Bank of New York Mellon Corp Sells 228,728 Shares of Daktronics, Inc. $DAKT

Key Points

• Bank of New York Mellon cut its Daktronics stake by 20% in the first quarter, selling 228,728 shares and retaining 915,020 shares valued at approximately $17.9 million. Institutional investors collectively own 61.69% of the company.
• Daktronics reported quarterly EPS of $0.27, beating estimates of $0.20, while revenue reached $208.61 million versus expectations of $205.27 million. Analysts have a consensus “Hold” rating and a $29 price target.
• The stock opened at $19.59, with a 52-week range of $15.59 to $28.27. Two company insiders also sold shares in July, while insiders retain a 5.30% ownership stake.

Bank of New York Mellon Corp lowered its holdings in shares of Daktronics, Inc. (NASDAQ:DAKT - Free Report) by 20.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 915,020 shares of the technology company's stock after selling 228,728 shares during the quarter. Bank of New York Mellon Corp owned 1.89% of Daktronics worth $17,889,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of DAKT. Quarry LP bought a new stake in shares of Daktronics during the third quarter worth $25,000. Caitong International Asset Management Co. Ltd grew its holdings in shares of Daktronics by 22,566.7% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,360 shares of the technology company's stock worth $27,000 after purchasing an additional 1,354 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in Daktronics by 204.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,046 shares of the technology company's stock worth $46,000 after buying an additional 2,045 shares during the period. Clearstead Advisors LLC purchased a new position in Daktronics in the 4th quarter worth about $57,000. Finally, BNP Paribas Financial Markets lifted its holdings in Daktronics by 66.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,897 shares of the technology company's stock valued at $59,000 after buying an additional 1,561 shares in the last quarter. Institutional investors own 61.69% of the company's stock.

Wall Street Analyst Weigh In

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

Daktronics Stock Performance

DAKT stock opened at $19.59 on Thursday. Daktronics, Inc. has a 1-year low of $15.59 and a 1-year high of $28.27. The business has a 50-day moving average price of $19.96 and a 200 day moving average price of $21.16. The company has a market capitalization of $945.81 million, a P/E ratio of 21.53, a PEG ratio of 0.65 and a beta of 1.67. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.31 and a quick ratio of 1.74.

Daktronics (NASDAQ:DAKT - Get Free Report) last issued its earnings results on Wednesday, June 24th. The technology company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.07. The company had revenue of $208.61 million for the quarter, compared to analysts' expectations of $205.27 million. Daktronics had a net margin of 5.41% and a return on equity of 17.62%. During the same period in the prior year, the business earned ($0.19) EPS. As a group, equities research analysts forecast that Daktronics, Inc. will post 1.21 EPS for the current fiscal year.

Insider Activity at Daktronics

In related news, insider Sheila Mae Anderson sold 3,636 shares of the business's stock in a transaction that occurred 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 transaction, the insider owned 48,371 shares of the company's stock, valued at $967,903.71. The trade was a 6.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Bradley T. Wiemann sold 4,000 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the executive vice president directly owned 125,946 shares of the company's stock, valued at $2,420,682.12. This trade represents a 3.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 5.30% of the stock is currently owned by corporate insiders.

Daktronics Company Profile

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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