Park Aerospace (NYSE:PKE) Shares Up 7.7% After Dividend Announcement

Park Aerospace Corp. (NYSE:PKE)’s share price was up 7.7% on Tuesday after the company announced a dividend. The stock traded as high as $34.36 and last traded at $34.37. Approximately 81,259 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 272,580 shares. The stock had previously closed at $31.90.

The newly announced dividend which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 1st will be paid a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Wednesday, July 1st. Park Aerospace’s dividend payout ratio is 89.29%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PKE shares. Citizens Jmp started coverage on Park Aerospace in a research note on Tuesday. They issued a “market outperform” rating and a $42.00 price objective for the company. Citigroup started coverage on Park Aerospace in a research note on Tuesday. They issued an “outperform” rating for the company. Wall Street Zen upgraded Park Aerospace from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Finally, Weiss Ratings raised Park Aerospace from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 1st. Three investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $42.00.

Park Aerospace Trading Up 8.6%

The business has a 50-day moving average price of $32.64 and a 200 day moving average price of $26.82. The stock has a market cap of $723.07 million, a PE ratio of 61.06 and a beta of 0.42.

Park Aerospace (NYSE:PKE) last issued its quarterly earnings data on Thursday, May 28th. The semiconductor company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.03. The business had revenue of $24.19 million for the quarter, compared to analysts’ expectations of $22.31 million. Park Aerospace had a return on equity of 10.08% and a net margin of 15.38%.

Institutional Trading of Park Aerospace

A number of institutional investors have recently added to or reduced their stakes in PKE. Stephens Investment Management Group LLC bought a new position in Park Aerospace in the 1st quarter worth about $14,926,000. Next Century Growth Investors LLC increased its stake 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 acquiring an additional 253,508 shares during the last quarter. Portolan Capital Management LLC bought a new position in Park Aerospace in the 3rd quarter worth about $4,984,000. Essex Investment Management Co. LLC bought a new position in Park Aerospace in the 3rd quarter worth about $3,060,000. Finally, Sei Investments Co. increased its stake in Park Aerospace by 116.2% in the 1st quarter. Sei Investments Co. now owns 263,034 shares of the semiconductor company’s stock worth $7,202,000 after acquiring an additional 141,359 shares during the last quarter. Hedge funds and other institutional investors own 77.83% of the company’s stock.

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.