Bank of New York Mellon Corp Takes $6.23 Million Position in LSI Industries Inc. $LYTS

Key Points

• Bank of New York Mellon acquired 234,465 shares of LSI Industries, worth approximately $6.23 million and representing 0.64% of the company. Institutional investors and hedge funds collectively own 73.91% of LYTS.
• LSI Industries exceeded quarterly expectations, reporting earnings of $0.38 per share versus the $0.35 consensus and revenue of $234.62 million versus $222.78 million expected.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $29.00, while the company declared a quarterly dividend of $0.05 per share.

Bank of New York Mellon Corp purchased a new stake in shares of LSI Industries Inc. (NASDAQ:LYTS - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 234,465 shares of the construction company's stock, valued at approximately $6,232,000. Bank of New York Mellon Corp owned 0.64% of LSI Industries as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. grew its holdings in LSI Industries by 205.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,534 shares of the construction company's stock worth $28,000 after acquiring an additional 1,031 shares during the period. Rockefeller Capital Management L.P. grew its stake in shares of LSI Industries by 57.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,714 shares of the construction company's stock worth $31,000 after purchasing an additional 625 shares during the period. New York State Teachers Retirement System acquired a new stake in shares of LSI Industries during the fourth quarter worth $36,000. Strs Ohio bought a new stake in LSI Industries in the first quarter valued at about $34,000. Finally, Quarry LP bought a new stake in LSI Industries in the third quarter valued at about $55,000. 73.91% of the stock is currently owned by institutional investors and hedge funds.

LSI Industries Stock Performance

Shares of LYTS stock opened at $20.23 on Friday. The company's fifty day simple moving average is $23.40 and its 200-day simple moving average is $22.52. The company has a quick ratio of 0.86, a current ratio of 1.48 and a debt-to-equity ratio of 0.58. The firm has a market cap of $742.64 million, a PE ratio of 30.19 and a beta of 0.52. LSI Industries Inc. has a 12 month low of $17.20 and a 12 month high of $27.36.

LSI Industries (NASDAQ:LYTS - Get Free Report) last released its earnings results on Thursday, August 20th. The construction company reported $0.38 earnings per share for the quarter, beating analysts' consensus estimates of $0.35 by $0.03. LSI Industries had a net margin of 3.28% and a return on equity of 8.04%. The business had revenue of $234.62 million during the quarter, compared to the consensus estimate of $222.78 million. Equities research analysts expect that LSI Industries Inc. will post 0.82 EPS for the current fiscal year.

LSI Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Monday, August 31st will be paid a $0.05 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $0.20 annualized dividend and a dividend yield of 1.0%. LSI Industries's dividend payout ratio (DPR) is currently 29.85%.

Insider Activity

In other LSI Industries news, CEO James Clark sold 23,706 shares of the company's stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $20.09, for a total transaction of $476,253.54. Following the sale, the chief executive officer directly owned 609,641 shares of the company's stock, valued at approximately $12,247,687.69. This represents a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Thomas Caneris sold 5,560 shares of the stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $20.09, for a total transaction of $111,700.40. Following the completion of the sale, the executive vice president owned 76,279 shares of the company's stock, valued at approximately $1,532,445.11. This represents a 6.79% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 96,345 shares of company stock valued at $1,928,267 in the last ninety days. Corporate insiders own 7.30% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Wall Street Zen cut LSI Industries from a "buy" rating to a "hold" rating in a report on Saturday, May 16th. HC Wainwright reaffirmed a "buy" rating on shares of LSI Industries in a research note on Friday, August 21st. Oppenheimer cut their price target on shares of LSI Industries from $30.00 to $29.00 and set an "outperform" rating on the stock in a research report on Friday, August 21st. Morgan Stanley set a $30.00 price objective on shares of LSI Industries in a report on Friday, August 21st. Finally, Weiss Ratings downgraded shares of LSI Industries from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, August 18th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, LSI Industries has a consensus rating of "Moderate Buy" and an average price target of $29.00.

About LSI Industries

LSI Industries, Inc NASDAQ: LYTS is a diversified manufacturer and distributor of lighting, graphics and building technology products. Headquartered in Cincinnati, Ohio, the company develops energy-efficient LED lighting systems, branded and digital graphic displays, and integrated building technology solutions. Serving customers in the retail, quick-service and convenience store, industrial, hospitality and transportation markets, LSI combines design, engineering and manufacturing capabilities to address both aesthetic and functional needs.

In its lighting segment, LSI offers interior and exterior LED fixtures, canopy lights, high-bay and low-bay systems, and specialized horticultural grow lights.

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