Zacks Investment Research Upgrades Dana (DAN) to “Buy”
Zacks Investment Research upgraded shares of Dana (NYSE:DAN) from a hold rating to a buy rating in a research report released on Tuesday morning. The brokerage currently has $33.00 price objective on the auto parts company’s stock.
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. “
DAN has been the topic of several other reports. FBR & Co reaffirmed a neutral rating and set a $25.00 price objective (up from $17.00) on shares of Dana in a report on Friday, October 27th. Royal Bank of Canada reaffirmed a buy rating on shares of Dana in a report on Friday, October 27th. Barclays set a $28.00 price objective on Dana and gave the stock a hold rating in a report on Friday, October 20th. Guggenheim reaffirmed a buy rating and set a $40.00 price objective on shares of Dana in a report on Wednesday, January 10th. Finally, B. Riley reaffirmed a neutral rating on shares of Dana in a report on Wednesday, November 1st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $29.40.
Dana announced that its board has authorized a stock buyback plan on Wednesday, January 17th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the auto parts company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.
In related news, CEO James Kevin Kamsickas sold 57,003 shares of the stock in a transaction on Friday, November 17th. The stock was sold at an average price of $31.01, for a total transaction of $1,767,663.03. Following the sale, the chief executive officer now owns 96,312 shares in the company, valued at approximately $2,986,635.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Virginia A. Kamsky sold 7,323 shares of the stock in a transaction on Friday, December 8th. The shares were sold at an average price of $32.14, for a total value of $235,361.22. Following the sale, the director now owns 35,448 shares in the company, valued at approximately $1,139,298.72. The disclosure for this sale can be found here. Insiders have sold a total of 150,533 shares of company stock worth $4,873,626 in the last 90 days. 1.60% of the stock is currently owned by insiders.
Large investors have recently added to or reduced their stakes in the stock. CAPROCK Group Inc. purchased a new stake in Dana during the 4th quarter valued at $249,000. Boothbay Fund Management LLC purchased a new stake in Dana during the 3rd quarter valued at $204,000. First Allied Advisory Services Inc. purchased a new stake in Dana during the 3rd quarter valued at $206,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Dana by 48.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,502 shares of the auto parts company’s stock valued at $240,000 after buying an additional 2,447 shares during the period. Finally, Eqis Capital Management Inc. purchased a new stake in Dana during the 4th quarter valued at $253,000. Institutional investors own 97.58% of the company’s stock.
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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