Zacks Investment Research lowered shares of Dana (NYSE:DAN) from a buy rating to a hold rating in a report released 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. “
Other research analysts also recently issued research reports about the company. Guggenheim reaffirmed a buy rating and issued a $40.00 price objective on shares of Dana in a research note on Wednesday, January 10th. ValuEngine downgraded Dana from a strong-buy rating to a buy rating in a research note on Friday, December 1st. Royal Bank of Canada reaffirmed a buy rating on shares of Dana in a research note on Friday, October 27th. Barclays raised their price objective on Dana from $28.00 to $30.00 and gave the stock an equal weight rating in a research note on Friday, October 27th. Finally, Deutsche Bank raised their price objective on Dana from $24.00 to $30.00 and gave the stock a hold rating in a research note on Friday, November 17th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $29.40.
Dana announced that its board has initiated a stock repurchase program on Wednesday, January 17th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the auto parts company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
In related news, insider Dwayne Matthews sold 33,244 shares of the stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $33.22, for a total transaction of $1,104,365.68. Following the completion of the sale, the insider now owns 65,267 shares in the company, valued at $2,168,169.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Aziz Aghili sold 12,624 shares of the stock in a transaction dated Thursday, February 1st. The stock was 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. Insiders have sold 150,533 shares of company stock valued at $4,873,626 in the last quarter. 1.60% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. Boothbay Fund Management LLC purchased a new stake in shares of Dana during the third quarter worth about $204,000. Advisory Services Network LLC purchased a new position in Dana during the 4th quarter valued at approximately $204,000. First Allied Advisory Services Inc. purchased a new position in Dana during the 3rd quarter valued at approximately $206,000. KBC Group NV grew its holdings 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 buying an additional 3,481 shares in the last quarter. Finally, Pacer Advisors Inc. purchased a new position in Dana during the 3rd quarter valued at approximately $230,000. Hedge funds and other institutional investors own 97.58% of the company’s stock.
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Dana Company Profile
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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