Bank of New York Mellon Corp Invests $2.15 Million in Frequency Electronics, Inc. $FEIM

Key Points

• Bank of New York Mellon purchased 32,482 shares of Frequency Electronics, worth approximately $2.15 million, giving it a 0.33% stake. Institutional investors collectively own 58.6% of the company.
• Frequency Electronics reported a quarterly loss of $0.50 per share and revenue of $15.4 million, missing analyst estimates of $0.26 earnings per share and $18.57 million in revenue.
• FEIM shares opened at $60.67, within a 52-week range of $26.05 to $80.60. Despite mixed analyst actions, the stock carries a consensus “Buy” rating, though the average price target of $43.67 is below its current price.

Bank of New York Mellon Corp purchased a new stake in Frequency Electronics, Inc. (NASDAQ:FEIM - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 32,482 shares of the communications equipment provider's stock, valued at approximately $2,155,000. Bank of New York Mellon Corp owned approximately 0.33% of Frequency Electronics at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Invesco Ltd. acquired a new stake in Frequency Electronics in the fourth quarter valued at approximately $9,446,000. Next Century Growth Investors LLC increased its holdings in shares of Frequency Electronics by 200.4% during the fourth quarter. Next Century Growth Investors LLC now owns 219,463 shares of the communications equipment provider's stock worth $11,816,000 after buying an additional 146,397 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Frequency Electronics by 403.6% in the 3rd quarter. Millennium Management LLC now owns 136,976 shares of the communications equipment provider's stock valued at $4,645,000 after acquiring an additional 109,776 shares during the last quarter. Two Sigma Investments LP lifted its stake in shares of Frequency Electronics by 179.4% in the 3rd quarter. Two Sigma Investments LP now owns 139,687 shares of the communications equipment provider's stock valued at $4,737,000 after acquiring an additional 89,698 shares during the last quarter. Finally, UBS Group AG boosted its holdings in shares of Frequency Electronics by 63.8% during the 3rd quarter. UBS Group AG now owns 208,334 shares of the communications equipment provider's stock valued at $7,065,000 after acquiring an additional 81,165 shares in the last quarter. 58.60% of the stock is owned by institutional investors.

Frequency Electronics Stock Performance

FEIM stock opened at $60.67 on Tuesday. The company has a market capitalization of $678.29 million, a P/E ratio of -674.11 and a beta of 0.72. The company has a fifty day moving average price of $65.65 and a 200-day moving average price of $60.31. Frequency Electronics, Inc. has a 52-week low of $26.05 and a 52-week high of $80.60.

Frequency Electronics (NASDAQ:FEIM - Get Free Report) last posted its quarterly earnings data on Wednesday, July 15th. The communications equipment provider reported ($0.50) earnings per share for the quarter, missing analysts' consensus estimates of $0.26 by ($0.76). The company had revenue of $15.40 million during the quarter, compared to analyst estimates of $18.57 million. Frequency Electronics had a negative net margin of 1.43% and a negative return on equity of 1.56%.

Analyst Ratings Changes

FEIM has been the topic of a number of research reports. Weiss Ratings lowered Frequency Electronics from a "hold (c)" rating to a "hold (c-)" rating in a research report on Wednesday, September 2nd. Wall Street Zen raised Frequency Electronics from a "strong sell" rating to a "sell" rating in a research note on Saturday, July 4th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $43.67.

Frequency Electronics Profile

Frequency Electronics, Inc NASDAQ: FEIM is a U.S.-based designer and manufacturer of precision frequency control products and timing solutions. The company's portfolio includes oven-controlled crystal oscillators (OCXOs), atomic frequency standards such as rubidium oscillators, GPS-disciplined oscillators (GPSDOs), microwave synthesizers, and integrated timing subsystems. These products are used to provide stable and accurate frequency and time references for applications that demand high performance and reliability.

FEI serves a broad range of markets, including telecommunications, aerospace and defense, satellite and space systems, test and measurement equipment, and critical infrastructure.

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