Park Aerospace (NYSE:PKE) Shares Gap Down - Here's What Happened

Key Points

• Park Aerospace shares fell 1.5%, opening at $35.36 versus a prior close of $36.90 and later trading near $34.64.
• Analysts maintain a generally positive outlook, with a consensus “Buy” rating and an average price target of $42.50, despite some rating downgrades.
• The company exceeded quarterly expectations, reporting $0.17 in EPS and $18.31 million in revenue, while paying a quarterly dividend of $0.125 per share.

Park Aerospace Corp. (NYSE:PKE - Get Free Report) shares gapped down before the market opened on Thursday . The stock had previously closed at $36.90, but opened at $35.36. Park Aerospace shares last traded at $34.64, with a volume of 11,405 shares trading hands.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PKE. Citigroup reaffirmed a "market outperform" rating on shares of Park Aerospace in a research report on Tuesday, July 21st. Citizens Jmp assumed coverage on Park Aerospace in a research note on Tuesday, June 9th. They set a "market outperform" rating and a $42.00 price objective for the company. Weiss Ratings downgraded Park Aerospace from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, August 12th. Needham & Company LLC restated a "buy" rating and set a $43.00 price objective on shares of Park Aerospace in a report on Tuesday, July 21st. Finally, Wall Street Zen cut Park Aerospace from a "strong-buy" rating to a "buy" rating in a research note on Sunday, June 14th. Four investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Park Aerospace currently has a consensus rating of "Buy" and an average target price of $42.50.

Park Aerospace Stock Down 1.5%

The firm's 50-day moving average price is $35.12 and its 200 day moving average price is $31.73. The firm has a market cap of $761.03 million, a P/E ratio of 55.54 and a beta of 0.41.

Park Aerospace (NYSE:PKE - Get Free Report) last posted its earnings results on Monday, July 20th. The semiconductor company reported $0.17 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 firm had revenue of $18.31 million for the quarter, compared to analysts' expectations of $17.95 million.

Park Aerospace Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Wednesday, July 1st were given a dividend of $0.125 per share. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.4%. Park Aerospace's payout ratio is 79.37%.

Insider Transactions at Park Aerospace

In related news, insider Constantine Petropoulos sold 2,500 shares of the firm's 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 transaction, the insider owned 2,500 shares of the company's stock, 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 SEC, which is accessible through this hyperlink. Insiders own 7.10% of the company's stock.

Institutional Trading of Park Aerospace

Several hedge funds and other institutional investors have recently modified their holdings of PKE. Brandes Investment Partners LP lifted its position in shares of 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. BlackRock Inc. acquired a new position in shares of Park Aerospace during the 2nd quarter valued at about $55,207,000. Renaissance Technologies LLC raised its stake in shares of Park Aerospace by 2.3% in the 1st quarter. Renaissance Technologies LLC now owns 859,097 shares of the semiconductor company's stock valued at $23,522,000 after acquiring an additional 19,057 shares in the last quarter. Stephens Investment Management Group LLC bought a new position in shares of Park Aerospace in the 1st quarter valued at approximately $14,926,000. Finally, Next Century Growth Investors LLC lifted its holdings in 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. 77.83% of the stock is currently owned by hedge funds and other institutional investors.

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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