Park-Ohio (NASDAQ:PKOH) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Park-Ohio (NASDAQ:PKOH) from a hold rating to a buy rating in a research report released on Wednesday morning, Zacks.com reports. The brokerage 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. “
PKOH has been the topic of several other reports. TheStreet lowered Park-Ohio from a b- rating to a c+ rating in a report on Monday, August 5th. B. Riley reduced their target price on Park-Ohio from $40.00 to $30.00 and set a neutral rating on the stock in a report on Monday, August 12th. ValuEngine lowered Park-Ohio from a sell rating to a strong sell rating in a report on Friday, June 7th. Finally, BidaskClub lowered Park-Ohio from a sell rating to a strong sell rating in a report on Thursday, August 8th. Two analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. Park-Ohio has an average rating of Hold and a consensus price target of $30.50.
Park-Ohio (NASDAQ:PKOH) last released its earnings results on Monday, August 5th. The industrial products company reported $1.07 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.07. The company had revenue of $415.30 million for the quarter, compared to analyst estimates of $438.60 million. Park-Ohio had a return on equity of 16.77% and a net margin of 2.89%. On average, research analysts predict that Park-Ohio will post 4.44 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th will be given a dividend of $0.125 per share. The ex-dividend date of this dividend is Monday, August 12th. This represents a $0.50 annualized dividend and a dividend yield of 1.79%. Park-Ohio’s dividend payout ratio is currently 11.68%.
In other Park-Ohio news, Director James W. Wert acquired 2,500 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was acquired at an average cost of $27.62 per share, for a total transaction of $69,050.00. Following the transaction, the director now directly owns 80,320 shares in the company, valued at $2,218,438.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Patrick V. Auletta sold 2,300 shares of the company’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $31.33, for a total value of $72,059.00. Following the sale, the director now owns 17,125 shares of the company’s stock, valued at $536,526.25. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 22,613 shares of company stock valued at $678,307. 31.20% of the stock is owned by corporate insiders.
Several hedge funds have recently made changes to their positions in PKOH. Bank of New York Mellon Corp lifted its position in shares of Park-Ohio by 15.1% during the 4th quarter. Bank of New York Mellon Corp now owns 84,794 shares of the industrial products company’s stock worth $2,603,000 after buying an additional 11,100 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Park-Ohio by 10.0% during the 4th quarter. Geode Capital Management LLC now owns 96,102 shares of the industrial products company’s stock worth $2,949,000 after buying an additional 8,717 shares during the last quarter. Bank of America Corp DE lifted its position in shares of Park-Ohio by 396.4% during the 4th quarter. Bank of America Corp DE now owns 20,740 shares of the industrial products company’s stock worth $637,000 after buying an additional 16,562 shares during the last quarter. Squarepoint Ops LLC lifted its position in shares of Park-Ohio by 18.5% during the 4th quarter. Squarepoint Ops LLC now owns 6,636 shares of the industrial products company’s stock worth $204,000 after buying an additional 1,036 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY lifted its position in shares of Park-Ohio by 403.4% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 3,292 shares of the industrial products company’s stock worth $101,000 after buying an additional 2,638 shares during the last quarter. Institutional investors and hedge funds own 53.64% of the company’s stock.
Park-Ohio Company Profile
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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