Park Aerospace (NYSE:PKE) Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of Park Aerospace (NYSE:PKE) from a buy rating to a hold rating in a research report released on Saturday morning.

Several other brokerages have also recently commented on PKE. Citizens Jmp initiated coverage on Park Aerospace in a report on Tuesday, June 9th. They set a “market outperform” rating and a $42.00 target price on the stock. Needham & Company LLC reiterated a “buy” rating and set a $43.00 price target on shares of Park Aerospace in a research report on Tuesday, July 21st. Weiss Ratings downgraded Park Aerospace from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, August 12th. Finally, Citigroup reiterated a “market outperform” rating on shares of Park Aerospace in a research report on Tuesday, July 21st. Four investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, Park Aerospace presently has a consensus rating of “Buy” and a consensus target price of $42.50.

Park Aerospace Stock Down 2.7%

PKE stock opened at $32.97 on Friday. The company has a 50-day simple moving average of $35.04 and a 200 day simple moving average of $31.92. The company has a market capitalization of $717.10 million, a P/E ratio of 52.33 and a beta of 0.41. Park Aerospace has a fifty-two week low of $18.19 and a fifty-two week high of $39.86.

Park Aerospace (NYSE:PKE) last released its earnings results on Monday, July 20th. The semiconductor company reported $0.17 EPS 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 net margin of 16.70% and a return on equity of 10.75%.

Park Aerospace Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Wednesday, July 1st were paid a dividend of $0.125 per share. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $0.50 annualized dividend and a dividend yield of 1.5%. Park Aerospace’s dividend payout ratio (DPR) is currently 79.37%.

Insider Activity

In related news, insider Constantine Petropoulos sold 2,500 shares of Park Aerospace stock in a transaction on Monday, July 27th. The stock was sold at an average price of $36.00, for a total value of $90,000.00. Following the transaction, the insider directly owned 2,500 shares in the company, valued at $90,000. The trade was a 50.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 7.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Park Aerospace

Hedge funds and other institutional investors have recently modified their holdings of the stock. California State Teachers Retirement System raised its holdings in Park Aerospace by 884.9% during the 2nd quarter. California State Teachers Retirement System now owns 9,731 shares of the semiconductor company’s stock worth $371,000 after buying an additional 8,743 shares during the period. Susquehanna Fundamental Investments LLC boosted its holdings in shares of Park Aerospace by 3.7% in the second quarter. Susquehanna Fundamental Investments LLC now owns 31,459 shares of the semiconductor company’s stock worth $1,200,000 after buying an additional 1,128 shares during the period. Corient Private Wealth LP purchased a new position in shares of Park Aerospace in the second quarter worth approximately $230,000. Bank of America Corp DE acquired a new stake in shares of Park Aerospace during the second quarter valued at approximately $683,000. Finally, Legal & General Group Plc purchased a new stake in shares of Park Aerospace in the 2nd quarter valued at approximately $179,000. Institutional investors and hedge funds own 77.83% of the company’s stock.

About Park Aerospace

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.