Zacks Investment Research upgraded shares of Douglas Dynamics (NYSE:PLOW) from a hold rating to a buy rating in a report issued on Friday morning, Zacks.com reports. The brokerage currently has $48.00 target price on the auto parts company’s stock.
According to Zacks, “Douglas Dynamics, Inc. designs, manufactures and sells snow and ice control equipment for light trucks, which is comprised of snowplows and sand and salt spreaders, and related parts and accessories. The Company sells its products under the WESTERN(R), FISHER(R) and BLIZZARD(R) brands through a distributor network, primarily consisting of truck equipment distributors located throughout the Midwest, East and Northeast regions of the United States as well as all provinces of Canada. It sells its products primarily to professional snowplowers who are contracted to remove snow and ice from commercial, municipal and residential areas. Douglas Dynamics, Inc. is headquartered in Milwaukee, Wisconsin. “
Separately, TheStreet raised shares of Douglas Dynamics from a c+ rating to an a- rating in a research report on Thursday, August 8th.
Douglas Dynamics (NYSE:PLOW) last announced its quarterly earnings results on Monday, August 5th. The auto parts company reported $1.09 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.97 by $0.12. The business had revenue of $176.40 million during the quarter, compared to analysts’ expectations of $161.77 million. Douglas Dynamics had a net margin of 9.12% and a return on equity of 17.35%. The firm’s revenue for the quarter was up 8.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.02 EPS. As a group, analysts forecast that Douglas Dynamics will post 2.1 EPS for the current year.
In other news, insider James L. Janik sold 42,380 shares of the firm’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $44.00, for a total value of $1,864,720.00. Following the completion of the sale, the insider now directly owns 197,305 shares of the company’s stock, valued at approximately $8,681,420. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 2.60% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Point72 Hong Kong Ltd bought a new position in shares of Douglas Dynamics in the 2nd quarter worth about $26,000. SRS Capital Advisors Inc. bought a new position in shares of Douglas Dynamics in the 2nd quarter worth about $41,000. Quantamental Technologies LLC bought a new position in shares of Douglas Dynamics in the 1st quarter worth about $50,000. Bank of Montreal Can increased its stake in shares of Douglas Dynamics by 393.1% in the 2nd quarter. Bank of Montreal Can now owns 2,367 shares of the auto parts company’s stock worth $94,000 after acquiring an additional 1,887 shares in the last quarter. Finally, SG Americas Securities LLC bought a new position in shares of Douglas Dynamics in the 1st quarter worth about $120,000. Institutional investors own 90.18% of the company’s stock.
Douglas Dynamics Company Profile
Douglas Dynamics, Inc operates as a manufacturer and upfitter of commercial work truck attachments and equipment primarily in North America. It operates in two segments, Work Truck Attachments and Work Truck Solutions. The Work Truck Attachments segment manufactures and sells snow and ice control attachments, including snowplows, and sand and salt spreaders for light and heavy duty trucks, as well as various related parts and accessories.
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