Sun Hydraulics Corporation (SNHY) Announces Quarterly Earnings Results, Beats Expectations By $0.13 EPS
Sun Hydraulics Corporation (NASDAQ:SNHY) posted its quarterly earnings data on Monday. The industrial products company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.13, Bloomberg Earnings reports. 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 11.14% and a return on equity of 10.57%. The company’s quarterly revenue was up 75.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.26 earnings per share.
Shares of Sun Hydraulics Corporation (NASDAQ:SNHY) traded up 3.98% during midday trading on Monday, reaching $43.33. 167,333 shares of the company’s stock were exchanged. Sun Hydraulics Corporation has a 1-year low of $28.45 and a 1-year high of $44.82. The firm has a 50-day moving average of $42.16 and a 200-day moving average of $39.36. The company has a market capitalization of $1.17 billion, a PE ratio of 46.10 and a beta of 1.81.
The firm also recently declared a quarterly dividend, which was paid on Saturday, July 15th. Shareholders of record on Friday, June 30th were issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 0.83%. The ex-dividend date was Wednesday, June 28th. Sun Hydraulics Corporation’s payout ratio is 37.90%.
SNHY has been the subject of several research analyst reports. Zacks Investment Research raised shares of Sun Hydraulics Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, May 3rd. TheStreet raised shares of Sun Hydraulics Corporation from a “c” rating to a “b” rating in a report on Monday, May 8th. Finally, BidaskClub downgraded shares of Sun Hydraulics Corporation from a “buy” rating to a “hold” rating in a report on Saturday, June 17th.
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In related news, CFO Tricia L. Fulton sold 3,000 shares of Sun Hydraulics Corporation stock in a transaction dated Tuesday, May 9th. The stock was sold at an average price of $41.25, for a total value of $123,750.00. Following the completion of the sale, the chief financial officer now directly owns 56,211 shares in the company, valued at $2,318,703.75. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Christine L. Koski sold 5,000 shares of Sun Hydraulics Corporation stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $44.01, for a total value of $220,050.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 157,000 shares of company stock valued at $6,629,848. Corporate insiders own 10.70% of the company’s stock.
A number of institutional investors have recently modified their holdings of SNHY. GW&K Investment Management LLC bought a new position in shares of Sun Hydraulics Corporation during the second quarter worth about $19,460,000. Norges Bank bought a new position in shares of Sun Hydraulics Corporation during the fourth quarter worth about $16,192,000. RidgeWorth Capital Management LLC boosted its position in shares of Sun Hydraulics Corporation by 510.8% in the first quarter. RidgeWorth Capital Management LLC now owns 387,051 shares of the industrial products company’s stock worth $14,011,000 after buying an additional 323,684 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Sun Hydraulics Corporation by 80.0% in the first quarter. Bank of New York Mellon Corp now owns 349,008 shares of the industrial products company’s stock worth $12,602,000 after buying an additional 155,152 shares during the period. Finally, Wellington Management Group LLP bought a new position in shares of Sun Hydraulics Corporation during the first quarter worth about $4,092,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.
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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