ESPEY MFG & ELECTRONICS (NYSE:ESP) Stock Price Up 1.2% - Here's What Happened

Key Points

• ESPEY MFG & ELECTRONICS (NYSE:ESP) saw its stock price increase by 1.2%, trading at $45.67 during mid-day trading with a market capitalization of $129.29 million.
• The company has recently been upgraded from a "buy" rating to a "strong-buy" rating by Wall Street Zen, indicating positive sentiment among analysts.
• ESPEY announced a quarterly dividend of $0.25 per share, resulting in an annualized yield of 2.2% and a dividend payout ratio of 37.31%.

ESPEY MFG & ELECTRONICS CORP (NYSE:ESP - Get Free Report) shot up 1.2% during mid-day trading on Thursday . The stock traded as high as $46.48 and last traded at $45.67. 16,326 shares traded hands during mid-day trading, a decline of 23% from the average session volume of 21,315 shares. The stock had previously closed at $45.11.

Analyst Ratings Changes

Separately, Wall Street Zen raised ESPEY MFG & ELECTRONICS from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, May 21st.

ESPEY MFG & ELECTRONICS Stock Up 1.2%

The firm has a market capitalization of $129.29 million, a P/E ratio of 17.04 and a beta of 0.11. The firm has a 50 day moving average price of $45.99.

ESPEY MFG & ELECTRONICS Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Monday, June 16th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Monday, June 16th. ESPEY MFG & ELECTRONICS's dividend payout ratio (DPR) is presently 37.31%.

Insider Activity

In other news, CEO David A. Oneil sold 1,977 shares of the firm's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $38.05, for a total value of $75,224.85. Following the completion of the transaction, the chief executive officer owned 1,023 shares in the company, valued at $38,925.15. This trade represents a 65.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Paul J. Corr sold 2,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $41.07, for a total value of $82,140.00. Following the completion of the transaction, the director owned 20,439 shares of the company's stock, valued at approximately $839,429.73. The trade was a 8.91% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 11,000 shares of company stock worth $436,317 in the last quarter. 6.78% of the stock is owned by company insiders.

Hedge Funds Weigh In On ESPEY MFG & ELECTRONICS

Several large investors have recently made changes to their positions in ESP. Marshall Wace LLP purchased a new position in shares of ESPEY MFG & ELECTRONICS during the second quarter valued at approximately $591,000. Naples Global Advisors LLC purchased a new position in ESPEY MFG & ELECTRONICS in the 2nd quarter worth approximately $285,000. Heron Bay Capital Management purchased a new position in ESPEY MFG & ELECTRONICS in the 2nd quarter worth approximately $274,000. Wealth Enhancement Advisory Services LLC purchased a new position in ESPEY MFG & ELECTRONICS in the 2nd quarter worth approximately $219,000. Finally, Bridgeway Capital Management LLC purchased a new position in ESPEY MFG & ELECTRONICS in the 2nd quarter worth approximately $211,000. 36.65% of the stock is currently owned by hedge funds and other institutional investors.

ESPEY MFG & ELECTRONICS Company Profile

Espey Mfg. & Electronics Corp., a power electronics design and original equipment manufacturing company, designs, manufactures, and tests electronic equipment primarily for use in military and industrial applications in the United States and internationally. The company's principal products include power supplies, power converters, filters, power transformers, magnetic components, power distribution equipment, UPS systems, antennas, and high-power radar systems for use in AC and DC locomotives, shipboard power, shipboard radar, airborne power, ground-based radar, and ground mobile power applications.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.