Sun Hydraulics Corporation (SNHY) Downgraded by Zacks Investment Research
Sun Hydraulics Corporation (NASDAQ:SNHY) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
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 also recently commented on the company. BidaskClub raised Sun Hydraulics Corporation from a “strong sell” rating to a “sell” rating in a report on Friday, August 11th. Sidoti initiated coverage on Sun Hydraulics Corporation in a report on Thursday, September 14th. They issued a “neutral” rating for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $44.50.
Sun Hydraulics Corporation (NASDAQ SNHY) traded up 0.69% during mid-day trading on Wednesday, hitting $56.86. 18,045 shares of the stock were exchanged. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of 59.85 and a beta of 1.76. The stock has a 50 day moving average of $51.36 and a 200-day moving average of $43.70. Sun Hydraulics Corporation has a 52-week low of $28.88 and a 52-week high of $57.73.
Sun Hydraulics Corporation (NASDAQ:SNHY) last posted its earnings results on Monday, August 7th. The industrial products company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.13. Sun Hydraulics Corporation had a return on equity of 13.25% and a net margin of 9.63%. The company had revenue of $89.30 million for the quarter, compared to analyst estimates of $79.18 million. During the same quarter in the previous year, the firm earned $0.26 earnings per share. The firm’s quarterly revenue was up 75.8% compared to the same quarter last year. Equities analysts predict that Sun Hydraulics Corporation will post $1.55 EPS for the current fiscal year.
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In related news, Director Christine L. Koski sold 19,140 shares of the stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $47.26, for a total transaction of $904,556.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Christine L. Koski sold 20,000 shares of the stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $47.33, for a total value of $946,600.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 85,440 shares of company stock worth $4,070,619. Corporate insiders own 10.70% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the business. Susquehanna International Group LLP acquired a new stake in Sun Hydraulics Corporation in the 2nd quarter valued at about $308,000. The Manufacturers Life Insurance Company grew its stake in Sun Hydraulics Corporation by 0.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 18,347 shares of the industrial products company’s stock worth $784,000 after buying an additional 54 shares during the last quarter. State Street Corp grew its stake in Sun Hydraulics Corporation by 7.5% during the 2nd quarter. State Street Corp now owns 447,893 shares of the industrial products company’s stock worth $19,111,000 after buying an additional 31,402 shares during the last quarter. Janus Henderson Group PLC purchased a new position in Sun Hydraulics Corporation during the 2nd quarter worth approximately $22,193,000. Finally, Fred Alger Management Inc. grew its stake in Sun Hydraulics Corporation by 0.6% during the 2nd quarter. Fred Alger Management Inc. now owns 487,668 shares of the industrial products company’s stock worth $20,809,000 after buying an additional 2,857 shares during the last quarter. 79.94% of the stock is currently owned by institutional investors.
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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