Standex International (NYSE:SXI) Trading Up 7.1% – Here’s What Happened

Standex International Corporation (NYSE:SXI)’s stock price was up 7.1% on Wednesday . The stock traded as high as $245.30 and last traded at $247.3550. Approximately 114,687 shares traded hands during trading, an increase of 13% from the average daily volume of 101,835 shares. The stock had previously closed at $231.06.

Analysts Set New Price Targets

SXI has been the topic of several research analyst reports. Barrington Research restated an “outperform” rating and issued a $260.00 price objective on shares of Standex International in a research note on Thursday, November 20th. DA Davidson restated a “buy” rating and set a $272.00 price objective on shares of Standex International in a report on Monday, November 24th. Roth Capital upped their price objective on shares of Standex International from $205.00 to $260.00 and gave the company a “buy” rating in a research report on Monday, November 3rd. Wall Street Zen raised Standex International from a “hold” rating to a “buy” rating in a research report on Sunday. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Standex International in a research note on Wednesday, October 8th. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $264.00.

Standex International Stock Performance

The stock has a fifty day moving average price of $232.96 and a 200-day moving average price of $198.09. The company has a current ratio of 2.87, a quick ratio of 2.07 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $2.98 billion, a price-to-earnings ratio of 56.82 and a beta of 1.10.

Standex International (NYSE:SXI) last issued its quarterly earnings data on Friday, October 31st. The industrial products company reported $1.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.94 by $0.05. Standex International had a return on equity of 14.20% and a net margin of 6.29%.The company had revenue of $217.43 million during the quarter, compared to analysts’ expectations of $215.96 million. During the same period last year, the business earned $1.84 earnings per share. The business’s revenue was up 27.5% on a year-over-year basis. As a group, analysts anticipate that Standex International Corporation will post 7.9 earnings per share for the current fiscal year.

Standex International Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 21st. Investors of record on Friday, November 7th were given a dividend of $0.34 per share. This is a boost from Standex International’s previous quarterly dividend of $0.32. The ex-dividend date was Friday, November 7th. This represents a $1.36 dividend on an annualized basis and a yield of 0.6%. Standex International’s dividend payout ratio is currently 31.19%.

Insiders Place Their Bets

In other news, Director Thomas E. Chorman sold 1,000 shares of the stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $223.31, for a total transaction of $223,310.00. Following the sale, the director owned 13,229 shares in the company, valued at approximately $2,954,167.99. This represents a 7.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Vineet Kshirsagar sold 650 shares of Standex International stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $233.37, for a total value of $151,690.50. Following the completion of the transaction, the insider directly owned 5,047 shares of the company’s stock, valued at $1,177,818.39. This represents a 11.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 32,473 shares of company stock worth $7,389,509. 2.52% of the stock is owned by company insiders.

Hedge Funds Weigh In On Standex International

Large investors have recently modified their holdings of the stock. Wasatch Advisors LP increased its position in Standex International by 62.4% in the second quarter. Wasatch Advisors LP now owns 866,830 shares of the industrial products company’s stock worth $135,642,000 after purchasing an additional 332,941 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of Standex International by 636.7% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 240,623 shares of the industrial products company’s stock worth $38,796,000 after buying an additional 207,961 shares during the period. Voya Investment Management LLC grew its position in shares of Standex International by 1,619.8% during the 1st quarter. Voya Investment Management LLC now owns 130,860 shares of the industrial products company’s stock worth $21,119,000 after buying an additional 123,251 shares during the period. Segall Bryant & Hamill LLC bought a new stake in shares of Standex International during the third quarter worth approximately $19,763,000. Finally, Kennedy Capital Management LLC acquired a new position in Standex International in the third quarter valued at approximately $17,766,000. 90.35% of the stock is currently owned by institutional investors and hedge funds.

Standex International Company Profile

Standex International Corporation, together with subsidiaries, engages in the manufacture and sale of various products and services for commercial and industrial markets in the United States and internationally. It operates through five segments: Electronics, Engraving, Scientific, Engineering Technologies, and Specialty Solutions.