Hardinge Inc. (HDNG) Downgraded by ValuEngine to “Hold”

ValuEngine cut shares of Hardinge Inc. (NASDAQ:HDNG) from a buy rating to a hold rating in a research note published on Tuesday morning.

Separately, TheStreet raised shares of Hardinge from a d+ rating to a b rating in a research report on Monday, August 21st.

Shares of Hardinge (NASDAQ:HDNG) opened at 15.29 on Tuesday. The stock has a market capitalization of $197.99 million, a P/E ratio of 70.14 and a beta of 0.90. Hardinge has a 12 month low of $8.24 and a 12 month high of $15.80. The firm’s 50-day moving average price is $14.29 and its 200-day moving average price is $12.58.

Hardinge (NASDAQ:HDNG) last released its earnings results on Thursday, August 3rd. The industrial products company reported $0.33 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.12. Hardinge had a net margin of 0.94% and a return on equity of 4.61%. The business had revenue of $78.20 million for the quarter. On average, equities research analysts forecast that Hardinge will post $0.11 EPS for the current year.

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In other news, Director Ryan Levenson purchased 66,562 shares of Hardinge stock in a transaction dated Monday, August 7th. The shares were purchased at an average price of $14.45 per share, with a total value of $961,820.90. Following the transaction, the director now owns 1,632 shares in the company, valued at $23,582.40. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Fund Lp Privet purchased 86,773 shares of Hardinge stock in a transaction dated Tuesday, August 8th. The shares were purchased at an average cost of $14.39 per share, for a total transaction of $1,248,663.47. Following the transaction, the insider now owns 1,632 shares in the company, valued at approximately $23,484.48. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 178,546 shares of company stock worth $2,564,576. Corporate insiders own 11.50% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. Ameriprise Financial Inc. raised its position in shares of Hardinge by 0.6% during the 2nd quarter. Ameriprise Financial Inc. now owns 136,362 shares of the industrial products company’s stock valued at $1,694,000 after buying an additional 800 shares during the period. Bank of New York Mellon Corp raised its position in shares of Hardinge by 1.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 76,772 shares of the industrial products company’s stock valued at $953,000 after buying an additional 1,027 shares during the period. Eagle Global Advisors LLC raised its position in shares of Hardinge by 6.5% during the 2nd quarter. Eagle Global Advisors LLC now owns 16,853 shares of the industrial products company’s stock valued at $209,000 after buying an additional 1,030 shares during the period. Teachers Advisors LLC raised its position in shares of Hardinge by 5.4% during the 2nd quarter. Teachers Advisors LLC now owns 21,745 shares of the industrial products company’s stock valued at $270,000 after buying an additional 1,107 shares during the period. Finally, Northern Trust Corp raised its position in shares of Hardinge by 2.6% during the 2nd quarter. Northern Trust Corp now owns 140,526 shares of the industrial products company’s stock valued at $1,746,000 after buying an additional 3,575 shares during the period. 71.38% of the stock is currently owned by hedge funds and other institutional investors.

About Hardinge

Hardinge Inc (Hardinge) is a designer, manufacturer and distributor of machine tools, specializing in precision computer numerically controlled metalcutting machines and workholding technology solutions. The Company supplies high precision computer controlled metalcutting turning machines, grinding machines, machining centers and repair parts related to those machines.

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