Park-Ohio (NASDAQ:PKOH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday. The brokerage currently has a $45.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s target price points to a potential upside of 11.80% from the company’s previous close.
According to Zacks, “Park Ohio Holdings Corp. operates through two segments, Manufactured Products and Logistics, which serve a wide variety of industrial markets. Manufactured Products designs and manufactures a broad range of high quality products engineered for specific customer applications. The principal customers of Manufactured Products are original equipment manufacturers and end-users in the automotive, railroad, truck and aerospace industries. Logistics is a leading national supplier of fasteners (e.g., nuts, bolts and screws) and other industrial products. “
Several other research firms have also recently commented on PKOH. BidaskClub cut shares of Park-Ohio from a “buy” rating to a “hold” rating in a research report on Thursday, January 18th. B. Riley restated a “neutral” rating on shares of Park-Ohio in a research note on Wednesday, November 1st. Finally, ValuEngine lowered shares of Park-Ohio from a “strong-buy” rating to a “buy” rating in a research note on Thursday, November 9th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $41.00.
In related news, COO Matthew V. Crawford sold 4,122 shares of Park-Ohio stock in a transaction that occurred on Thursday, December 21st. The shares were sold at an average price of $44.38, for a total value of $182,934.36. Following the completion of the transaction, the chief operating officer now directly owns 997,433 shares in the company, valued at approximately $44,266,076.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Patrick W. Fogarty sold 13,500 shares of Park-Ohio stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $47.05, for a total transaction of $635,175.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,715 shares of company stock valued at $1,008,612. 31.00% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada grew its stake in Park-Ohio by 0.7% in the 2nd quarter. Royal Bank of Canada now owns 5,663 shares of the industrial products company’s stock valued at $216,000 after buying an additional 37 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Park-Ohio by 6.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,473 shares of the industrial products company’s stock valued at $285,000 after buying an additional 452 shares in the last quarter. Teachers Advisors LLC grew its stake in Park-Ohio by 4.0% in the 2nd quarter. Teachers Advisors LLC now owns 15,695 shares of the industrial products company’s stock valued at $598,000 after buying an additional 603 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Park-Ohio by 1.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 76,337 shares of the industrial products company’s stock valued at $3,480,000 after buying an additional 1,134 shares in the last quarter. Finally, Martingale Asset Management L P grew its stake in Park-Ohio by 5.5% in the 4th quarter. Martingale Asset Management L P now owns 30,721 shares of the industrial products company’s stock valued at $1,412,000 after buying an additional 1,606 shares in the last quarter. Institutional investors and hedge funds own 55.18% of the company’s stock.
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Park-Ohio Holdings Corp. is a diversified international company providing supply chain management outsourcing services, capital equipment used on their production lines and manufactured components used to assemble its products. The Company operates in three segments: Supply Technologies, Assembly Components and Engineered Products.
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