Park Aerospace (NYSE:PKE) Shares Gap Up on Earnings Beat

Park Aerospace Corp. (NYSE:PKE) gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $32.66, but opened at $36.66. Park Aerospace shares last traded at $38.6840, with a volume of 111,864 shares trading hands.

The semiconductor company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.03. The business had revenue of $18.31 million for the quarter, compared to analyst estimates 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 company also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 1st will be given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Wednesday, July 1st. Park Aerospace’s dividend payout ratio (DPR) is currently 79.37%.

Analyst Upgrades and Downgrades

PKE has been the subject of several research analyst reports. Citigroup reissued a “market outperform” rating on shares of Park Aerospace in a report on Tuesday. Weiss Ratings upgraded Park Aerospace from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 1st. Citizens Jmp assumed coverage on Park Aerospace in a research note on Tuesday, June 9th. They issued a “market outperform” rating and a $42.00 target price for the company. Needham & Company LLC reissued a “buy” rating and issued a $43.00 target price on shares of Park Aerospace in a research note on Tuesday. Finally, Wall Street Zen downgraded Park Aerospace from a “strong-buy” rating to a “buy” rating in a report on Sunday, June 14th. Four research analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $42.50.

Institutional Investors Weigh In On Park Aerospace

Several large investors have recently made changes to their positions in the stock. Bank of America Corp DE raised its holdings in shares of Park Aerospace by 128.0% during the first quarter. Bank of America Corp DE now owns 45,047 shares of the semiconductor company’s stock worth $1,233,000 after acquiring an additional 25,288 shares during the period. Parvin Asset Management LLC boosted its stake in Park Aerospace by 11.4% in the 1st quarter. Parvin Asset Management LLC now owns 4,875 shares of the semiconductor company’s stock worth $133,000 after purchasing an additional 500 shares during the period. Royal Bank of Canada boosted its stake in Park Aerospace by 24.3% in the 1st quarter. Royal Bank of Canada now owns 31,575 shares of the semiconductor company’s stock worth $864,000 after purchasing an additional 6,174 shares during the period. Quantinno Capital Management LP increased its holdings in Park Aerospace by 31.1% during the 1st quarter. Quantinno Capital Management LP now owns 64,413 shares of the semiconductor company’s stock worth $1,764,000 after purchasing an additional 15,292 shares in the last quarter. Finally, Lazard Asset Management LLC bought a new position in Park Aerospace during the 1st quarter worth about $2,011,000. Institutional investors own 77.83% of the company’s stock.

Park Aerospace Trading Down 4.4%

The company has a 50 day simple moving average of $34.19 and a 200-day simple moving average of $30.02. The stock has a market cap of $728.93 million, a price-to-earnings ratio of 53.20 and a beta of 0.39.

Park Aerospace Company Profile

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.