Zacks Investment Research lowered shares of Sun Hydraulics Corporation (NASDAQ:SNHY) from a strong-buy rating to a hold rating in a research report sent to investors on Wednesday morning.
According to Zacks, “Sun Hydraulics is a leading designer and manufacturer of high-performance, screw-in hydraulic cartridge valves and manifolds which control force, speed and motion as integral components in fluid power systems. The Company sells its products globally through independent distributors. “
A number of other equities analysts have also commented on SNHY. BidaskClub upgraded shares of Sun Hydraulics Corporation from a strong sell rating to a sell rating in a research report on Friday, August 11th. Sidoti began coverage on shares of Sun Hydraulics Corporation in a research report on Thursday, September 14th. They issued a neutral rating for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. Sun Hydraulics Corporation has a consensus rating of Hold and a consensus target price of $44.50.
Shares of Sun Hydraulics Corporation (NASDAQ:SNHY) traded up 0.11% during trading on Wednesday, hitting $56.98. 22,251 shares of the stock traded hands. Sun Hydraulics Corporation has a 1-year low of $28.88 and a 1-year high of $57.73. The company has a market cap of $1.54 billion, a P/E ratio of 59.98 and a beta of 1.76. The stock has a 50-day moving average of $51.66 and a 200 day moving average of $43.79.
Sun Hydraulics Corporation (NASDAQ:SNHY) last released its quarterly earnings data on Monday, August 7th. The industrial products company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.13. Sun Hydraulics Corporation had a net margin of 9.63% and a return on equity of 13.25%. The company had revenue of $89.30 million during the quarter, compared to analyst estimates of $79.18 million. During the same period last year, the business earned $0.26 earnings per share. Sun Hydraulics Corporation’s revenue was up 75.8% compared to the same quarter last year. On average, equities research analysts predict that Sun Hydraulics Corporation will post $1.55 EPS for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 20th. Stockholders of record on Thursday, October 5th will be given a $0.09 dividend. The ex-dividend date of this dividend is Wednesday, October 4th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.63%. Sun Hydraulics Corporation’s dividend payout ratio (DPR) is currently 37.50%.
In other news, Director Christine L. Koski sold 19,140 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $47.26, for a total value of $904,556.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Christine L. Koski sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $49.87, for a total transaction of $748,050.00. The disclosure for this sale can be found here. Insiders sold 85,440 shares of company stock valued at $4,070,619 over the last 90 days. 10.70% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in SNHY. Janus Henderson Group PLC purchased a new stake in Sun Hydraulics Corporation in the second quarter valued at approximately $22,193,000. GW&K Investment Management LLC purchased a new stake in Sun Hydraulics Corporation in the second quarter valued at approximately $19,460,000. Ameriprise Financial Inc. raised its stake in Sun Hydraulics Corporation by 186.7% in the second quarter. Ameriprise Financial Inc. now owns 258,333 shares of the industrial products company’s stock valued at $11,023,000 after purchasing an additional 168,220 shares in the last quarter. RK Capital Management LLC purchased a new stake in Sun Hydraulics Corporation in the second quarter valued at approximately $7,173,000. Finally, Bank of New York Mellon Corp raised its stake in Sun Hydraulics Corporation by 80.0% in the first quarter. Bank of New York Mellon Corp now owns 349,008 shares of the industrial products company’s stock valued at $12,602,000 after purchasing an additional 155,152 shares in the last quarter. 79.94% of the stock is currently owned by institutional investors and hedge funds.
About Sun Hydraulics Corporation
Sun Hydraulics Corporation (Sun) develops and manufactures solutions for the hydraulics and electronics markets. It is engaged in power controls and vehicle technologies lines of business. The Company operates through two segments including hydraulics and electronics. Hydraulics market segment is engaged in manufacturing of screw-in hydraulic cartridge valves, electro-hydraulics, manifolds, and integrated package solutions for the worldwide industrial and mobile hydraulics markets operating under the brand Sun Hydraulics.
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