Standex International (NYSE:SXI) has faced a downgrade from Wall Street Zen, shifting its rating from “buy” to “hold.” This change was announced on Sunday, reflecting ongoing scrutiny from various analysts regarding the company’s market performance.
Analyst Ratings and Stock Performance
Despite the downgrade by Wall Street Zen, several other research firms have maintained positive outlooks for Standex International. DA Davidson reaffirmed a “buy” rating with a price target of $272.00 in a report released on November 24, 2023. On the other hand, Weiss Ratings kept its “hold (c)” rating on January 21, 2024. Roth MKM notably raised its price target from $205.00 to $260.00, assigning a “buy” rating in a report dated November 3, 2023. Barrington Research similarly restated an “outperform” rating with a price target of $260.00 on January 26, 2024. In total, four equity research analysts have rated the stock as a buy, while one has opted for a hold rating. According to MarketBeat.com, the consensus rating for Standex International is “Moderate Buy,” with a target price of $264.00.
Standex International’s stock has recently seen a decline of 2.4%. The company released its quarterly earnings report on January 29, 2024, revealing earnings per share (EPS) of $2.08, surpassing analysts’ expectations of $2.00 by $0.08. Revenue for the quarter reached $221.30 million, slightly exceeding estimates of $219.22 million. The company achieved a return on equity of 14.28% and a net margin of 6.20%, with a year-over-year revenue increase of 16.6%. This time last year, Standex International reported an EPS of $1.91. Analysts are forecasting an EPS of $7.90 for the current fiscal year.
Insider Transactions and Institutional Activity
In addition to analysts’ ratings, insider trading activity has been notable. On November 20, 2023, Director Thomas E. Chorman sold 1,000 shares of Standex International at an average price of $223.31, totaling $223,310.00. After this sale, Chorman holds 13,229 shares, valued at approximately $2,954,167.99, indicating a 7.03% decrease in his position. This transaction was disclosed in a document filed with the SEC.
Similarly, Chief Financial Officer Ademir Sarcevic sold 1,823 shares on November 4, 2023, at an average price of $230.12, resulting in a total of $419,508.76. Following this transaction, Sarcevic’s holdings decreased by 16.33% to 9,341 shares, worth around $2,149,550.92. Over the past ninety days, company insiders have sold a total of 3,473 shares, valued at approximately $794,509. Currently, insiders own 2.52% of Standex International’s stock.
Institutional investment activity has also been significant. Several institutional investors have recently adjusted their positions in Standex International. For instance, Kohmann Bosshard Financial Services LLC entered a new position valued at around $188,000 in the fourth quarter. Torren Management LLC acquired a new stake worth $136,000 during the same period. UBS Group AG increased its holdings in the company by 66.8%, owning 91,443 shares valued at $19,869,000 after acquiring an additional 36,634 shares. Round Rock Advisors LLC also boosted its stake by 34.5%, now holding 4,017 shares worth $873,000. Institutional investors collectively own 90.35% of Standex International’s stock.
Standex International Corporation operates as a diversified global manufacturer specializing in food service equipment, engineered components, and industrial products. The company serves multiple markets, designing and producing solutions for commercial cooking, precision engraving, fluid power hydraulics, and magnetics-based electronics. Its products cater to sectors such as quick-service restaurants, automotive, aerospace, medical devices, and consumer appliances. Standex’s business is organized into key segments, including Food Service Equipment, Engraving & Decorating, Hydraulics, Industrial Electronics, and Technical Graphical Solutions.
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