Needham & Company LLC Begins Coverage on Park Aerospace (NYSE:PKE)

Key Points

• Needham & Company LLC initiated coverage on Park Aerospace with a Buy rating and a $43 price target, implying about 27.8% upside from the current share price.
• Other analysts were also generally positive: the stock now has a consensus Buy rating with an average target price of $42.50, though Wall Street Zen recently downgraded it from strong-buy to buy.
• Park Aerospace reported better-than-expected quarterly results, posting EPS of $0.19 versus estimates of $0.16 and revenue of $24.19 million versus expectations of $22.31 million.

Needham & Company LLC started coverage on shares of Park Aerospace (NYSE:PKE - Get Free Report) in a research report issued on Monday, Marketbeat Ratings reports. The firm set a "buy" rating and a $43.00 price target on the semiconductor company's stock. Needham & Company LLC's price objective suggests a potential upside of 27.81% from the stock's current price.

A number of other analysts also recently weighed in on PKE. Wall Street Zen downgraded shares of Park Aerospace from a "strong-buy" rating to a "buy" rating in a report on Sunday, June 14th. Weiss Ratings raised shares of Park Aerospace from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 1st. Citizens Jmp initiated coverage on shares of Park Aerospace in a research note on Tuesday, June 9th. They issued a "market outperform" rating and a $42.00 target price for the company. Finally, Citigroup initiated coverage on Park Aerospace in a research report on Tuesday, June 9th. They set an "outperform" rating on the stock. Four analysts have rated the stock with a Buy rating, According to MarketBeat.com, Park Aerospace currently has an average rating of "Buy" and a consensus target price of $42.50.

Park Aerospace Price Performance

Shares of PKE opened at $33.64 on Monday. The company has a market capitalization of $702.42 million, a PE ratio of 60.08 and a beta of 0.39. Park Aerospace has a one year low of $15.00 and a one year high of $39.86. The company's fifty day moving average price is $34.30 and its 200 day moving average price is $29.35.

Park Aerospace (NYSE:PKE - Get Free Report) last released its quarterly earnings results on Thursday, May 28th. The semiconductor company reported $0.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $22.31 million.

Institutional Trading of Park Aerospace

Several institutional investors have recently made changes to their positions in PKE. Bank of America Corp DE raised its position in Park Aerospace by 128.0% in the first quarter. Bank of America Corp DE now owns 45,047 shares of the semiconductor company's stock worth $1,233,000 after purchasing an additional 25,288 shares in the last quarter. Parvin Asset Management LLC boosted its holdings in Park Aerospace by 11.4% during the first quarter. Parvin Asset Management LLC now owns 4,875 shares of the semiconductor company's stock valued at $133,000 after purchasing an additional 500 shares in the last quarter. Royal Bank of Canada grew its stake in shares of Park Aerospace by 24.3% in the 1st quarter. Royal Bank of Canada now owns 31,575 shares of the semiconductor company's stock valued at $864,000 after purchasing an additional 6,174 shares during the period. Quantinno Capital Management LP raised its holdings in shares of Park Aerospace by 31.1% in the 1st quarter. Quantinno Capital Management LP now owns 64,413 shares of the semiconductor company's stock worth $1,764,000 after buying an additional 15,292 shares in the last quarter. Finally, Lazard Asset Management LLC acquired a new position in shares of Park Aerospace in the 1st quarter worth approximately $2,011,000. 77.83% of the stock is currently owned by institutional investors and hedge funds.

About Park Aerospace

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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