Zacks Investment Research Upgrades Electro Scientific Industries Inc. (ESIO) to “Hold”
Electro Scientific Industries Inc. (NASDAQ:ESIO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Electro Scientific Industries, Inc. and its subsidiaries provides electronics manufacturers with equipment necessary to produce key components used in wireless telecommunications, computers, automotive electronics, and many other electronic products. Additionally, they produce a family of mechanical and laser drilling systems for production of printed wiring boards and advanced electronic packaging, as well as machine vision products for manufacturers of semiconductors, electronics and other products. “
Separately, Needham & Company LLC cut shares of Electro Scientific Industries from a “buy” rating to a “hold” rating in a research note on Wednesday, August 3rd.
Electro Scientific Industries (NASDAQ:ESIO) opened at 5.52 on Tuesday. Electro Scientific Industries has a 12-month low of $4.36 and a 12-month high of $7.56. The stock’s market cap is $174.91 million. The company has a 50-day moving average price of $5.68 and a 200 day moving average price of $6.37.
Electro Scientific Industries (NASDAQ:ESIO) last released its earnings results on Tuesday, August 2nd. The company reported $0.09 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.04. The firm earned $47.70 million during the quarter, compared to analysts’ expectations of $50.75 million. Electro Scientific Industries had a negative net margin of 3.18% and a negative return on equity of 0.53%. Electro Scientific Industries’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the previous year, the company earned ($0.14) EPS. On average, equities research analysts predict that Electro Scientific Industries will post ($0.11) EPS for the current year.
In other news, Director Raymond A. Link bought 10,000 shares of the stock in a transaction on Thursday, August 4th. The stock was purchased at an average cost of $5.17 per share, with a total value of $51,700.00. Following the purchase, the director now owns 43,000 shares of the company’s stock, valued at $222,310. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.42% of the stock is currently owned by company insiders.
Several hedge funds have recently made changes to their positions in the stock. Arizona State Retirement System boosted its stake in shares of Electro Scientific Industries by 5.2% in the first quarter. Arizona State Retirement System now owns 14,165 shares of the company’s stock valued at $101,000 after buying an additional 700 shares in the last quarter. Spark Investment Management LLC bought a new stake in shares of Electro Scientific Industries during the second quarter valued at about $107,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Electro Scientific Industries during the second quarter valued at about $110,000. American International Group Inc. boosted its stake in shares of Electro Scientific Industries by 338.8% in the second quarter. American International Group Inc. now owns 20,498 shares of the company’s stock valued at $120,000 after buying an additional 15,827 shares in the last quarter. Finally, Baird Financial Group Inc. boosted its stake in shares of Electro Scientific Industries by 2.2% in the second quarter. Baird Financial Group Inc. now owns 23,274 shares of the company’s stock valued at $142,000 after buying an additional 500 shares in the last quarter. 69.90% of the stock is owned by institutional investors.
About Electro Scientific Industries
Electro Scientific Industries, Inc is a supplier of laser-based manufacturing solutions for the micro technology industry. The Company operates in two segments, Component Processing and Micromachining. Its Component Processing segment includes interconnect products, semiconductor products and component products.
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