Mesirow Financial Investment Management Equity Management Has $342,000 Stake in Dolby Laboratories (DLB)
Mesirow Financial Investment Management Equity Management decreased its stake in Dolby Laboratories (NYSE:DLB) by 68.9% during the second quarter, Holdings Channel reports. The fund owned 7,000 shares of the electronics maker’s stock after selling 15,505 shares during the period. Mesirow Financial Investment Management Equity Management’s holdings in Dolby Laboratories were worth $342,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Quadrature Capital Ltd acquired a new position in Dolby Laboratories during the fourth quarter worth approximately $413,000. UBS Asset Management Americas Inc. boosted its position in Dolby Laboratories by 7.1% in the fourth quarter. UBS Asset Management Americas Inc. now owns 667,333 shares of the electronics maker’s stock worth $30,157,000 after buying an additional 44,403 shares in the last quarter. Teachers Advisors LLC boosted its position in Dolby Laboratories by 104.6% in the fourth quarter. Teachers Advisors LLC now owns 131,236 shares of the electronics maker’s stock worth $5,931,000 after buying an additional 67,098 shares in the last quarter. Fox Run Management L.L.C. boosted its position in Dolby Laboratories by 25.2% in the first quarter. Fox Run Management L.L.C. now owns 16,900 shares of the electronics maker’s stock worth $886,000 after buying an additional 3,400 shares in the last quarter. Finally, James Investment Research Inc. acquired a new position in Dolby Laboratories during the first quarter worth approximately $155,000. 50.46% of the stock is currently owned by hedge funds and other institutional investors.
Dolby Laboratories (DLB) opened at 51.08 on Thursday. The stock’s 50 day moving average price is $51.26 and its 200-day moving average price is $50.73. Dolby Laboratories has a 1-year low of $44.99 and a 1-year high of $55.02. The company has a market cap of $5.24 billion, a PE ratio of 26.13 and a beta of 0.79.
Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings results on Tuesday, July 25th. The electronics maker reported $0.75 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.10. The business had revenue of $305.67 million during the quarter, compared to the consensus estimate of $296.88 million. Dolby Laboratories had a net margin of 19.02% and a return on equity of 10.25%. The business’s revenue was up 10.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.62 EPS. On average, analysts forecast that Dolby Laboratories will post $1.99 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Monday, August 7th will be issued a dividend of $0.14 per share. The ex-dividend date is Thursday, August 3rd. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.10%. Dolby Laboratories’s dividend payout ratio is currently 28.57%.
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A number of research analysts have recently commented on DLB shares. B. Riley reaffirmed a “neutral” rating and set a $57.00 target price (up previously from $52.00) on shares of Dolby Laboratories in a research note on Tuesday, April 25th. Zacks Investment Research raised Dolby Laboratories from a “hold” rating to a “buy” rating and set a $59.00 target price on the stock in a research note on Friday, April 28th. Finally, BidaskClub cut Dolby Laboratories from a “hold” rating to a “sell” rating in a research note on Saturday, June 10th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $54.38.
In related news, major shareholder Dagmar Dolby sold 100,000 shares of Dolby Laboratories stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $52.22, for a total value of $5,222,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Lewis Chew sold 14,300 shares of Dolby Laboratories stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $50.34, for a total transaction of $719,862.00. The disclosure for this sale can be found here. Insiders have sold a total of 474,300 shares of company stock valued at $24,451,762 in the last 90 days. Insiders own 43.80% of the company’s stock.
About Dolby Laboratories
Dolby Laboratories, Inc designs and manufactures audio and imaging products for the cinema, television, broadcast and entertainment industries. Its products for cinema include Digital Cinema Servers and Cinema Audio Products, and broadcast and other include Dolby Conference Phone and Other Products. It offers services to support theatrical and television production for cinema exhibition, broadcast and home entertainment, including equipment training and maintenance, mixing room alignment and equalization, as well as audio, color and light image calibration.
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