158,484 Shares of NAPCO Security Technologies, Inc. $NSSC Bought by Bank of America Corp DE

Key Points

• Bank of America initiated a new position in NAPCO Security Technologies, purchasing 158,484 shares worth approximately $6.0 million, or about 0.44% of the company. Institutional investors collectively own 85.07% of NAPCO’s stock.
• NAPCO reported stronger-than-expected quarterly results, with earnings of $0.50 per share versus the $0.39 consensus estimate and revenue of $55.81 million. Revenue increased 10.1% year over year, while analysts maintain a “Moderate Buy” consensus and a $50.40 target price.
• The company raised its quarterly dividend to $0.17 per share, equivalent to $0.68 annually and a 1.9% yield. However, company insiders sold 523,962 shares worth approximately $18.3 million during the quarter.

Bank of America Corp DE purchased a new stake in shares of NAPCO Security Technologies, Inc. (NASDAQ:NSSC - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 158,484 shares of the industrial products company's stock, valued at approximately $6,019,000. Bank of America Corp DE owned about 0.44% of NAPCO Security Technologies at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Deutsche Bank AG bought a new stake in shares of NAPCO Security Technologies during the 2nd quarter worth $1,414,000. Principal Financial Group Inc. increased its stake in NAPCO Security Technologies by 239.7% in the first quarter. Principal Financial Group Inc. now owns 225,314 shares of the industrial products company's stock valued at $8,875,000 after acquiring an additional 158,984 shares during the last quarter. Renaissance Technologies LLC increased its stake in NAPCO Security Technologies by 31.1% in the first quarter. Renaissance Technologies LLC now owns 436,800 shares of the industrial products company's stock valued at $17,206,000 after acquiring an additional 103,600 shares during the last quarter. Y Intercept Hong Kong Ltd raised its position in NAPCO Security Technologies by 113.3% during the first quarter. Y Intercept Hong Kong Ltd now owns 59,331 shares of the industrial products company's stock valued at $2,337,000 after purchasing an additional 31,516 shares in the last quarter. Finally, Rice Hall James & Associates LLC purchased a new stake in NAPCO Security Technologies during the second quarter valued at about $5,833,000. Hedge funds and other institutional investors own 85.07% of the company's stock.

NAPCO Security Technologies Stock Performance

Shares of NSSC stock opened at $35.66 on Monday. NAPCO Security Technologies, Inc. has a fifty-two week low of $33.91 and a fifty-two week high of $51.77. The stock has a 50 day moving average price of $37.02 and a two-hundred day moving average price of $38.64. The company has a market capitalization of $1.28 billion, a P/E ratio of 29.47 and a beta of 1.43.

NAPCO Security Technologies (NASDAQ:NSSC - Get Free Report) last issued its earnings results on Monday, August 24th. The industrial products company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.39 by $0.11. The company had revenue of $55.81 million for the quarter, compared to the consensus estimate of $52.51 million. NAPCO Security Technologies had a net margin of 21.27% and a return on equity of 31.41%. The firm's revenue for the quarter was up 10.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.33 earnings per share. As a group, equities analysts predict that NAPCO Security Technologies, Inc. will post 1.66 earnings per share for the current year.

NAPCO Security Technologies Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Friday, September 11th will be issued a dividend of $0.17 per share. This is an increase from NAPCO Security Technologies's previous quarterly dividend of $0.15. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, September 11th. NAPCO Security Technologies's dividend payout ratio (DPR) is currently 56.20%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. DA Davidson set a $52.00 price objective on NAPCO Security Technologies in a research report on Tuesday, August 25th. Needham & Company LLC restated a "buy" rating and issued a $49.00 target price on shares of NAPCO Security Technologies in a research report on Friday, August 21st. Wall Street Zen lowered NAPCO Security Technologies from a "buy" rating to a "hold" rating in a research note on Saturday, July 4th. Benchmark reiterated a "buy" rating on shares of NAPCO Security Technologies in a research report on Tuesday, August 25th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of NAPCO Security Technologies in a research note on Friday, August 7th. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $50.40.

Insider Transactions at NAPCO Security Technologies

In related news, Chairman Richard Soloway sold 379,529 shares of the business's stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $34.50, for a total transaction of $13,093,750.50. Following the transaction, the chairman owned 621,958 shares in the company, valued at $21,457,551. The trade was a 37.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Donna Soloway sold 20,962 shares of the company's stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $34.62, for a total value of $725,704.44. Following the transaction, the director directly owned 20,962 shares of the company's stock, valued at $725,704.44. The trade was a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 523,962 shares of company stock valued at $18,257,168. 5.65% of the stock is currently owned by company insiders.

About NAPCO Security Technologies

NAPCO Security Technologies, Inc is a security products and solutions company that designs, develops, manufactures and sells equipment for residential, commercial, institutional and industrial applications. The company's offerings address intrusion detection, fire and life safety, access control, locking and school security needs.

Its product portfolio includes security alarm systems, control panels, sensors, alarm communications equipment, access-control systems, electronic locks and related software and services.

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