Sun Hydraulics (NASDAQ:SNHY) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Friday. They currently have a $61.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 15.22% from the company’s current price.
According to Zacks, “Sun Hydraulics is a leading designer and manufacturer of high-performance, screw-in hydraulic cartridge valves and manifolds which control force, speed and motion as integral components in fluid power systems. The Company sells its products globally through independent distributors. “
SNHY has been the subject of a number of other research reports. BidaskClub cut shares of Sun Hydraulics from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, December 6th. Robert W. Baird cut shares of Sun Hydraulics from an “outperform” rating to a “neutral” rating and lifted their target price for the company from $55.00 to $57.00 in a research note on Friday, October 13th. SunTrust Banks assumed coverage on shares of Sun Hydraulics in a research note on Monday, February 5th. They issued a “buy” rating for the company. Finally, KeyCorp assumed coverage on shares of Sun Hydraulics in a research note on Monday, February 5th. They issued an “overweight” rating and a $67.00 target price for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $61.67.
Several institutional investors have recently modified their holdings of SNHY. Wasatch Advisors Inc. acquired a new stake in shares of Sun Hydraulics in the third quarter valued at approximately $40,790,000. Janus Henderson Group PLC acquired a new stake in shares of Sun Hydraulics in the second quarter valued at approximately $22,193,000. Conestoga Capital Advisors LLC increased its holdings in shares of Sun Hydraulics by 17.8% in the fourth quarter. Conestoga Capital Advisors LLC now owns 1,222,892 shares of the industrial products company’s stock valued at $79,109,000 after purchasing an additional 184,415 shares in the last quarter. Royce & Associates LP increased its holdings in shares of Sun Hydraulics by 6.3% in the third quarter. Royce & Associates LP now owns 2,263,053 shares of the industrial products company’s stock valued at $122,205,000 after purchasing an additional 134,273 shares in the last quarter. Finally, WCM Investment Management CA increased its holdings in shares of Sun Hydraulics by 287.7% in the fourth quarter. WCM Investment Management CA now owns 127,860 shares of the industrial products company’s stock valued at $8,271,000 after purchasing an additional 94,885 shares in the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.
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About Sun Hydraulics
Sun Hydraulics Corporation (Sun) develops and manufactures solutions for the hydraulics and electronics markets. It is engaged in power controls and vehicle technologies lines of business. The Company operates through two segments including hydraulics and electronics. Hydraulics market segment is engaged in manufacturing of screw-in hydraulic cartridge valves, electro-hydraulics, manifolds, and integrated package solutions for the worldwide industrial and mobile hydraulics markets operating under the brand Sun Hydraulics.
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