3,484,557 Shares in Daktronics, Inc. $DAKT Bought by BlackRock Inc.

Key Points

• BlackRock acquired 3.48 million Daktronics shares worth approximately $68.2 million, giving it a 7.22% stake. Institutional investors collectively own 61.69% of the company.
• Daktronics exceeded quarterly expectations, reporting $0.27 earnings per share versus the $0.20 consensus estimate and revenue of $208.61 million versus $205.27 million expected.
• Shares opened at $19.30, while analysts maintain an overall “Hold” rating with a $29 consensus price target; Roth Capital raised its target to $29 and rated the stock a buy.

BlackRock Inc. acquired a new stake in Daktronics, Inc. (NASDAQ:DAKT - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 3,484,557 shares of the technology company's stock, valued at approximately $68,158,000. BlackRock Inc. owned about 7.22% of Daktronics at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Deutsche Bank AG acquired a new position in shares of Daktronics during the 2nd quarter worth about $863,000. Diamond Hill Capital Management LLC Investment Advisor purchased a new position in shares of Daktronics in the 2nd quarter valued at about $1,504,000. Bank of New York Mellon Corp acquired a new stake in shares of Daktronics during the 2nd quarter worth about $17,992,000. State of Wyoming purchased a new stake in Daktronics during the second quarter worth approximately $33,000. Finally, GSA Capital Partners LLP purchased a new stake in Daktronics during the second quarter worth approximately $223,000. Hedge funds and other institutional investors own 61.69% of the company's stock.

Insiders Place Their Bets

In other news, insider Sheila Mae Anderson sold 3,636 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $20.01, for a total value of $72,756.36. Following the completion of the transaction, the insider owned 48,371 shares in the company, valued at $967,903.71. This trade represents a 6.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Bradley T. Wiemann sold 4,000 shares of the stock in a transaction dated Friday, July 17th. The shares were sold at an average price of $19.22, for a total transaction of $76,880.00. Following the completion of the transaction, the executive vice president owned 125,946 shares of the company's stock, valued at $2,420,682.12. This represents a 3.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 4.60% of the stock is currently owned by company insiders.

Daktronics Price Performance

Shares of DAKT opened at $19.30 on Monday. The company has a current ratio of 2.31, a quick ratio of 1.74 and a debt-to-equity ratio of 0.18. The stock's 50 day moving average is $19.98 and its two-hundred day moving average is $20.81. Daktronics, Inc. has a twelve month low of $16.89 and a twelve month high of $28.27. The firm has a market capitalization of $931.80 million, a PE ratio of 21.21, a P/E/G ratio of 0.64 and a beta of 1.68.

Daktronics (NASDAQ:DAKT - Get Free Report) last posted its quarterly earnings results on Wednesday, June 24th. The technology company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.20 by $0.07. Daktronics had a return on equity of 17.62% and a net margin of 5.41%.The business had revenue of $208.61 million during the quarter, compared to analysts' expectations of $205.27 million. During the same period last year, the firm earned ($0.19) EPS. Research analysts anticipate that Daktronics, Inc. will post 1.21 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Roth Capital increased their price target on shares of Daktronics from $26.00 to $29.00 and gave the company a "buy" rating in a research note on Thursday, July 2nd. Weiss Ratings upgraded shares of Daktronics from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, June 25th. Wall Street Zen cut shares of Daktronics from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 4th. Finally, Zacks Research raised shares of Daktronics from a "strong sell" rating to a "hold" rating in a research report on Monday, June 15th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Daktronics has an average rating of "Hold" and a consensus target price of $29.00.

Daktronics Profile

Daktronics, Inc NASDAQ: DAKT is a leading designer and manufacturer of electronic display systems, video boards, scoreboards and related control systems. Founded in 1968 in Brookings, South Dakota by Al Kurtenbach and Duane Sander, the company has built a reputation for delivering custom visual display solutions to a wide range of markets. Its product portfolio includes large-format LED video displays, programmable message centers, digital billboards, and audio-visual solutions tailored to sports venues, transportation authorities, retail environments and live event producers.

The company's primary business activities encompass the engineering, fabrication and installation of display systems for customers around the world.

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