Gamco Investors INC. has increased its stake in Park-Ohio Holdings Corp. (NASDAQ: PKOH) by 3.0% during the third quarter of 2023, according to a filing with the Securities and Exchange Commission. The investment firm now holds 1,115,331 shares of the industrial products company, having acquired an additional 32,061 shares during the quarter. This investment represents approximately 7.75% of Park-Ohio, valued at $23.69 million as of the latest filing.
A range of other institutional investors have also adjusted their positions in Park-Ohio. Notably, Teton Advisors LLC purchased a new stake worth $3.31 million in the company during the third quarter. First Eagle Investment Management LLC increased its holdings by 7.3%, now owning 414,070 shares valued at $8.8 million after buying an additional 28,045 shares. Victory Capital Management Inc. bolstered its stake by 26.5%, now possessing 39,200 shares worth $833,000 following an acquisition of 8,200 shares.
Vanguard Group Inc. also raised its stake by 0.8%, bringing its total to 528,699 shares valued at $11.23 million after purchasing an additional 3,967 shares. Furthermore, JPMorgan Chase & Co. increased its holdings by 19.6%, now owning 14,561 shares worth $309,000 after acquiring an additional 2,386 shares. Overall, hedge funds and institutional investors together own 51.38% of Park-Ohio’s stock.
Analyst Ratings and Market Performance
Several equities analysts have recently commented on Park-Ohio shares. KeyCorp upgraded the stock from a “sector weight” rating to an “overweight” rating, setting a target price of $37.00 in a research note dated February 9, 2024. Wall Street Zen also raised the stock rating from “hold” to “buy.” Zacks Research upgraded Park-Ohio to a “hold” rating, while Weiss Ratings reissued a “hold (c)” rating on January 22, 2024. Currently, one research analyst has assigned a Buy rating, while two others have issued Hold ratings, resulting in a consensus rating of “Hold” and an average price target of $37.00.
Park-Ohio’s stock opened at $25.59 recently, with a market capitalization of $368.5 million and a price-to-earnings ratio of 14.96. The firm’s 50-day moving average stands at $24.28, and the 200-day moving average is $21.96. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.32, and a current ratio of 2.56. Over the past year, Park-Ohio has seen a low of $15.52 and a high of $29.50.
Quarterly Earnings and Dividend Announcement
Park-Ohio recently reported its quarterly earnings, revealing an earnings per share (EPS) of $0.65 for the quarter ending March 4, 2024. This figure fell short of analyst estimates, which had projected an EPS of $0.74. The company reported revenue of $395 million, which was also below the expected $402.9 million. The firm achieved a return on equity of 10.22% and a net margin of 1.49%. Looking ahead, Park-Ohio has set its fiscal year 2026 guidance at $2.90 to $3.20 EPS.
The company also recently declared a quarterly dividend of $0.125 per share, which was paid on February 20, 2024. Investors of record on February 6, 2024, received this dividend, representing an annualized dividend of $0.50 and a yield of 2.0%. The current dividend payout ratio stands at 29.76%.
About Park-Ohio, it is a diversified industrial company that provides engineered products and distribution services across various markets. The firm operates through two main segments: Engineered Solutions and Supply Chain Solutions. Its offerings include custom metal parts, assemblies, and value-added distribution tailored for energy, transportation, industrial, and commercial applications.
