Bank of New York Mellon Corp Makes New Investment in Escalade, Incorporated $ESCA

Key Points

• Bank of New York Mellon acquired 91,597 Escalade shares worth approximately $1.72 million, giving it a 0.67% stake. Institutional investors collectively own 65.22% of the company.
• Escalade reported quarterly earnings of $0.68 per share, far exceeding the $0.16 analyst consensus, while revenue of $57.7 million was roughly in line with estimates.
• Analysts upgraded Escalade to positive ratings, producing a consensus “Strong Buy.” The company also declared a quarterly dividend of $0.1525, equivalent to a 3.0% annualized yield.

Bank of New York Mellon Corp acquired a new position in shares of Escalade, Incorporated (NASDAQ:ESCA - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 91,597 shares of the company's stock, valued at approximately $1,720,000. Bank of New York Mellon Corp owned 0.67% of Escalade as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of ESCA. Raymond James Financial Inc. bought a new position in Escalade during the second quarter worth $29,000. Tower Research Capital LLC TRC raised its holdings in shares of Escalade by 439.0% during the second quarter. Tower Research Capital LLC TRC now owns 3,622 shares of the company's stock valued at $51,000 after purchasing an additional 2,950 shares during the period. Bank of America Corp DE raised its holdings in shares of Escalade by 13.9% during the first quarter. Bank of America Corp DE now owns 10,442 shares of the company's stock valued at $179,000 after purchasing an additional 1,271 shares during the period. Hennion & Walsh Asset Management Inc. bought a new position in shares of Escalade during the 2nd quarter worth about $208,000. Finally, Goldman Sachs Group Inc. boosted its position in shares of Escalade by 7.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 11,845 shares of the company's stock worth $160,000 after purchasing an additional 779 shares in the last quarter. Institutional investors own 65.22% of the company's stock.

Insider Activity at Escalade

In other Escalade news, Director Richard Fenton Baalmann, Jr. sold 5,000 shares of the firm's stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $22.27, for a total value of $111,350.00. Following the completion of the sale, the director directly owned 97,794 shares of the company's stock, valued at $2,177,872.38. This trade represents a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Edward E. Williams sold 30,315 shares of the business's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $20.98, for a total value of $636,008.70. Following the completion of the sale, the director owned 132,187 shares in the company, valued at approximately $2,773,283.26. The trade was a 18.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 41,227 shares of company stock worth $872,743. Insiders own 33.14% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on ESCA shares. Weiss Ratings raised Escalade from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, July 24th. Zacks Research upgraded Escalade from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company's stock. Based on data from MarketBeat, Escalade has a consensus rating of "Strong Buy".

Escalade Price Performance

Shares of NASDAQ ESCA opened at $20.63 on Wednesday. The stock has a market capitalization of $284.08 million, a P/E ratio of 12.35 and a beta of 0.58. The company has a 50-day moving average price of $19.99 and a 200-day moving average price of $18.53. Escalade, Incorporated has a 1 year low of $11.41 and a 1 year high of $23.07.

Escalade (NASDAQ:ESCA - Get Free Report) last posted its earnings results on Thursday, July 30th. The company reported $0.68 earnings per share for the quarter, topping analysts' consensus estimates of $0.16 by $0.52. Escalade had a net margin of 9.46% and a return on equity of 13.11%. The company had revenue of $57.70 million for the quarter, compared to analyst estimates of $57.60 million. As a group, equities research analysts anticipate that Escalade, Incorporated will post 1.56 earnings per share for the current fiscal year.

Escalade Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Tuesday, October 6th will be issued a $0.1525 dividend. This represents a $0.61 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, October 6th. Escalade's payout ratio is 36.53%.

Escalade Profile

Escalade, Inc is a U.S.-based manufacturer and distributor of recreational equipment and specialty products for both consumer and commercial markets. Headquartered in Evansville, Indiana, the company operates through two principal business segments: Sporting Goods and Commercial Products. The Sporting Goods segment encompasses a diverse range of products such as hockey and lacrosse goal assemblies, fitness accessories, archery and hunting gear, and table tennis equipment. The Commercial Products segment focuses on seating solutions for restaurants, hospitality venues and other public spaces under the Top Seat brand, as well as storage, display products and industrial carts.

Within Sporting Goods, Escalade markets its products under proprietary brands including Bear® Archery, Gene St.

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