bath fans, indoor air quality systems, heating and air conditioning systems, and technology offerings, including audio, video, access control, security and digital display mounting and mobility products. The Company serves remodeling and replacement, residential and commercial new construction, manufactured housing and personal and enterprise computer markets. Nortek, Inc. is based in Providence, Rhode Island.”