Zacks Investment Research upgraded shares of Park-Ohio (NASDAQ:PKOH) from a hold rating to a buy rating in a report released on Thursday. Zacks Investment Research currently has $45.00 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 brokerages have also weighed in on PKOH. ValuEngine lowered shares of Park-Ohio from a strong-buy rating to a buy rating in a report on Thursday, November 9th. BidaskClub downgraded shares of Park-Ohio from a buy rating to a hold rating in a research report on Thursday, January 18th. Finally, B. Riley restated a neutral rating on shares of Park-Ohio in a research report on Wednesday, November 1st. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of Hold and an average price target of $41.00.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Thursday, February 15th will be given a $0.125 dividend. The ex-dividend date is Wednesday, February 14th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.23%. Park-Ohio’s payout ratio is currently 21.19%.
In related news, COO Matthew V. Crawford sold 4,122 shares of Park-Ohio stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $44.38, for a total value of $182,934.36. Following the sale, the chief operating officer now directly owns 997,433 shares in the company, valued at approximately $44,266,076.54. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Ronna Romney sold 3,000 shares of Park-Ohio stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $46.41, for a total transaction of $139,230.00. Following the completion of the sale, the director now owns 24,478 shares in the company, valued at $1,136,023.98. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,715 shares of company stock worth $1,008,612. Insiders own 31.00% of the company’s stock.
A number of large investors have recently modified their holdings of PKOH. Teachers Advisors LLC lifted its position in Park-Ohio by 4.0% in the 2nd quarter. Teachers Advisors LLC now owns 15,695 shares of the industrial products company’s stock valued at $598,000 after purchasing an additional 603 shares during the last quarter. Ameriprise Financial Inc. bought a new stake in Park-Ohio in the 2nd quarter valued at about $228,000. Northern Trust Corp lifted its position in Park-Ohio by 13.6% in the 2nd quarter. Northern Trust Corp now owns 111,886 shares of the industrial products company’s stock valued at $4,263,000 after purchasing an additional 13,412 shares during the last quarter. Vanguard Group Inc. lifted its position in Park-Ohio by 3.8% in the 2nd quarter. Vanguard Group Inc. now owns 380,717 shares of the industrial products company’s stock valued at $14,506,000 after purchasing an additional 13,983 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Park-Ohio by 8.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 717,368 shares of the industrial products company’s stock valued at $27,332,000 after purchasing an additional 55,315 shares during the last quarter. Hedge funds and other institutional investors own 55.18% of the company’s stock.
Park-Ohio Holdings Corp. is a diversified international company providing supply chain management outsourcing services, capital equipment used on their production lines and manufactured components used to assemble its products. The Company operates in three segments: Supply Technologies, Assembly Components and Engineered Products.
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