Bank of New York Mellon Corp Purchases New Position in Twin Disc, Incorporated $TWIN

Key Points

• Bank of New York Mellon purchased 115,687 Twin Disc shares worth approximately $2.68 million, giving it a 0.80% stake. Institutional investors collectively own 65.25% of the company.
• Twin Disc reported quarterly EPS of $0.64, well above the $0.23 analyst consensus, while revenue of $114.4 million also exceeded estimates. The company increased its quarterly dividend to $0.05 per share, or $0.20 annually.
• Analysts maintain a generally positive outlook, with an average rating of “Moderate Buy” and a consensus price target of $30, compared with the stock’s reported price of $23.85.

Bank of New York Mellon Corp purchased a new position in Twin Disc, Incorporated (NASDAQ:TWIN - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 115,687 shares of the industrial products company's stock, valued at approximately $2,684,000. Bank of New York Mellon Corp owned 0.80% of Twin Disc at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Global Retirement Partners LLC acquired a new position in shares of Twin Disc during the 4th quarter worth approximately $39,000. Strs Ohio acquired a new stake in Twin Disc in the 1st quarter valued at $74,000. JPMorgan Chase & Co. increased its holdings in Twin Disc by 28.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,361 shares of the industrial products company's stock worth $75,000 after acquiring an additional 1,193 shares in the last quarter. Bank of America Corp DE increased its holdings in Twin Disc by 40.9% in the 2nd quarter. Bank of America Corp DE now owns 15,811 shares of the industrial products company's stock worth $140,000 after acquiring an additional 4,590 shares in the last quarter. Finally, Qube Research & Technologies Ltd acquired a new position in Twin Disc during the second quarter worth $141,000. Hedge funds and other institutional investors own 65.25% of the company's stock.

Twin Disc Price Performance

Shares of NASDAQ TWIN opened at $23.85 on Tuesday. The firm has a 50-day simple moving average of $23.20 and a 200-day simple moving average of $19.61. The company has a quick ratio of 0.81, a current ratio of 2.09 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $343.92 million, a price-to-earnings ratio of 10.02 and a beta of 0.67. Twin Disc, Incorporated has a 52 week low of $12.79 and a 52 week high of $25.50.

Twin Disc (NASDAQ:TWIN - Get Free Report) last posted its quarterly earnings results on Thursday, August 20th. The industrial products company reported $0.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.23 by $0.41. Twin Disc had a return on equity of 7.19% and a net margin of 9.06%.The business had revenue of $114.40 million during the quarter, compared to analyst estimates of $100.35 million.

Twin Disc Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Tuesday, August 18th. This is a positive change from Twin Disc's previous quarterly dividend of $0.04. Twin Disc's dividend payout ratio is presently 8.40%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Lake Street Capital initiated coverage on shares of Twin Disc in a report on Thursday, July 9th. They set a "buy" rating and a $30.00 price objective on the stock. Wall Street Zen cut Twin Disc from a "strong-buy" rating to a "buy" rating in a report on Saturday, June 6th. Finally, Weiss Ratings upgraded Twin Disc from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, June 12th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $30.00.

Insider Activity

In related news, CFO Jeffrey Scott Knutson sold 4,302 shares of the company's stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $23.00, for a total value of $98,946.00. Following the completion of the sale, the chief financial officer owned 178,275 shares of the company's stock, valued at approximately $4,100,325. This represents a 2.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 22.10% of the company's stock.

Twin Disc Profile

Twin Disc, Inc NASDAQ: TWIN is a global designer and manufacturer of power transmission equipment for marine and industrial applications. Headquartered in Racine, Wisconsin, the company develops a range of mechanical and digital solutions that control power delivery in demanding environments. Its portfolio includes marine gears, power take-offs, clutches, brakes, transmissions and controllable pitch propeller systems engineered to withstand heavy loads and corrosive conditions.

In addition to original equipment manufacturing, Twin Disc offers aftermarket parts and services, including maintenance, repair and overhaul support through a network of service centers worldwide.

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