Sono-Tek (NASDAQ:SOTK) Upgraded at Northland Securities

Sono-Tek (NASDAQ:SOTK) was upgraded by Northland Securities from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Monday, MarketBeat reports. The brokerage presently has a $7.00 price target on the industrial products company’s stock. Northland Securities‘s price objective suggests a potential upside of 33.08% from the company’s previous close.

Several other analysts have also recently weighed in on the company. Wall Street Zen downgraded Sono-Tek from a “strong-buy” rating to a “hold” rating in a research note on Saturday, October 17th. Weiss Ratings lowered Sono-Tek from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Sono-Tek presently has an average rating of “Moderate Buy” and a consensus price target of $7.75.

Sono-Tek Price Performance

Shares of SOTK stock opened at $5.26 on Monday. The firm has a 50 day moving average price of $5.38 and a two-hundred day moving average price of $5.17. The company has a market capitalization of $82.84 million, a PE ratio of 43.83 and a beta of 0.07. Sono-Tek has a 12-month low of $3.40 and a 12-month high of $7.48.

Sono-Tek (NASDAQ:SOTK) last issued its quarterly earnings data on Wednesday, October 14th. The industrial products company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). Sono-Tek had a return on equity of 9.95% and a net margin of 9.32%. The firm had revenue of $5.23 million for the quarter, compared to the consensus estimate of $5.54 million. As a group, research analysts expect that Sono-Tek will post 0.08 EPS for the current year.

Insider Buying and Selling

In related news, CFO Stephen Bagley sold 8,346 shares of the firm’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $5.13, for a total transaction of $42,814.98. Following the transaction, the chief financial officer directly owned 21,254 shares of the company’s stock, valued at approximately $109,033.02. This trade represents a 28.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 5.57% of the company’s stock.

Institutional Trading of Sono-Tek

A number of institutional investors have recently bought and sold shares of SOTK. Northwestern Mutual Wealth Management Co. bought a new stake in Sono-Tek in the 2nd quarter valued at about $73,000. BlackRock Inc. acquired a new position in shares of Sono-Tek during the 2nd quarter worth approximately $179,000. Bard Associates Inc. bought a new position in shares of Sono-Tek during the second quarter worth approximately $349,000. Finally, Renaissance Technologies LLC increased its holdings in shares of Sono-Tek by 41.6% during the first quarter. Renaissance Technologies LLC now owns 89,100 shares of the industrial products company’s stock worth $362,000 after purchasing an additional 26,161 shares during the period. Institutional investors own 47.89% of the company’s stock.

About Sono-Tek

Sono-Tek Corporation is a precision technology company that designs and manufactures ultrasonic coating and spraying systems. Its equipment uses high-frequency ultrasonic energy to atomize liquids into controlled, uniform sprays, enabling manufacturers to apply thin films, coatings and other materials with minimal overspray and waste.

The company offers ultrasonic spray nozzles, integrated coating systems, precision liquid-dispensing equipment and automated or robotic platforms. Its technologies are used in applications including medical devices, electronics, fuel cells, solar and alternative-energy products, glass and other industrial components.