Park Aerospace (NYSE:PKE) Shares Gap Up on Earnings Beat

Shares of Park Aerospace Corp. (NYSE:PKE) gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $32.66, but opened at $36.66. Park Aerospace shares last traded at $38.6840, with a volume of 111,864 shares changing hands.

The semiconductor company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.03. The firm had revenue of $18.31 million for the quarter, compared to analysts’ expectations of $17.95 million. Park Aerospace had a return on equity of 10.08% and a net margin of 15.38%.

Park Aerospace Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 1st will be issued a $0.125 dividend. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $0.50 dividend on an annualized basis and a yield of 1.3%. Park Aerospace’s dividend payout ratio is currently 89.29%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Citigroup restated a “market outperform” rating on shares of Park Aerospace in a research note on Tuesday. Wall Street Zen cut shares of Park Aerospace from a “strong-buy” rating to a “buy” rating in a research note on Sunday, June 14th. Citizens Jmp initiated coverage on shares of Park Aerospace in a report on Tuesday, June 9th. They issued a “market outperform” rating and a $42.00 price objective on the stock. Weiss Ratings upgraded shares of Park Aerospace from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 1st. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $43.00 target price on shares of Park Aerospace in a report on Tuesday. Four investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $42.50.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Comerica Bank lifted its position in shares of Park Aerospace by 583.4% in the fourth quarter. Comerica Bank now owns 36,806 shares of the semiconductor company’s stock valued at $785,000 after acquiring an additional 31,420 shares in the last quarter. Illumine Investment Management LLC bought a new stake in Park Aerospace during the 1st quarter valued at approximately $1,122,000. Y Intercept Hong Kong Ltd bought a new stake in Park Aerospace during the 1st quarter valued at approximately $873,000. Round Rock Advisors LLC raised its stake in Park Aerospace by 64.5% during the 4th quarter. Round Rock Advisors LLC now owns 67,580 shares of the semiconductor company’s stock valued at $1,442,000 after purchasing an additional 26,490 shares during the period. Finally, Stephens Investment Management Group LLC purchased a new position in Park Aerospace in the 1st quarter worth approximately $14,926,000. 77.83% of the stock is owned by hedge funds and other institutional investors.

Park Aerospace Stock Performance

The company has a market capitalization of $806.70 million, a PE ratio of 69.30 and a beta of 0.39. The stock has a fifty day moving average of $34.18 and a 200 day moving average of $29.84.

Park Aerospace Company Profile

Park Aerospace (NYSE: PKE) is a specialized materials and manufacturing company that designs, develops and produces high-performance composite structures, engineered laminates and specialty adhesives for aerospace, defense and industrial markets. Its product portfolio includes advanced honeycomb cores, composite assemblies, dielectric and high-reliability circuit materials, as well as structural and bonding solutions that meet demanding performance and weight requirements.

The company operates through two principal segments.