Concurrent Investment Advisors LLC Sells 73,620 Shares of Park Aerospace Corp. $PKE

Key Points

• Concurrent Investment Advisors reduced its Park Aerospace stake by 88.6% in the second quarter, selling 73,620 shares and retaining 9,450 shares valued at approximately $361,000. Institutional investors collectively own 77.83% of the company.
• Park Aerospace exceeded quarterly expectations, reporting earnings per share of $0.17 versus the $0.14 estimate and revenue of $18.31 million. The company also declared a quarterly dividend of $0.125, equivalent to a 1.6% annual yield.
• Analysts remain broadly optimistic, with a consensus “Buy” rating and an average price target of $42.50, despite one recent downgrade to “Hold.” The stock opened at $30.94, below its 52-week high of $39.86.

Concurrent Investment Advisors LLC decreased its position in shares of Park Aerospace Corp. (NYSE:PKE - Free Report) by 88.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,450 shares of the semiconductor company's stock after selling 73,620 shares during the period. Concurrent Investment Advisors LLC's holdings in Park Aerospace were worth $361,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Bank of New York Mellon Corp purchased a new stake in Park Aerospace during the second quarter valued at $7,639,000. Illumine Investment Management LLC purchased a new position in shares of Park Aerospace in the 1st quarter worth $1,122,000. BlackRock Inc. bought a new stake in shares of Park Aerospace in the 2nd quarter worth about $55,207,000. State of Wyoming bought a new stake in shares of Park Aerospace in the 2nd quarter worth about $1,083,000. Finally, Lazard Asset Management LLC purchased a new stake in shares of Park Aerospace during the 1st quarter valued at about $2,011,000. 77.83% of the stock is currently owned by hedge funds and other institutional investors.

Park Aerospace Stock Up 0.7%

PKE stock opened at $30.94 on Wednesday. The firm has a 50-day simple moving average of $34.05 and a 200-day simple moving average of $32.70. Park Aerospace Corp. has a 52 week low of $18.25 and a 52 week high of $39.86. The stock has a market capitalization of $672.95 million, a P/E ratio of 49.11 and a beta of 0.40.

Park Aerospace (NYSE:PKE - Get Free Report) last released its earnings results on Monday, July 20th. The semiconductor company reported $0.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.14 by $0.03. Park Aerospace had a net margin of 16.70% and a return on equity of 10.75%. The business had revenue of $18.31 million during the quarter, compared to analyst estimates of $17.95 million.

Park Aerospace Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 4th. Investors of record on Thursday, October 1st will be issued a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 1.6%. The ex-dividend date is Thursday, October 1st. Park Aerospace's payout ratio is 79.37%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Wall Street Zen cut Park Aerospace from a "buy" rating to a "hold" rating in a report on Saturday, August 22nd. Citizens Jmp initiated coverage on shares of Park Aerospace in a research note on Tuesday, June 9th. They set a "market outperform" rating and a $42.00 price objective on the stock. Needham & Company LLC reiterated a "buy" rating and issued a $43.00 target price on shares of Park Aerospace in a research note on Tuesday, July 21st. Weiss Ratings lowered shares of Park Aerospace from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday. Finally, Citigroup restated a "market outperform" rating on shares of Park Aerospace in a research note on Tuesday, July 21st. Four equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $42.50.

Insider Activity

In related news, insider Constantine Petropoulos sold 2,500 shares of Park Aerospace stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $36.00, for a total value of $90,000.00. Following the completion of the sale, the insider owned 2,500 shares in the company, valued at approximately $90,000. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 7.10% of the company's stock.

Park Aerospace Company Profile

Park Aerospace Corp. NYSE: PKE develops and manufactures advanced composite materials and composite parts primarily for the aerospace industry. Its products are used in aircraft structures and other applications that require lightweight, high-strength materials designed to withstand demanding operating conditions.

The company's product portfolio includes carbon-fiber and other fiber-reinforced composite materials, prepregs, laminates, film adhesives, and structural composite components.

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