Arrowstreet Capital Limited Partnership Has $5.37 Million Position in Daktronics, Inc. $DAKT

Key Points

• Arrowstreet Capital cut its Daktronics stake by 46.9% in the first quarter, selling 242,949 shares and retaining 274,666 shares valued at approximately $5.37 million. Institutional investors and hedge funds collectively own 61.69% of the company.
• Daktronics reported quarterly earnings of $0.27 per share, beating estimates by $0.07, while revenue of $208.61 million also exceeded expectations. Analysts project full-year earnings of $1.21 per share.
• Analyst sentiment remains cautious, with the stock carrying a consensus “Hold” rating and a $29 target price. Daktronics shares opened at $19.77, within a 12-month range of $15.59 to $28.27.

Arrowstreet Capital Limited Partnership lessened its position in Daktronics, Inc. (NASDAQ:DAKT - Free Report) by 46.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 274,666 shares of the technology company's stock after selling 242,949 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.57% of Daktronics worth $5,370,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Daktronics by 6.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,210 shares of the technology company's stock valued at $295,000 after acquiring an additional 1,476 shares during the period. Empowered Funds LLC raised its position in shares of Daktronics by 2.1% during the first quarter. Empowered Funds LLC now owns 242,535 shares of the technology company's stock worth $2,954,000 after purchasing an additional 4,926 shares during the period. Rhumbline Advisers raised its position in shares of Daktronics by 31.4% during the second quarter. Rhumbline Advisers now owns 76,152 shares of the technology company's stock worth $1,151,000 after purchasing an additional 18,202 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in Daktronics by 204.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,046 shares of the technology company's stock worth $46,000 after buying an additional 2,045 shares during the period. Finally, Invesco Ltd. lifted its position in Daktronics by 399.2% in the 2nd quarter. Invesco Ltd. now owns 510,243 shares of the technology company's stock valued at $7,715,000 after acquiring an additional 408,037 shares in the last quarter. 61.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Daktronics Stock Performance

NASDAQ DAKT opened at $19.77 on Monday. The firm has a 50-day moving average price of $19.94 and a two-hundred day moving average price of $21.14. Daktronics, Inc. has a 12-month low of $15.59 and a 12-month high of $28.27. The company has a market capitalization of $954.50 million, a P/E ratio of 21.73, a P/E/G ratio of 0.65 and a beta of 1.68. The company has a quick ratio of 1.74, a current ratio of 2.31 and a debt-to-equity ratio of 0.18.

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

Insider Transactions at Daktronics

In other Daktronics news, insider Sheila Mae Anderson sold 3,636 shares of the company's stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $20.01, for a total transaction of $72,756.36. Following the completion of the sale, the insider directly owned 48,371 shares in the company, valued at $967,903.71. This represents a 6.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Bradley T. Wiemann sold 4,000 shares of the firm's stock in a transaction on Friday, July 17th. The shares were sold at an average price of $19.22, for a total value of $76,880.00. Following the completion of the sale, the executive vice president directly owned 125,946 shares in the company, valued at approximately $2,420,682.12. This represents a 3.08% decrease in their position. The SEC filing for this sale provides additional information. 4.60% of the stock is owned by insiders.

About Daktronics

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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