Zacks Investment Research upgraded shares of Sun Hydraulics Corporation (NASDAQ:SNHY) from a hold rating to a strong-buy rating in a research note published on Tuesday, October 17th. The firm currently has $63.00 target price 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. “
A number of other equities research analysts have also recently issued reports on the stock. Robert W. Baird cut shares of Sun Hydraulics Corporation from an outperform rating to a neutral rating and upped their price target for the company from $55.00 to $57.00 in a report on Friday, October 13th. Sidoti began coverage on shares of Sun Hydraulics Corporation in a report on Thursday, September 14th. They set a neutral rating for the company. Finally, BidaskClub upgraded shares of Sun Hydraulics Corporation from a strong sell rating to a sell rating in a report on Friday, August 11th. One analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a strong buy rating to the company. Sun Hydraulics Corporation currently has an average rating of Hold and a consensus target price of $60.00.
Sun Hydraulics Corporation (SNHY) traded up $0.72 on Tuesday, reaching $59.85. 74,865 shares of the company’s stock traded hands, compared to its average volume of 94,912. The firm has a market capitalization of $1,599.98, a P/E ratio of 48.87 and a beta of 1.80. Sun Hydraulics Corporation has a 1 year low of $28.92 and a 1 year high of $59.21. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.80 and a current ratio of 3.65.
Sun Hydraulics Corporation (NASDAQ:SNHY) last issued its quarterly earnings data on Monday, August 7th. The industrial products company reported $0.52 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate 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 firm had revenue of $89.30 million during the quarter, compared to analysts’ expectations of $79.18 million. During the same period in the prior year, the company posted $0.26 earnings per share. Sun Hydraulics Corporation’s revenue for the quarter was up 75.8% on a year-over-year basis. analysts forecast that Sun Hydraulics Corporation will post 1.6 earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which was paid on Friday, October 20th. Stockholders of record on Thursday, October 5th were given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date of this dividend was Wednesday, October 4th. Sun Hydraulics Corporation’s dividend payout ratio is currently 37.50%.
In other news, Director Christine L. Koski sold 15,000 shares of the 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Christine L. Koski sold 19,140 shares of the stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $47.26, for a total transaction of $904,556.40. 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. 10.70% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. bought a new position in Sun Hydraulics Corporation in the second quarter valued at approximately $557,000. Russell Investments Group Ltd. boosted its stake in Sun Hydraulics Corporation by 176.7% in the first quarter. Russell Investments Group Ltd. now owns 15,660 shares of the industrial products company’s stock valued at $565,000 after acquiring an additional 10,001 shares during the last quarter. Citadel Advisors LLC boosted its stake in Sun Hydraulics Corporation by 37.7% in the first quarter. Citadel Advisors LLC now owns 51,857 shares of the industrial products company’s stock valued at $1,872,000 after acquiring an additional 14,210 shares during the last quarter. Wellington Management Group LLP bought a new position in Sun Hydraulics Corporation in the first quarter valued at approximately $4,092,000. Finally, Ameriprise Financial Inc. boosted 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 acquiring an additional 168,220 shares during the last quarter. 81.29% 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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