Penn Capital Management Company LLC Sells 73,120 Shares of Park Aerospace Corp. $PKE

Key Points

• Penn Capital Management cut its Park Aerospace stake by 60.1% in the second quarter, selling 73,120 shares and retaining 48,539 shares valued at approximately $1.85 million. Institutional investors collectively own 77.83% of the company.
• Park Aerospace’s latest quarterly results exceeded expectations, with earnings per share of $0.17 versus a $0.14 consensus estimate and revenue of $18.31 million. The company also maintains a quarterly dividend of $0.125 per share, equivalent to a 1.5% yield.
• Analyst sentiment remains positive overall: the stock has an average “Buy” rating and a consensus price target of $42.50, compared with a recent price of $32.45.

Penn Capital Management Company LLC lessened its stake in shares of Park Aerospace Corp. (NYSE:PKE - Free Report) by 60.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 48,539 shares of the semiconductor company's stock after selling 73,120 shares during the period. Penn Capital Management Company LLC owned 0.22% of Park Aerospace worth $1,852,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of PKE. Parvin Asset Management LLC grew its holdings in shares of Park Aerospace by 11.4% during the 1st quarter. Parvin Asset Management LLC now owns 4,875 shares of the semiconductor company's stock worth $133,000 after purchasing an additional 500 shares in the last quarter. Strs Ohio increased its stake in Park Aerospace by 15.9% in the first quarter. Strs Ohio now owns 5,100 shares of the semiconductor company's stock valued at $140,000 after acquiring an additional 700 shares during the last quarter. BNP Paribas Financial Markets raised its position in Park Aerospace by 50.0% during the second quarter. BNP Paribas Financial Markets now owns 2,178 shares of the semiconductor company's stock valued at $32,000 after purchasing an additional 726 shares in the last quarter. ARS Investment Partners LLC lifted its stake in Park Aerospace by 6.4% during the fourth quarter. ARS Investment Partners LLC now owns 13,085 shares of the semiconductor company's stock worth $279,000 after purchasing an additional 782 shares during the last quarter. Finally, Kennedy Capital Management LLC lifted its stake in Park Aerospace by 0.4% during the fourth quarter. Kennedy Capital Management LLC now owns 228,855 shares of the semiconductor company's stock worth $4,884,000 after purchasing an additional 920 shares during the last quarter. 77.83% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Park Aerospace

In related news, insider Constantine Petropoulos sold 2,500 shares of the stock in a transaction on Monday, July 27th. The stock was sold at an average price of $36.00, for a total value of $90,000.00. Following the completion of the sale, the insider directly owned 2,500 shares in the company, valued at $90,000. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 7.10% of the stock is currently owned by corporate insiders.

Park Aerospace Trading Down 0.5%

Park Aerospace stock opened at $32.45 on Friday. The stock has a 50-day moving average price of $35.07 and a two-hundred day moving average price of $32.11. Park Aerospace Corp. has a 12 month low of $18.19 and a 12 month high of $39.86. The company has a market capitalization of $705.79 million, a PE ratio of 51.51 and a beta of 0.41.

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

Park Aerospace Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Wednesday, July 1st were issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Wednesday, July 1st. Park Aerospace's payout ratio is 79.37%.

Analyst Ratings Changes

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

Park Aerospace 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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