Zacks Investment Research Upgrades Standex Int’l (SXI) to “Buy”

Zacks Investment Research upgraded shares of Standex Int’l (NYSE:SXI) from a sell rating to a buy rating in a research note published on Wednesday morning. They currently have $88.00 target price on the industrial products company’s stock.

According to Zacks, “Standex International Corp. is a diversified manufacturer producing and marketing a wide variety of useful, quality products. The company enjoys a broad and well-balanced earnings base by virtue of its strong market position in selected areas of operation. (PRESS RELEASE) “

A number of other research firms have also recently issued reports on SXI. TheStreet cut shares of Standex Int’l from a b rating to a c+ rating in a research report on Monday, October 29th. ValuEngine cut shares of Standex Int’l from a hold rating to a sell rating in a research report on Monday, October 29th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $109.67.

SXI stock opened at $81.01 on Wednesday. Standex Int’l has a 12-month low of $76.00 and a 12-month high of $114.20. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of 16.07 and a beta of 1.66. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.59 and a current ratio of 2.74.

Standex Int’l (NYSE:SXI) last released its quarterly earnings data on Monday, October 29th. The industrial products company reported $1.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.22). Standex Int’l had a net margin of 4.54% and a return on equity of 14.52%. The firm had revenue of $193.08 million during the quarter, compared to analysts’ expectations of $226.20 million. During the same quarter in the previous year, the firm posted $1.23 EPS. Standex Int’l’s revenue was up 2.1% compared to the same quarter last year. As a group, equities analysts predict that Standex Int’l will post 5.6 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 27th. Investors of record on Thursday, November 8th will be given a dividend of $0.20 per share. The ex-dividend date is Wednesday, November 7th. This represents a $0.80 annualized dividend and a dividend yield of 0.99%. This is a boost from Standex Int’l’s previous quarterly dividend of $0.18. Standex Int’l’s payout ratio is currently 13.93%.

In related news, VP Thomas D. Debyle sold 2,000 shares of the business’s stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $110.10, for a total transaction of $220,200.00. Following the transaction, the vice president now owns 65,343 shares in the company, valued at $7,194,264.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.64% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its position in shares of Standex Int’l by 11.9% during the second quarter. Bank of New York Mellon Corp now owns 201,881 shares of the industrial products company’s stock valued at $20,632,000 after buying an additional 21,541 shares during the period. BlackRock Inc. increased its position in shares of Standex Int’l by 10.2% during the second quarter. BlackRock Inc. now owns 1,847,731 shares of the industrial products company’s stock valued at $188,837,000 after buying an additional 170,292 shares during the period. Tygh Capital Management Inc. increased its position in shares of Standex Int’l by 3.4% during the second quarter. Tygh Capital Management Inc. now owns 92,580 shares of the industrial products company’s stock valued at $9,462,000 after buying an additional 3,025 shares during the period. Amalgamated Bank purchased a new position in shares of Standex Int’l during the second quarter valued at about $208,000. Finally, Citadel Advisors LLC increased its position in shares of Standex Int’l by 21.8% during the second quarter. Citadel Advisors LLC now owns 25,220 shares of the industrial products company’s stock valued at $2,578,000 after buying an additional 4,514 shares during the period. Institutional investors own 86.82% of the company’s stock.

About Standex Int’l

Standex International Corporation manufactures and sells various products and services for commercial and industrial markets in the United States and internationally. The Food Service Equipment segment offers refrigerated cabinets, cases, display units, walk-in coolers, and freezers; commercial ovens, char broilers, ranges, griddles, toasters, warmers, roller grills, and countertop merchandisers; commercial cook and hold units, rotisseries, pressure fryers, and baking equipment; commercial deep fryers; merchandizing display cases; pump systems; and cold storage equipment.

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