Illumine Investment Management LLC Purchases New Holdings in Park Aerospace Corp. $PKE

Key Points

• Illumine Investment Management disclosed a new first-quarter stake in Park Aerospace, buying 40,992 shares worth about $1.12 million. The position represented roughly 0.21% of the company.
• Park Aerospace reported better-than-expected quarterly results, posting EPS of $0.19 versus the $0.16 consensus and revenue of $24.19 million versus $22.31 million expected.
• The company also announced a quarterly dividend of $0.125 per share, payable August 3, implying an annualized yield of about 1.5%. Analysts currently have an average Buy rating with a $42.50 price target.

Illumine Investment Management LLC purchased a new stake in Park Aerospace Corp. (NYSE:PKE - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 40,992 shares of the semiconductor company's stock, valued at approximately $1,122,000. Illumine Investment Management LLC owned approximately 0.21% of Park Aerospace at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in PKE. Stephens Investment Management Group LLC bought a new position in shares of Park Aerospace during the first quarter worth about $14,926,000. Next Century Growth Investors LLC grew its stake in shares of Park Aerospace by 93.0% in the 4th quarter. Next Century Growth Investors LLC now owns 526,054 shares of the semiconductor company's stock worth $11,226,000 after purchasing an additional 253,508 shares during the last quarter. Brandes Investment Partners LP grew its position in Park Aerospace by 3.5% in the fourth quarter. Brandes Investment Partners LP now owns 3,191,411 shares of the semiconductor company's stock worth $68,105,000 after buying an additional 107,231 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Park Aerospace by 257.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 112,272 shares of the semiconductor company's stock worth $2,396,000 after purchasing an additional 80,841 shares during the period. Finally, Squarepoint Ops LLC acquired a new stake in Park Aerospace during the 3rd quarter worth about $1,512,000. Institutional investors and hedge funds own 77.83% of the company's stock.

Park Aerospace Trading Down 0.7%

Shares of PKE opened at $33.40 on Tuesday. The stock has a 50 day simple moving average of $34.29 and a 200-day simple moving average of $29.43. Park Aerospace Corp. has a 1 year low of $15.23 and a 1 year high of $39.86. The stock has a market cap of $697.39 million, a PE ratio of 59.64 and a beta of 0.39.

Park Aerospace (NYSE:PKE - Get Free Report) last issued its earnings results on Thursday, May 28th. The semiconductor company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.16 by $0.03. Park Aerospace had a net margin of 15.38% and a return on equity of 10.08%. The company had revenue of $24.19 million for the quarter, compared to the consensus estimate of $22.31 million.

Park Aerospace Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 1st will be given a $0.125 dividend. The ex-dividend date is Wednesday, July 1st. This represents a $0.50 annualized dividend and a yield of 1.5%. Park Aerospace's payout ratio is presently 89.29%.

Analysts Set New Price Targets

Several brokerages have issued reports on PKE. Wall Street Zen downgraded shares of Park Aerospace from a "strong-buy" rating to a "buy" rating in a research note on Sunday, June 14th. Weiss Ratings upgraded shares of Park Aerospace from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, June 1st. Citizens Jmp started coverage on Park Aerospace in a research note on Tuesday, June 9th. They set a "market outperform" rating and a $42.00 price target for the company. Needham & Company LLC started coverage on shares of Park Aerospace in a research note on Monday. They issued a "buy" rating and a $43.00 target price on the stock. Finally, Citigroup began coverage on Park Aerospace in a report on Tuesday, June 9th. They issued an "outperform" rating on the stock. Four research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $42.50.

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.

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