Zacks Investment Research Downgrades Dana (DAN) to Hold
Zacks Investment Research downgraded shares of Dana (NYSE:DAN) from a buy rating to a hold rating in a research report report published on Monday morning.
According to Zacks, “Dana Inc. is a provider of technology driveline, sealing and thermal-management products. The company’s operating segment consists of Light Vehicle Driveline Technologies, Commercial Vehicle Driveline Technologies, Off-Highway Driveline Technologies and Power Technologies. It operates primarily in North America, South America, Europe and Asia pacific. Dana Inc., formerly known as Dana Holding Corporation, is headquartered in Maumee, Ohio. “
Several other brokerages have also weighed in on DAN. Guggenheim reaffirmed a buy rating and issued a $40.00 target price on shares of Dana in a research report on Wednesday, January 10th. Barclays reiterated a hold rating and set a $32.00 price target on shares of Dana in a research note on Tuesday, January 9th. ValuEngine downgraded Dana from a strong-buy rating to a buy rating in a research note on Friday, December 1st. Deutsche Bank upped their price target on Dana from $24.00 to $30.00 and gave the stock a hold rating in a research note on Friday, November 17th. Finally, B. Riley reiterated a neutral rating on shares of Dana in a research note on Wednesday, November 1st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $29.40.
Dana announced that its board has initiated a stock repurchase program on Wednesday, January 17th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the auto parts company to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.
In related news, Director Virginia A. Kamsky sold 7,323 shares of the stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $32.14, for a total transaction of $235,361.22. Following the completion of the sale, the director now owns 35,448 shares in the company, valued at approximately $1,139,298.72. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Aziz Aghili sold 12,624 shares of the stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $33.12, for a total value of $418,106.88. Following the sale, the insider now owns 18,024 shares of the company’s stock, valued at approximately $596,954.88. The disclosure for this sale can be found here. In the last quarter, insiders have sold 150,533 shares of company stock valued at $4,873,626. 1.60% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in DAN. Boothbay Fund Management LLC bought a new stake in Dana during the 3rd quarter valued at approximately $204,000. First Allied Advisory Services Inc. bought a new stake in Dana during the 3rd quarter valued at approximately $206,000. KBC Group NV boosted its stake in Dana by 107.9% during the 4th quarter. KBC Group NV now owns 6,707 shares of the auto parts company’s stock valued at $215,000 after purchasing an additional 3,481 shares during the period. Pacer Advisors Inc. bought a new stake in Dana during the 3rd quarter valued at approximately $230,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Dana by 48.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,502 shares of the auto parts company’s stock worth $240,000 after acquiring an additional 2,447 shares during the period. Hedge funds and other institutional investors own 97.58% of the company’s stock.
Dana Incorporated, formerly Dana Holding Corporation, is a global provider of technology driveline, sealing and thermal-management products. The Company operates in four segments: Light Vehicle Driveline Technologies (Light Vehicle), Commercial Vehicle Driveline Technologies (Commercial Vehicle), Off-Highway Driveline Technologies (Off-Highway) and Power Technologies.
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