Bank of America Corp DE Makes New $1.30 Million Investment in LSI Industries Inc. $LYTS

Key Points

• Bank of America purchased 48,940 shares of LSI Industries worth approximately $1.30 million, while institutional investors and hedge funds collectively owned 73.91% of the company.
• LSI Industries exceeded quarterly expectations, reporting $0.38 in EPS versus the $0.35 consensus and revenue of $234.62 million versus the $222.78 million estimate.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and a $29 average price target compared with the stock’s reported $20.94 opening price.

Bank of America Corp DE purchased a new stake in LSI Industries Inc. (NASDAQ:LYTS - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 48,940 shares of the construction company's stock, valued at approximately $1,301,000. Bank of America Corp DE owned 0.13% of LSI Industries at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. bought a new stake in LSI Industries during the second quarter worth about $41,000. Rockefeller Capital Management L.P. grew its stake in LSI Industries by 57.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,714 shares of the construction company's stock valued at $31,000 after purchasing an additional 625 shares in the last quarter. Freestone Grove Partners LP acquired a new position in shares of LSI Industries during the 2nd quarter worth approximately $59,000. New York State Teachers Retirement System increased its position in shares of LSI Industries by 28.5% during the 1st quarter. New York State Teachers Retirement System now owns 2,495 shares of the construction company's stock worth $46,000 after purchasing an additional 554 shares during the last quarter. Finally, State of Wyoming bought a new stake in shares of LSI Industries during the 2nd quarter worth approximately $102,000. 73.91% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other LSI Industries news, EVP Thomas Caneris sold 5,560 shares of the firm's stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $20.09, for a total transaction of $111,700.40. Following the completion of the transaction, the executive vice president owned 76,279 shares in the company, valued at approximately $1,532,445.11. This trade represents a 6.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO James Galeese sold 8,269 shares of the business's stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $20.09, for a total transaction of $166,124.21. Following the completion of the transaction, the chief financial officer owned 190,740 shares in the company, valued at approximately $3,831,966.60. The trade was a 4.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 96,345 shares of company stock valued at $1,928,267 in the last ninety days. Insiders own 7.30% of the company's stock.

LSI Industries Price Performance

LYTS stock opened at $20.94 on Friday. The company's 50-day moving average price is $21.76 and its two-hundred day moving average price is $22.45. The firm has a market cap of $780.22 million, a P/E ratio of 31.25 and a beta of 0.48. The company has a quick ratio of 1.22, a current ratio of 1.97 and a debt-to-equity ratio of 0.68. LSI Industries Inc. has a 12 month low of $17.20 and a 12 month high of $27.36.

LSI Industries (NASDAQ:LYTS - Get Free Report) last posted its quarterly earnings results on Thursday, August 20th. The construction company reported $0.38 EPS for the quarter, topping analysts' consensus estimates of $0.35 by $0.03. LSI Industries had a return on equity of 7.51% and a net margin of 3.28%.The company had revenue of $234.62 million during the quarter, compared to analysts' expectations of $222.78 million. On average, analysts anticipate that LSI Industries Inc. will post 0.82 earnings per share for the current fiscal year.

LSI Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 8th. Investors of record on Monday, August 31st were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Monday, August 31st. LSI Industries's payout ratio is currently 29.85%.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Morgan Stanley set a $30.00 price target on LSI Industries in a report on Friday, August 21st. Oppenheimer dropped their price objective on LSI Industries from $30.00 to $29.00 and set an "outperform" rating on the stock in a research note on Friday, August 21st. Wall Street Zen raised LSI Industries from a "hold" rating to a "buy" rating in a research report on Saturday, September 26th. Weiss Ratings downgraded LSI Industries from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, September 22nd. Finally, HC Wainwright reissued a "buy" rating on shares of LSI Industries in a report on Friday, August 21st. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, LSI Industries has an average rating of "Moderate Buy" and a consensus price target of $29.00.

About LSI Industries

LSI Industries Inc NASDAQ: LYTS is a designer and manufacturer of commercial lighting, digital displays, and related visual communication solutions. The company serves businesses and organizations that need integrated lighting, signage, and brand presentation systems for indoor and outdoor environments.

LSI's lighting products include LED fixtures, lighting controls, and specialized systems for applications such as retail stores, commercial and industrial facilities, sports venues, educational institutions, and outdoor spaces.

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