Zacks Investment Research upgraded shares of Park-Ohio (NASDAQ:PKOH) from a hold rating to a buy rating in a research note issued to investors on Wednesday, Zacks.com reports. Zacks Investment Research currently has $31.00 target price on the industrial products company’s stock.
According to Zacks, “Park Ohio Holdings Corp. operates through two segments, Manufactured Products and Logistics, which serve a wide variety of industrial markets. Manufactured Products designs and manufactures a broad range of high quality products engineered for specific customer applications. The principal customers of Manufactured Products are original equipment manufacturers and end-users in the automotive, railroad, truck and aerospace industries. Logistics is a leading national supplier of fasteners (e.g., nuts, bolts and screws) and other industrial products. “
Several other research firms have also commented on PKOH. B. Riley cut their price objective on Park-Ohio from $40.00 to $30.00 and set a neutral rating on the stock in a research report on Monday, August 12th. ValuEngine lowered Park-Ohio from a sell rating to a strong sell rating in a research report on Friday, June 7th. BidaskClub lowered Park-Ohio from a sell rating to a strong sell rating in a research report on Thursday, August 8th. Finally, TheStreet lowered Park-Ohio from a b- rating to a c+ rating in a research report on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. The company has an average rating of Hold and an average target price of $30.50.
Park-Ohio (NASDAQ:PKOH) last issued its earnings results on Monday, August 5th. The industrial products company reported $1.07 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $1.07. Park-Ohio had a return on equity of 16.77% and a net margin of 2.89%. The firm had revenue of $415.30 million for the quarter, compared to analysts’ expectations of $438.60 million. As a group, sell-side analysts predict that Park-Ohio will post 4.44 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 27th. Shareholders of record on Tuesday, August 13th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 1.79%. The ex-dividend date of this dividend is Monday, August 12th. Park-Ohio’s dividend payout ratio (DPR) is presently 11.68%.
In related news, Director James W. Wert acquired 2,500 shares of the business’s stock in a transaction on Friday, August 9th. The shares were bought at an average cost of $27.62 per share, with a total value of $69,050.00. Following the completion of the transaction, the director now directly owns 80,320 shares of the company’s stock, valued at approximately $2,218,438.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Edward F. Crawford acquired 7,581 shares of the business’s stock in a transaction on Tuesday, June 11th. The stock was bought at an average cost of $30.84 per share, for a total transaction of $233,798.04. Following the completion of the transaction, the insider now directly owns 1,510,295 shares of the company’s stock, valued at $46,577,497.80. The disclosure for this purchase can be found here. Insiders acquired 22,613 shares of company stock worth $678,307 over the last three months. 31.20% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in PKOH. Panagora Asset Management Inc. purchased a new stake in shares of Park-Ohio during the second quarter worth about $34,000. Royal Bank of Canada increased its position in shares of Park-Ohio by 45.5% during the second quarter. Royal Bank of Canada now owns 1,164 shares of the industrial products company’s stock worth $38,000 after acquiring an additional 364 shares during the last quarter. BNP Paribas Arbitrage SA increased its position in shares of Park-Ohio by 453.8% during the first quarter. BNP Paribas Arbitrage SA now owns 1,872 shares of the industrial products company’s stock worth $61,000 after acquiring an additional 1,534 shares during the last quarter. Metropolitan Life Insurance Co. NY increased its position in shares of Park-Ohio by 403.4% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 3,292 shares of the industrial products company’s stock worth $101,000 after acquiring an additional 2,638 shares during the last quarter. Finally, Acadian Asset Management LLC increased its position in shares of Park-Ohio by 58.9% during the second quarter. Acadian Asset Management LLC now owns 4,056 shares of the industrial products company’s stock worth $132,000 after acquiring an additional 1,504 shares during the last quarter. 53.64% of the stock is currently owned by institutional investors and hedge funds.
Park-Ohio Holdings Corp. provides supply chain management outsourcing services, capital equipment, and manufactured components in the United States, Europe, Asia, Mexico, Canada, and internationally. The company's Supply Technologies segment offers Total Supply Management solution, including engineering and design support, part usage and cost analysis, supplier selection, quality assurance, bar coding, product packaging and tracking, just-in-time and point-of-use delivery, electronic billing, and ongoing technical support services, as well as provides spare parts and aftermarket products; and production components, including valves, fuel hose assemblies, electro-mechanical hardware, labels, fittings, steering components, and other products.
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