Astoria Portfolio Advisors LLC. Acquires New Stake in Power Solutions International, Inc. $PSIX

Key Points

• Astoria Portfolio Advisors LLC acquired a new stake in Power Solutions International, purchasing 6,388 shares valued at approximately $413,000 in the second quarter.
• Insider sales were notable, with Director Hong He selling 2,500 shares and Director Frank P. Simpkins selling 10,000 shares, representing decreases in their respective holdings.
• Analysts have given Power Solutions International a "buy" rating with an average price target of $37.00, reflecting a positive outlook for the company's stock.

Astoria Portfolio Advisors LLC. acquired a new stake in shares of Power Solutions International, Inc. (NASDAQ:PSIX - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,388 shares of the company's stock, valued at approximately $413,000.

A number of other hedge funds also recently bought and sold shares of the company. Wolff Wiese Magana LLC purchased a new stake in Power Solutions International in the second quarter worth about $26,000. Vestcor Inc purchased a new stake in Power Solutions International in the first quarter worth about $29,000. Farther Finance Advisors LLC increased its position in Power Solutions International by 88.0% in the second quarter. Farther Finance Advisors LLC now owns 1,651 shares of the company's stock worth $107,000 after buying an additional 773 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in Power Solutions International in the first quarter worth about $112,000. Finally, Spire Wealth Management increased its position in Power Solutions International by 84.5% in the first quarter. Spire Wealth Management now owns 5,984 shares of the company's stock worth $151,000 after buying an additional 2,741 shares in the last quarter. Hedge funds and other institutional investors own 22.28% of the company's stock.

Insider Activity at Power Solutions International

In related news, Director Hong He sold 2,500 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $90.03, for a total transaction of $225,075.00. Following the completion of the transaction, the director directly owned 26,250 shares of the company's stock, valued at approximately $2,363,287.50. This represents a 8.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Frank P. Simpkins sold 10,000 shares of the stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $91.64, for a total value of $916,400.00. Following the transaction, the director directly owned 25,000 shares of the company's stock, valued at approximately $2,291,000. The trade was a 28.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 211,014 shares of company stock valued at $18,768,831 in the last 90 days. 0.96% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a "buy (b)" rating on shares of Power Solutions International in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $37.00.

Power Solutions International Stock Performance

NASDAQ PSIX opened at $85.72 on Monday. The firm has a market cap of $1.97 billion, a price-to-earnings ratio of 17.82 and a beta of 1.53. The company has a quick ratio of 0.65, a current ratio of 1.26 and a debt-to-equity ratio of 0.01. The business has a 50-day moving average price of $92.29 and a 200-day moving average price of $63.38. Power Solutions International, Inc. has a twelve month low of $15.30 and a twelve month high of $121.78.

Power Solutions International (NASDAQ:PSIX - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $2.23 EPS for the quarter. Power Solutions International had a return on equity of 136.57% and a net margin of 18.56%.The company had revenue of $191.91 million during the quarter.

About Power Solutions International

Power Solutions International, Inc engages in the design, manufacture, and trade of power systems and electrical power generation equipment. The firm provides integrated turnkey solutions to global original equipment manufacturers and end-user customers within the energy, industrial, and transportation end markets.

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