Zacks Investment Research lowered shares of TESSCO Technologies Incorporated (NASDAQ:TESS) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning.

According to Zacks, “TESSCO Technologies Inc. is a leading provider of the services, products and solutions required to build, operate, maintain and use wireless voice, data, messaging, location tracking and Internet systems. The company provides marketing and sales services, knowledge and supply chain management, product-solution delivery and control systems utilizing Internet and information technology. The company’s guiding vision is to be The Vital Link between buyers and manufacturers. For its customers, the company provides a total source of product knowledge and solutions. “

TESSCO Technologies (NASDAQ TESS) opened at 12.95 on Wednesday. The firm’s 50-day moving average price is $13.12 and its 200 day moving average price is $13.84. The company has a market capitalization of $108.39 million, a price-to-earnings ratio of 53.96 and a beta of 1.25. TESSCO Technologies has a 12-month low of $9.75 and a 12-month high of $16.25.

TESSCO Technologies (NASDAQ:TESS) last issued its quarterly earnings results on Tuesday, July 18th. The communications equipment provider reported $0.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.04. TESSCO Technologies had a return on equity of 2.36% and a net margin of 0.38%. The firm had revenue of $140.01 million during the quarter, compared to the consensus estimate of $126.68 million. On average, analysts expect that TESSCO Technologies will post $0.72 earnings per share for the current year.

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Institutional investors have recently modified their holdings of the business. Stifel Financial Corp grew its stake in shares of TESSCO Technologies by 3.6% in the 1st quarter. Stifel Financial Corp now owns 25,682 shares of the communications equipment provider’s stock valued at $398,000 after buying an additional 900 shares during the period. Russell Investments Group Ltd. grew its stake in shares of TESSCO Technologies by 4.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 26,517 shares of the communications equipment provider’s stock valued at $353,000 after buying an additional 1,031 shares during the period. Crawford Investment Counsel Inc. grew its stake in shares of TESSCO Technologies by 1.4% in the 2nd quarter. Crawford Investment Counsel Inc. now owns 87,101 shares of the communications equipment provider’s stock valued at $1,158,000 after buying an additional 1,226 shares during the period. Northern Trust Corp grew its stake in shares of TESSCO Technologies by 1.8% in the 2nd quarter. Northern Trust Corp now owns 71,148 shares of the communications equipment provider’s stock valued at $945,000 after buying an additional 1,228 shares during the period. Finally, Goldman Sachs Group Inc. grew its stake in shares of TESSCO Technologies by 8.2% in the 2nd quarter. Goldman Sachs Group Inc. now owns 22,935 shares of the communications equipment provider’s stock valued at $305,000 after buying an additional 1,744 shares during the period. Hedge funds and other institutional investors own 58.66% of the company’s stock.

About TESSCO Technologies

TESSCO Technologies Incorporated architects and delivers the product and value chain solutions to organizations responsible for building, operating, maintaining and reselling cellular, mobile communications, wireless-fidelity (Wi-Fi), machine-to-machine, Internet of Things and wireless backhaul systems.

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