Helios Technologies (NASDAQ:HLIO) Shares Gap Up - Here's Why

Shares of Helios Technologies, Inc. (NASDAQ:HLIO - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $38.81, but opened at $42.07. Helios Technologies shares last traded at $44.73, with a volume of 51,475 shares traded.

Analysts Set New Price Targets

Separately, Stifel Nicolaus cut their price objective on shares of Helios Technologies from $60.00 to $58.00 and set a "buy" rating on the stock in a research report on Wednesday.

Helios Technologies Stock Performance

The stock has a market cap of $1.31 billion, a P/E ratio of 34.90 and a beta of 0.87. The firm's 50-day moving average is $43.51 and its two-hundred day moving average is $46.08. The company has a quick ratio of 1.54, a current ratio of 3.03 and a debt-to-equity ratio of 0.52.

Helios Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, January 20th. Investors of record on Friday, January 3rd were given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 0.91%. The ex-dividend date was Friday, January 3rd. Helios Technologies's payout ratio is presently 31.86%.

Helios Technologies declared that its Board of Directors has authorized a stock repurchase plan on Monday, February 24th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to buy up to 7.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board believes its shares are undervalued.

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Hedge Funds Weigh In On Helios Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HLIO. Raymond James & Associates raised its position in shares of Helios Technologies by 31.6% in the third quarter. Raymond James & Associates now owns 73,272 shares of the company's stock valued at $3,495,000 after purchasing an additional 17,611 shares during the period. Pinnacle Associates Ltd. raised its position in shares of Helios Technologies by 63.8% in the third quarter. Pinnacle Associates Ltd. now owns 19,442 shares of the company's stock valued at $882,000 after purchasing an additional 7,570 shares during the period. Stephens Inc. AR bought a new position in shares of Helios Technologies in the third quarter valued at approximately $205,000. Diamond Hill Capital Management Inc. bought a new position in shares of Helios Technologies in the third quarter valued at approximately $13,633,000. Finally, Versor Investments LP bought a new position in shares of Helios Technologies in the third quarter valued at approximately $253,000. Institutional investors own 94.72% of the company's stock.

About Helios Technologies

Helios Technologies, Inc, together with its subsidiaries, provides engineered motion control and electronic control technology solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company operates in two segments, Hydraulics and Electronics. The Hydraulics segment offers cartridge valve technology products to control rates and direction of fluid flow, and to regulate and control pressures for industrial and mobile applications; hydraulic quick release coupling solutions for the agriculture, construction equipment, and industrial markets; motion control technology and fluid conveyance technology; cartridge valve technology; engineered solutions for machine users, manufacturers, or designers.