Gamco Investors Increases Stake in Park-Ohio Holdings Corp by 3%

Gamco Investors INC. has enhanced its position in Park-Ohio Holdings Corp. (NASDAQ: PKOH) by increasing its holdings by 3.0% in the third quarter of 2023. This increase, disclosed in the firm’s latest filing with the Securities and Exchange Commission, brings Gamco’s total ownership to 1,115,331 shares after acquiring an additional 32,061 shares. As of the most recent report, Gamco owned approximately 7.75% of Park-Ohio, valued at around $23.69 million.

A variety of hedge funds and institutional investors have also adjusted their stakes in Park-Ohio. Teton Advisors LLC purchased a new stake worth $3.31 million during the third quarter, while First Eagle Investment Management LLC increased its holdings by 7.3%, owning now 414,070 shares valued at $8.80 million. Victory Capital Management Inc. raised its stake by 26.5%, bringing its total to 39,200 shares worth $833,000. Vanguard Group Inc. also increased its investment by 0.8%, now holding 528,699 shares valued at approximately $11.23 million. Additionally, JPMorgan Chase & Co. lifted its holdings by 19.6%, now owning 14,561 shares valued at $309,000. Overall, institutional investors own 51.38% of Park-Ohio’s stock.

Analyst Ratings and Stock Performance

Several analysts have recently provided updates on Park-Ohio shares. KeyCorp upgraded the stock from a “sector weight” rating to an “overweight” rating, setting a target price of $37.00. Wall Street Zen elevated its rating from “hold” to “buy,” while Zacks Research also upgraded the stock to a “hold” rating. Weiss Ratings reaffirmed its “hold (c)” rating. Currently, one research analyst rates the stock as a Buy, while two analysts maintain a Hold rating, resulting in a consensus rating of “Hold” with an average price target of $37.00, according to MarketBeat.

As of the latest trading session, Park-Ohio’s stock opened at $25.59. The company’s market capitalization stands at $368.50 million, with a price-to-earnings (P/E) ratio of 14.96. Its 50-day moving average is $24.28, and the 200-day moving average is $21.96. The firm maintains a debt-to-equity ratio of 1.74 and has a current ratio of 2.56. Over the past year, Park-Ohio’s shares have seen a low of $15.52 and a high of $29.50.

Financial Results and Dividend Announcement

Park-Ohio Holdings Corp. recently reported its quarterly earnings, disclosing an earnings per share (EPS) of $0.65 for the quarter ended March 4, 2023. This result fell short of analysts’ expectations, which had estimated an EPS of $0.74. The company recorded revenue of $395.00 million, below the consensus estimate of $402.90 million. The firm also reported a return on equity of 10.22% and a net margin of 1.49%. Looking ahead, Park-Ohio has set its fiscal year 2026 EPS guidance in the range of $2.90 to $3.20.

In a recent announcement, Park-Ohio declared a quarterly dividend of $0.125 per share, paid on February 20, 2023. Shareholders of record as of February 6, 2023, received this dividend, representing an annualized dividend of $0.50 and a yield of 2.0%. The company’s dividend payout ratio currently stands at 29.76%.

Park-Ohio Holdings Corp. operates as a diversified industrial company, providing engineered products and distribution services across various markets. The company comprises two main operating segments: Engineered Solutions and Supply Chain Solutions, which deliver metal components, assemblies, and value-added distribution tailored to energy, transportation, and industrial applications.