Bank of New York Mellon Corp Acquires New Shares in Visteon Corporation $VC

Key Points

• Bank of New York Mellon acquired 319,062 Visteon shares worth approximately $31.7 million, giving it a 1.2% stake. Institutional investors collectively own 99.71% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $135.54, despite some target-price reductions and one downgrade to “Hold.”
• Visteon’s latest quarterly earnings missed expectations at $1.91 per share versus $2.21 expected, while revenue slightly exceeded forecasts at $960 million. The company declared a quarterly dividend of $0.375, equivalent to a 1.5% annual yield.

Bank of New York Mellon Corp bought a new stake in shares of Visteon Corporation (NASDAQ:VC - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 319,062 shares of the company's stock, valued at approximately $31,654,000. Bank of New York Mellon Corp owned 1.20% of Visteon at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. First Trust Advisors LP grew its position in shares of Visteon by 124.0% in the first quarter. First Trust Advisors LP now owns 519,041 shares of the company's stock valued at $47,290,000 after purchasing an additional 287,359 shares in the last quarter. Boston Partners purchased a new position in Visteon during the 4th quarter valued at about $25,342,000. Squarepoint Ops LLC purchased a new position in Visteon during the 4th quarter valued at about $22,361,000. Bank of America Corp DE increased its position in shares of Visteon by 130.1% during the first quarter. Bank of America Corp DE now owns 396,310 shares of the company's stock valued at $36,108,000 after buying an additional 224,097 shares during the period. Finally, Victory Capital Management Inc. increased its position in shares of Visteon by 16.3% during the fourth quarter. Victory Capital Management Inc. now owns 1,334,406 shares of the company's stock valued at $126,902,000 after buying an additional 187,347 shares during the period. Hedge funds and other institutional investors own 99.71% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Visteon from $168.00 to $170.00 and gave the company an "overweight" rating in a research note on Monday, August 10th. Wells Fargo & Company lowered their price objective on Visteon from $137.00 to $134.00 and set an "overweight" rating on the stock in a research report on Friday, July 24th. Wall Street Zen cut Visteon from a "buy" rating to a "hold" rating in a research report on Sunday, July 12th. TD Cowen upped their target price on Visteon from $130.00 to $135.00 and gave the stock a "buy" rating in a research note on Monday, June 29th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on Visteon from $133.00 to $132.00 and set a "buy" rating for the company in a report on Thursday, July 9th. Ten investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Visteon has a consensus rating of "Moderate Buy" and an average price target of $135.54.

Visteon Price Performance

Shares of Visteon stock opened at $102.02 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.45 and a current ratio of 1.78. Visteon Corporation has a 52-week low of $83.49 and a 52-week high of $129.10. The company has a fifty day moving average of $105.23 and a 200-day moving average of $103.68. The stock has a market capitalization of $2.72 billion, a price-to-earnings ratio of 13.34, a price-to-earnings-growth ratio of 0.66 and a beta of 1.29.

Visteon (NASDAQ:VC - Get Free Report) last issued its earnings results on Thursday, July 23rd. The company reported $1.91 EPS for the quarter, missing analysts' consensus estimates of $2.21 by ($0.30). The business had revenue of $960.00 million during the quarter, compared to analysts' expectations of $955.78 million. Visteon had a return on equity of 14.61% and a net margin of 5.58%.Visteon's revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.39 EPS. Equities research analysts expect that Visteon Corporation will post 8.41 EPS for the current year.

Visteon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend is Tuesday, September 1st. Visteon's payout ratio is 19.61%.

Insider Buying and Selling

In other news, SVP Brett D. Pynnonen sold 5,000 shares of the firm's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $120.00, for a total value of $600,000.00. Following the transaction, the senior vice president owned 8,503 shares in the company, valued at approximately $1,020,360. This trade represents a 37.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Robert R. Vallance sold 1,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $119.40, for a total transaction of $119,400.00. Following the completion of the transaction, the senior vice president owned 17,469 shares in the company, valued at $2,085,798.60. This represents a 5.41% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 8,000 shares of company stock valued at $952,400. Insiders own 2.00% of the company's stock.

About Visteon

Visteon Corporation is a global automotive electronics supplier that specializes in designing, engineering and manufacturing cockpit electronics and connected vehicle solutions. The company's product portfolio spans digital instrument clusters, infotainment systems, domain controllers and advanced driver interaction technologies. By integrating hardware, software and services, Visteon aims to deliver complete cockpit electronics platforms that enhance driver experience, safety and connectivity.

Founded in 2000 as a spin-off from Ford Motor Company, Visteon has evolved its focus toward next-generation electronics and software-driven vehicle architectures.

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