JPMorgan Chase & Co. has reduced its stake in Visteon Corporation by 16.3% in the third quarter of 2023. According to the bank’s latest 13F filing with the Securities and Exchange Commission (SEC), JPMorgan now holds 371,241 shares of Visteon, following the sale of 72,506 shares during this period. As of the end of the quarter, this holding represented approximately 1.36% of Visteon’s stock, valued at around $44,497,000.
Several institutional investors have also adjusted their positions in Visteon. The Royal Bank of Canada notably increased its holdings by a staggering 389.3% in the first quarter, acquiring an additional 17,497 shares to reach a total of 21,992 shares valued at $1,707,000. Similarly, Goldman Sachs Group Inc. boosted its position by 31.5% during the same quarter, bringing its total to 249,564 shares worth $19,371,000.
Investments from other institutions include the State of New Jersey Common Pension Fund D, which grew its stake by 2.1% in the second quarter, now holding 22,422 shares valued at $2,092,000. Envestnet Asset Management Inc. also increased its holdings by 42.4% during this period, owning 35,161 shares valued at $3,280,000. Atria Investments Inc. entered the fray, purchasing a new position worth $243,000 in the second quarter. Overall, institutional investors control a significant 99.71% of Visteon’s stock.
Analyst Ratings and Stock Performance
Analysts have recently provided updates on Visteon’s stock performance. Robert W. Baird lowered its price target from $126.00 to $119.00, maintaining an “outperform” rating. Meanwhile, Wall Street Zen adjusted its recommendation from a “buy” to a “hold” rating. UBS Group also reduced its target from $130.00 to $120.00, retaining a “buy” rating. The Goldman Sachs Group set a target price of $120.00, while the Royal Bank of Canada decreased its price target from $140.00 to $127.00.
Currently, nine analysts have issued a “buy” rating for Visteon, while six have given it a “hold” rating. Data from MarketBeat.com indicates a consensus rating of “Moderate Buy” with a price target of $122.15.
On the trading floor, Visteon shares opened at $98.73 on Friday, reflecting a decline of 0.9%. The stock has experienced a 12-month range with a low of $65.10 and a high of $129.10. The company boasts a market capitalization of $2.65 billion and a price-to-earnings ratio of 10.47. Recent financial metrics show a current ratio of 1.80, a quick ratio of 1.53, and a debt-to-equity ratio of 0.17.
Recent Earnings and Dividend Announcement
Visteon released its quarterly earnings results on February 19, 2024, reporting earnings per share of $2.96, significantly exceeding analysts’ expectations of $2.08 by $0.88. The company generated revenue of $948.00 million for the quarter, surpassing anticipated figures of $920.25 million. Visteon’s net margin stands at 6.93%, with a return on equity of 17.94%. Year-over-year, revenue has increased by 1.0%.
In addition to strong earnings, Visteon has announced a quarterly dividend of $0.375 per share, set to be paid on March 16, 2024. Shareholders of record by March 2, 2024, will receive this dividend, which is an increase from the previous quarterly dividend of $0.28. The annualized dividend now amounts to $1.50, yielding 1.5%. The company’s payout ratio is reported at 11.66%.
Founded in 2000 as a spin-off from Ford Motor Company, Visteon Corporation has established itself as a global leader in automotive electronics, focusing on cockpit electronics and connected vehicle technologies. Its product range includes digital instrument clusters, infotainment systems, and advanced driver interaction solutions, enhancing the driving experience, safety, and connectivity.
