Morgan Stanley cut its position in Sun Hydraulics Corporation (NASDAQ:SNHY) by 50.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,740 shares of the industrial products company’s stock after selling 39,933 shares during the quarter. Morgan Stanley owned about 0.15% of Sun Hydraulics Corporation worth $1,436,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Russell Investments Group Ltd. raised its stake in shares of Sun Hydraulics Corporation by 176.7% in the first quarter. Russell Investments Group Ltd. now owns 15,660 shares of the industrial products company’s stock valued at $565,000 after buying an additional 10,001 shares during the period. Brown Capital Management LLC raised its stake in shares of Sun Hydraulics Corporation by 0.4% in the first quarter. Brown Capital Management LLC now owns 4,209,643 shares of the industrial products company’s stock valued at $152,010,000 after buying an additional 16,869 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Sun Hydraulics Corporation by 80.0% in the first quarter. Bank of New York Mellon Corp now owns 349,008 shares of the industrial products company’s stock valued at $12,602,000 after buying an additional 155,152 shares during the period. Wellington Management Group LLP bought a new stake in shares of Sun Hydraulics Corporation in the first quarter valued at $4,092,000. Finally, Kayne Anderson Rudnick Investment Management LLC raised its stake in shares of Sun Hydraulics Corporation by 1.9% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 797,562 shares of the industrial products company’s stock valued at $28,800,000 after buying an additional 15,147 shares during the period. Hedge funds and other institutional investors own 80.18% of the company’s stock.

In other Sun Hydraulics Corporation news, Director Christine L. Koski sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $47.33, for a total transaction of $946,600.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Christine L. Koski sold 19,140 shares of the firm’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $47.26, for a total value of $904,556.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 70,440 shares of company stock worth $3,322,569. Insiders own 10.70% of the company’s stock.

Shares of Sun Hydraulics Corporation (NASDAQ:SNHY) traded up 0.17% during trading on Monday, hitting $47.99. The stock had a trading volume of 41,866 shares. Sun Hydraulics Corporation has a 1-year low of $28.45 and a 1-year high of $48.44. The firm has a market capitalization of $1.30 billion, a P/E ratio of 50.52 and a beta of 1.78. The stock’s 50-day moving average price is $44.54 and its 200 day moving average price is $40.61.

Sun Hydraulics Corporation (NASDAQ:SNHY) last posted its quarterly earnings results on Monday, August 7th. The industrial products company reported $0.52 EPS for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.13. The business had revenue of $89.30 million for the quarter, compared to analysts’ expectations of $79.18 million. Sun Hydraulics Corporation had a return on equity of 13.25% and a net margin of 9.63%. The business’s quarterly revenue was up 75.8% on a year-over-year basis. During the same period last year, the firm earned $0.26 earnings per share. On average, analysts anticipate that Sun Hydraulics Corporation will post $1.56 earnings per share for the current year.

TRADEMARK VIOLATION WARNING: “Morgan Stanley Lowers Holdings in Sun Hydraulics Corporation (SNHY)” was reported by The Cerbat Gem and is owned by of The Cerbat Gem. If you are reading this news story on another publication, it was copied illegally and republished in violation of international copyright law. The original version of this news story can be viewed at https://www.thecerbatgem.com/2017/09/04/morgan-stanley-lowers-holdings-in-sun-hydraulics-corporation-snhy.html.

Several analysts have issued reports on SNHY shares. Zacks Investment Research upgraded Sun Hydraulics Corporation from a “hold” rating to a “strong-buy” rating and set a $54.00 target price on the stock in a research note on Friday, August 11th. BidaskClub lowered Sun Hydraulics Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Finally, TheStreet upgraded Sun Hydraulics Corporation from a “c” rating to a “b” rating in a research note on Monday, May 8th.

About Sun Hydraulics Corporation

Sun Hydraulics Corporation (Sun) develops and manufactures solutions for the hydraulics and electronics markets. It is engaged in power controls and vehicle technologies lines of business. The Company operates through two segments including hydraulics and electronics. Hydraulics market segment is engaged in manufacturing of screw-in hydraulic cartridge valves, electro-hydraulics, manifolds, and integrated package solutions for the worldwide industrial and mobile hydraulics markets operating under the brand Sun Hydraulics.

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Institutional Ownership by Quarter for Sun Hydraulics Corporation (NASDAQ:SNHY)

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