Sun Hydraulics Corporation (SNHY) Holdings Lifted by Fred Alger Management Inc.
Fred Alger Management Inc. grew its position in Sun Hydraulics Corporation (NASDAQ:SNHY) by 0.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 487,668 shares of the industrial products company’s stock after purchasing an additional 2,857 shares during the period. Fred Alger Management Inc. owned approximately 1.80% of Sun Hydraulics Corporation worth $20,809,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Victory Capital Management Inc. grew its position in Sun Hydraulics Corporation by 6.3% in the 1st quarter. Victory Capital Management Inc. now owns 3,452 shares of the industrial products company’s stock worth $125,000 after purchasing an additional 204 shares during the last quarter. BNP Paribas Arbitrage SA grew its position in Sun Hydraulics Corporation by 542.0% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,486 shares of the industrial products company’s stock worth $149,000 after purchasing an additional 2,943 shares during the last quarter. Commerce Bank bought a new position in Sun Hydraulics Corporation in the 2nd quarter worth about $231,000. Affinity Investment Advisors LLC bought a new position in Sun Hydraulics Corporation in the 2nd quarter worth about $247,000. Finally, Legal & General Group Plc grew its position in Sun Hydraulics Corporation by 2.9% in the 2nd quarter. Legal & General Group Plc now owns 5,764 shares of the industrial products company’s stock worth $247,000 after purchasing an additional 160 shares during the last quarter. Hedge funds and other institutional investors own 79.94% of the company’s stock.
In related news, Director Christine L. Koski sold 20,000 shares of Sun Hydraulics Corporation stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $47.33, for a total transaction of $946,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Christine L. Koski sold 19,140 shares of Sun Hydraulics Corporation stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $47.26, for a total transaction of $904,556.40. The disclosure for this sale can be found here. Insiders have sold a total of 85,440 shares of company stock valued at $4,070,619 over the last three months. 10.70% of the stock is currently owned by insiders.
Several research firms have commented on SNHY. BidaskClub cut shares of Sun Hydraulics Corporation from a “buy” rating to a “hold” rating in a research report on Saturday, June 17th. Sidoti began coverage on shares of Sun Hydraulics Corporation in a research report on Thursday, September 14th. They issued a “neutral” rating for the company. Finally, Zacks Investment Research cut shares of Sun Hydraulics Corporation from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Sun Hydraulics Corporation presently has a consensus rating of “Buy” and a consensus target price of $44.50.
Sun Hydraulics Corporation (SNHY) traded up 0.43% on Thursday, reaching $55.83. 3,579 shares of the company’s stock traded hands. The firm’s 50-day moving average is $50.21 and its 200 day moving average is $43.05. Sun Hydraulics Corporation has a 52-week low of $28.88 and a 52-week high of $56.18. The stock has a market capitalization of $1.51 billion, a PE ratio of 58.77 and a beta of 1.76.
Sun Hydraulics Corporation (NASDAQ:SNHY) last announced its quarterly earnings results on Monday, August 7th. The industrial products company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.13. Sun Hydraulics Corporation had a net margin of 9.63% and a return on equity of 13.25%. The firm had revenue of $89.30 million during the quarter, compared to the consensus estimate of $79.18 million. During the same period last year, the firm posted $0.26 EPS. The firm’s quarterly revenue was up 75.8% on a year-over-year basis. Analysts forecast that Sun Hydraulics Corporation will post $1.55 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 20th. Investors of record on Thursday, October 5th will be issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 0.65%. The ex-dividend date is Wednesday, October 4th. Sun Hydraulics Corporation’s dividend payout ratio is currently 37.50%.
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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