Sun Hydraulics Corporation (NASDAQ:SNHY) shot up 9.6% on Tuesday following a better than expected earnings announcement. The company traded as high as $48.44 and last traded at $47.48, with a volume of 515,785 shares traded. The stock had previously closed at $43.33.
The industrial products company reported $0.52 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.13. The business had revenue of $89.30 million for the quarter, compared to analysts’ expectations of $79.18 million. Sun Hydraulics Corporation had a return on equity of 13.25% and a net margin of 9.63%. The company’s quarterly revenue was up 75.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.26 EPS.
Several analysts have recently commented on SNHY shares. Zacks Investment Research raised Sun Hydraulics Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, May 3rd. TheStreet raised Sun Hydraulics Corporation from a “c” rating to a “b” rating in a research report on Monday, May 8th. Finally, BidaskClub cut Sun Hydraulics Corporation from a “buy” rating to a “hold” rating in a research report on Saturday, June 17th.
In other news, Director Christine L. Koski sold 20,000 shares of the firm’s stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $42.20, for a total value of $844,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Allen J. Carlson sold 9,000 shares of Sun Hydraulics Corporation stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $43.00, for a total value of $387,000.00. Following the sale, the director now directly owns 35,000 shares of the company’s stock, valued at approximately $1,505,000. The disclosure for this sale can be found here. In the last ninety days, insiders sold 134,440 shares of company stock valued at $6,065,767. 10.70% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Teachers Advisors LLC boosted its stake in Sun Hydraulics Corporation by 9.2% in the fourth quarter. Teachers Advisors LLC now owns 40,484 shares of the industrial products company’s stock worth $1,618,000 after buying an additional 3,407 shares during the last quarter. Granite Investment Partners LLC boosted its stake in Sun Hydraulics Corporation by 10.3% in the first quarter. Granite Investment Partners LLC now owns 259,054 shares of the industrial products company’s stock worth $9,355,000 after buying an additional 24,118 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in Sun Hydraulics Corporation by 176.7% in the first quarter. Russell Investments Group Ltd. now owns 15,660 shares of the industrial products company’s stock worth $565,000 after buying an additional 10,001 shares during the last quarter. First Trust Advisors LP boosted its stake in Sun Hydraulics Corporation by 61.4% in the first quarter. First Trust Advisors LP now owns 21,097 shares of the industrial products company’s stock worth $762,000 after buying an additional 8,027 shares during the last quarter. Finally, Bbva Compass Bancshares Inc. boosted its stake in Sun Hydraulics Corporation by 12.5% in the first quarter. Bbva Compass Bancshares Inc. now owns 19,781 shares of the industrial products company’s stock worth $714,000 after buying an additional 2,203 shares during the last quarter. 79.50% of the stock is owned by hedge funds and other institutional investors.
The stock’s 50 day moving average price is $43.18 and its 200-day moving average price is $40.00. The stock has a market capitalization of $1.25 billion, a PE ratio of 48.76 and a beta of 1.81.
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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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