Espey Mfg. & Electronics Corp. (NYSEAMERICAN:ESP) Sees Large Decline in Short Interest

Espey Mfg. & Electronics Corp. (NYSEAMERICAN:ESP) was the target of a large decline in short interest in May. As of May 29th, there was short interest totaling 7,299 shares, a decline of 41.6% from the May 14th total of 12,505 shares. Based on an average daily volume of 54,644 shares, the days-to-cover ratio is currently 0.1 days. Approximately 0.3% of the shares of the company are sold short.

Espey Mfg. & Electronics Stock Performance

Shares of NYSEAMERICAN ESP traded up $0.49 during mid-day trading on Monday, reaching $59.75. The company had a trading volume of 15,054 shares, compared to its average volume of 26,551. Espey Mfg. & Electronics has a one year low of $36.00 and a one year high of $74.77. The firm has a market cap of $179.25 million, a price-to-earnings ratio of 15.77 and a beta of 0.36. The business’s 50-day simple moving average is $62.87 and its 200 day simple moving average is $55.25.

Espey Mfg. & Electronics (NYSEAMERICAN:ESP) last posted its quarterly earnings data on Tuesday, May 12th. The company reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.11. Espey Mfg. & Electronics had a net margin of 25.50% and a return on equity of 20.38%. The business had revenue of $11.42 million during the quarter, compared to analysts’ expectations of $13.20 million.

Espey Mfg. & Electronics Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Monday, June 15th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Monday, June 15th. Espey Mfg. & Electronics’s dividend payout ratio (DPR) is 40.82%.

Insider Transactions at Espey Mfg. & Electronics

In other Espey Mfg. & Electronics news, Director Paul J. Corr sold 2,257 shares of the business’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $66.27, for a total value of $149,571.39. Following the completion of the sale, the director owned 20,732 shares of the company’s stock, valued at $1,373,909.64. The trade was a 9.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 5.54% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Espey Mfg. & Electronics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Two Sigma Investments LP bought a new position in shares of Espey Mfg. & Electronics in the 3rd quarter valued at $1,047,000. Sei Investments Co. bought a new stake in shares of Espey Mfg. & Electronics during the 1st quarter worth $1,384,000. Steel Partners Holdings L.P. acquired a new stake in Espey Mfg. & Electronics in the fourth quarter valued at about $784,000. Sage Investment Advisers LLC bought a new position in Espey Mfg. & Electronics in the fourth quarter valued at about $680,000. Finally, Marshall Wace LLP bought a new position in Espey Mfg. & Electronics in the second quarter valued at about $591,000. 36.65% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Freedom Capital cut Espey Mfg. & Electronics from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 18th. One research analyst has rated the stock with a Hold rating, According to MarketBeat, Espey Mfg. & Electronics has a consensus rating of “Hold”.

About Espey Mfg. & Electronics

Espey Manufacturing & Electronics Corp., founded in 1961 and headquartered in Lowell, Massachusetts, specializes in the design, development and manufacture of precision electronic components and sensor systems. The company’s core product offerings include magnetostrictive transducers, torque and position sensors, wideband RF and microwave amplifiers, as well as high-reliability printed circuit boards and molded bus assemblies. These solutions are engineered to withstand harsh operating environments and meet stringent performance requirements.

Espey’s sensor technologies are employed in applications ranging from industrial automation and energy production to commercial and military aerospace platforms.