Bank of New York Mellon Corp Acquires New Stake in Espey Mfg. & Electronics Corp. $ESP

Key Points

• Bank of New York Mellon purchased 20,031 shares of Espey Mfg. & Electronics worth approximately $1.35 million, giving it a 0.67% stake. Institutional investors collectively own 36.65% of the company.
• Company insiders have sold 8,550 shares worth roughly $558,454 over the past 90 days, including sales by CEO David A. Oneil and insider Jennifer Michele Pickering.
• Espey announced a special $0.75-per-share dividend payable September 25 to shareholders of record September 18. The stock opened at $62.11, while its analyst consensus rating remains “Hold.”

Bank of New York Mellon Corp purchased a new stake in shares of Espey Mfg. & Electronics Corp. (NYSEAMERICAN:ESP - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 20,031 shares of the company's stock, valued at approximately $1,349,000. Bank of New York Mellon Corp owned 0.67% of Espey Mfg. & Electronics as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ESP. Bank of America Corp DE increased its stake in shares of Espey Mfg. & Electronics by 356.3% in the 2nd quarter. Bank of America Corp DE now owns 1,232 shares of the company's stock worth $56,000 after purchasing an additional 962 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in shares of Espey Mfg. & Electronics during the 3rd quarter valued at about $67,000. JPMorgan Chase & Co. grew its stake in shares of Espey Mfg. & Electronics by 56,588.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,102 shares of the company's stock valued at $202,000 after acquiring an additional 5,093 shares during the period. Bridgeway Capital Management LLC purchased a new stake in Espey Mfg. & Electronics in the 2nd quarter worth approximately $211,000. Finally, Man Group plc bought a new position in shares of Espey Mfg. & Electronics in the third quarter worth approximately $226,000. 36.65% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Espey Mfg. & Electronics

In other news, insider Jennifer Michele Pickering sold 2,500 shares of the company's stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $63.00, for a total transaction of $157,500.00. Following the sale, the insider directly owned 2,500 shares in the company, valued at approximately $157,500. This represents a 50.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO David A. Oneil sold 2,500 shares of Espey Mfg. & Electronics stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $67.71, for a total value of $169,275.00. Following the completion of the transaction, the chief executive officer owned 13,750 shares of the company's stock, valued at approximately $931,012.50. This represents a 15.38% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 8,550 shares of company stock valued at $558,454. Corporate insiders own 5.54% of the company's stock.

Espey Mfg. & Electronics Stock Down 1.6%

ESP opened at $62.11 on Thursday. The company has a market capitalization of $186.33 million, a PE ratio of 16.39 and a beta of 0.37. The firm has a 50-day simple moving average of $61.28 and a two-hundred day simple moving average of $61.13. Espey Mfg. & Electronics Corp. has a 52 week low of $36.00 and a 52 week high of $74.77.

Espey Mfg. & Electronics Announces Dividend

The firm also recently announced a special dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 18th will be issued a $0.75 dividend. The ex-dividend date is Friday, September 18th. Espey Mfg. & Electronics's payout ratio is 40.82%.

Analysts Set New Price Targets

Separately, Freedom Capital cut shares of Espey Mfg. & Electronics from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 18th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has a consensus rating of "Hold".

Espey Mfg. & Electronics Profile

Espey Manufacturing & Electronics Corp., founded in 1961 and headquartered in Lowell, Massachusetts, specializes in the design, development and manufacture of precision electronic components and sensor systems. The company's core product offerings include magnetostrictive transducers, torque and position sensors, wideband RF and microwave amplifiers, as well as high-reliability printed circuit boards and molded bus assemblies. These solutions are engineered to withstand harsh operating environments and meet stringent performance requirements.

Espey's sensor technologies are employed in applications ranging from industrial automation and energy production to commercial and military aerospace platforms.

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