Patrick W. Fogarty, the Vice President and Chief Financial Officer of Park Ohio Holdings Corp (NASDAQ:PKOH), recently sold a significant portion of company stock. According to a filing with the Securities and Exchange Commission, Mr. Fogarty sold a total of 6,942 shares of common stock on December 10, 2024. The shares were sold at prices ranging from $31.00 to $31.325, amounting to a total transaction value of approximately $233,969. The transaction comes as PKOH trades near its 52-week high of $34.50, having delivered a strong 32% return over the past year. According to InvestingPro, the company maintains a "GOOD" Financial Health score.
Following these transactions, Mr. Fogarty holds 151,171 shares directly. The sales were executed in multiple transactions, with the largest single transaction involving the sale of 1,388 shares at $31.19 per share. This activity is part of routine financial management by company insiders, who periodically adjust their holdings for various personal and strategic reasons. The company has demonstrated strong fundamentals, maintaining dividend payments for 11 consecutive years and showing solid liquidity with a current ratio of 2.45. Discover more insights about PKOH and access comprehensive analysis with a InvestingPro subscription, which includes exclusive ProTips and detailed financial metrics.
In other recent news, Park Ohio Holdings Corp. maintained a steady demand and consolidated net sales in the third quarter of 2024. The company reported sales of $418 million, on par with the previous year's figures. A strong backlog and new business initiatives were highlighted by CEO Matthew Crawford, which are aimed at driving revenue growth in the subsequent quarter. The company also reported an improvement in gross margin and a significant increase in year-to-date adjusted earnings per share (EPS).
Park Ohio's adjusted operating income and EBITDA were reported at $25 million and $39 million, respectively. Furthermore, the company sold $25 million in common stock and repaid over $23 million in debt, boosting its liquidity to $194 million. The company's North American sector saw a 19% increase in revenue year-over-year, with new equipment backlogs standing at $161 million.
Despite facing lower sales due to reduced unit volumes in Assembly Components, the company's Supply Technologies segment reported record operating income. Looking forward, Park Ohio is investing in core manufacturing and distribution to enhance profitability and competitiveness, with full-year guidance projecting a revenue growth of 1-2% and an adjusted EPS growth exceeding 10%. These are the recent developments surrounding Park Ohio Holdings Corp.
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