Zacks Investment Research upgraded shares of Park-Ohio (NASDAQ:PKOH) from a hold rating to a buy rating in a research note released on Wednesday, Zacks.com reports. The brokerage currently has $31.00 price target 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. “
Several other research analysts have also recently issued reports on PKOH. TheStreet cut Park-Ohio from a b- rating to a c+ rating in a report on Monday, August 5th. B. Riley dropped their price target 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 downgraded shares of Park-Ohio from a sell rating to a strong sell rating in a research note on Friday, June 7th. Finally, BidaskClub downgraded shares of Park-Ohio from a sell rating to a strong sell rating in a research note on Thursday, August 8th. Two equities research analysts have rated the stock with a sell rating and two have given a hold rating to the company. Park-Ohio has a consensus rating of Hold and an average target price of $30.50.
Park-Ohio (NASDAQ:PKOH) last posted its quarterly earnings results on Monday, August 5th. The industrial products company reported $1.07 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.07. The company had revenue of $415.30 million for the quarter, compared to analysts’ expectations 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 forecast that Park-Ohio will post 4.44 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 27th. Shareholders of record on Tuesday, August 13th will be paid a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 1.79%. The ex-dividend date is Monday, August 12th. Park-Ohio’s dividend payout ratio (DPR) is currently 11.68%.
In other news, insider Edward F. Crawford bought 12,532 shares of the business’s stock in a transaction on Friday, June 7th. The shares were bought at an average cost of $29.96 per share, with a total value of $375,458.72. Following the purchase, the insider now directly owns 1,497,675 shares in the company, valued at $44,870,343. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Edward F. Crawford bought 7,581 shares of the business’s stock in a transaction on Tuesday, June 11th. The shares were purchased at an average cost of $30.84 per share, for a total transaction of $233,798.04. Following the completion of the purchase, the insider now owns 1,510,295 shares in the company, valued at $46,577,497.80. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 22,613 shares of company stock worth $678,307. Company insiders own 31.20% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp grew its holdings 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 valued at $2,603,000 after acquiring an additional 11,100 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Park-Ohio by 2.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 896,556 shares of the industrial products company’s stock valued at $27,515,000 after acquiring an additional 18,974 shares in the last quarter. Gamco Investors INC. ET AL grew its holdings in shares of Park-Ohio by 4.7% during the 1st quarter. Gamco Investors INC. ET AL now owns 790,175 shares of the industrial products company’s stock valued at $25,586,000 after acquiring an additional 35,500 shares in the last quarter. Olstein Capital Management L.P. grew its holdings in shares of Park-Ohio by 4.8% during the 2nd quarter. Olstein Capital Management L.P. now owns 50,000 shares of the industrial products company’s stock valued at $1,630,000 after acquiring an additional 2,300 shares in the last quarter. Finally, Teton Advisors Inc. grew its holdings in shares of Park-Ohio by 7.0% during the 1st quarter. Teton Advisors Inc. now owns 209,431 shares of the industrial products company’s stock valued at $6,781,000 after acquiring an additional 13,700 shares in the last quarter. Institutional investors and hedge funds own 53.64% of the company’s stock.
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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