Patrick W. Fogarty, Vice President and Chief Financial Officer of Park Ohio Holdings Corp (NASDAQ:PKOH), recently sold shares of the company. According to a Form 4 filing with the Securities and Exchange Commission, Fogarty disposed of a total of 21 shares over two separate transactions. The stock has shown strong momentum with a 28% gain over the past six months, according to InvestingPro data.
The first transaction took place on December 6, 2024, where Fogarty sold 10 shares at a price of $31.50 each. The second transaction occurred on December 9, 2024, with 11 shares sold at approximately $32.18 per share. These sales resulted in a total transaction value of $668. Following these transactions, Fogarty's direct ownership stands at 158,696 shares. InvestingPro analysis indicates the company trades near its Fair Value, with a healthy financial profile and an 11-year track record of consistent dividend payments.
Park Ohio Holdings Corp, headquartered in Cleveland, Ohio, operates in the metal forging and stampings industry. The company maintains strong liquidity with a current ratio of 2.45 and is expected to remain profitable this year, according to InvestingPro analysis, which offers additional insights through its comprehensive Pro Research Report, available for over 1,400 US stocks.
In other recent news, Park Ohio Holdings Corp. has demonstrated stability in its third quarter of 2024 amidst market challenges, reporting consolidated net sales of $418 million, in line with the previous year. The company noted a robust backlog and new business initiatives aimed at driving revenue growth in the upcoming quarter. Additionally, Park Ohio reported an enhancement in gross margin and a substantial increase in year-to-date adjusted earnings per share (EPS).
Park Ohio's North American sector saw a 19% revenue increase year-over-year, with equipment backlogs amounting to $161 million. The company also sold $25 million in common stock and repaid over $23 million in debt, enhancing liquidity to $194 million. Despite facing lower sales in Assembly Components and a decline in operating income for North America, the Supply Technologies segment reported record operating income, indicating positive long-term prospects.
The company is aiming for revenue growth in the fourth quarter, backed by a strong backlog and new business initiatives. Park Ohio's full-year guidance projects a revenue growth of 1-2% and an adjusted EPS growth exceeding 10%. These recent developments indicate the company's resilience and strategic focus on high-margin opportunities, particularly in the aerospace and defense sectors.
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