Bank of New York Mellon Corp Makes New $17.99 Million Investment in Daktronics, Inc. $DAKT

Key Points

• Bank of New York Mellon purchased 919,816 Daktronics shares worth approximately $17.99 million, taking a 1.90% stake. Institutional investors collectively own 61.69% of the company.
• Daktronics exceeded quarterly expectations, reporting $0.27 EPS versus the $0.20 consensus and $208.61 million in revenue versus $205.27 million expected.
• Analysts maintain a generally cautious outlook, with an average rating of Hold and a consensus price target of $29.00; the stock recently opened at $19.53.

Bank of New York Mellon Corp bought a new position in shares of Daktronics, Inc. (NASDAQ:DAKT - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 919,816 shares of the technology company's stock, valued at approximately $17,992,000. Bank of New York Mellon Corp owned about 1.90% of Daktronics at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Invesco Ltd. raised its stake in shares of Daktronics by 399.2% during the 2nd quarter. Invesco Ltd. now owns 510,243 shares of the technology company's stock worth $7,715,000 after buying an additional 408,037 shares during the period. Boston Partners purchased a new position in shares of Daktronics during the 4th quarter valued at approximately $6,248,000. Breach Inlet Capital Management LLC grew its stake in Daktronics by 32.8% in the 4th quarter. Breach Inlet Capital Management LLC now owns 1,272,552 shares of the technology company's stock valued at $25,158,000 after acquiring an additional 314,133 shares during the period. Thrivent Financial for Lutherans acquired a new stake in Daktronics in the 4th quarter valued at $5,364,000. Finally, Hillsdale Investment Management Inc. increased its holdings in Daktronics by 161.2% in the 1st quarter. Hillsdale Investment Management Inc. now owns 392,089 shares of the technology company's stock worth $7,665,000 after acquiring an additional 241,969 shares in the last quarter. 61.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Daktronics Stock Up 1.2%

Daktronics stock opened at $19.53 on Tuesday. The company has a market capitalization of $942.91 million, a PE ratio of 21.46, a price-to-earnings-growth ratio of 0.64 and a beta of 1.68. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.74 and a current ratio of 2.31. Daktronics, Inc. has a fifty-two week low of $16.89 and a fifty-two week high of $28.27. The firm has a 50 day moving average price of $19.95 and a 200 day moving average price of $20.76.

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

Insiders Place Their Bets

In other news, EVP Bradley T. Wiemann sold 4,000 shares of the company's stock in a transaction on Friday, July 17th. The stock was sold at an average price of $19.22, for a total transaction of $76,880.00. Following the sale, the executive vice president owned 125,946 shares of the company's stock, valued at approximately $2,420,682.12. This represents a 3.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Sheila Mae Anderson sold 3,636 shares of the stock in a transaction on 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 sale, the insider owned 48,371 shares in the company, valued at approximately $967,903.71. The trade was a 6.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 4.60% of the stock is currently owned by corporate 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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