Zacks Investment Research upgraded shares of Sun Hydraulics Corporation (NASDAQ:SNHY) from a hold rating to a strong-buy rating in a research report report published on Tuesday, October 17th. They currently have $63.00 price objective on the industrial products company’s stock.
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. “
Several other brokerages also recently issued reports on SNHY. Robert W. Baird downgraded shares of Sun Hydraulics Corporation from an outperform rating to a neutral rating and raised their price objective for the stock from $55.00 to $57.00 in a research note on Friday, October 13th. Sidoti began coverage on shares of Sun Hydraulics Corporation in a research note on Thursday, September 14th. They set a neutral rating for the company. Finally, BidaskClub raised shares of Sun Hydraulics Corporation from a strong sell rating to a sell rating in a research note on Friday, August 11th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a strong buy rating to the company. The stock currently has an average rating of Hold and an average target price of $60.00.
Shares of Sun Hydraulics Corporation (NASDAQ SNHY) traded up 1.3833% on Tuesday, reaching $57.2106. The company’s stock had a trading volume of 37,374 shares. Sun Hydraulics Corporation has a 52-week low of $28.93 and a 52-week high of $57.73. The stock has a market cap of $1.55 billion, a P/E ratio of 60.2217 and a beta of 1.76. The firm’s 50 day moving average is $53.81 and its 200-day moving average is $45.21.
Sun Hydraulics Corporation (NASDAQ:SNHY) last announced its quarterly earnings data on Monday, August 7th. The industrial products company reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.13. The business had revenue of $89.30 million during the quarter, compared to the consensus estimate of $79.18 million. Sun Hydraulics Corporation had a net margin of 9.63% and a return on equity of 13.25%. The firm’s quarterly revenue was up 75.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.26 earnings per share. On average, equities research analysts forecast that Sun Hydraulics Corporation will post $1.56 EPS for the current year.
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The business also recently declared a quarterly dividend, which was paid on Friday, October 20th. Stockholders of record on Thursday, October 5th were paid a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 0.64%. The ex-dividend date of this dividend was Wednesday, October 4th. Sun Hydraulics Corporation’s dividend payout ratio is presently 37.50%.
In related news, Director Christine L. Koski sold 19,140 shares of the business’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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Christine L. Koski sold 14,753 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $47.01, for a total transaction of $693,538.53. The disclosure for this sale can be found here. Insiders have sold 85,440 shares of company stock valued at $4,070,619 in the last ninety days. Insiders own 10.70% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. Royce & Associates LP raised its stake in Sun Hydraulics Corporation by 1.3% in the second quarter. Royce & Associates LP now owns 2,128,780 shares of the industrial products company’s stock worth $90,835,000 after buying an additional 28,200 shares in the last quarter. Vanguard Group Inc. raised its stake in Sun Hydraulics Corporation by 4.1% in the second quarter. Vanguard Group Inc. now owns 1,880,090 shares of the industrial products company’s stock worth $80,223,000 after buying an additional 73,703 shares in the last quarter. Conestoga Capital Advisors LLC grew its holdings in Sun Hydraulics Corporation by 7.9% in the second quarter. Conestoga Capital Advisors LLC now owns 867,459 shares of the industrial products company’s stock worth $37,014,000 after purchasing an additional 63,483 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Sun Hydraulics Corporation by 0.8% in the second quarter. Dimensional Fund Advisors LP now owns 866,731 shares of the industrial products company’s stock worth $36,983,000 after purchasing an additional 6,593 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in Sun Hydraulics Corporation by 17.0% in the first quarter. Renaissance Technologies LLC now owns 744,875 shares of the industrial products company’s stock worth $26,897,000 after purchasing an additional 108,275 shares during the last quarter. 80.71% of the stock is owned by institutional investors.
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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