BlackRock Inc. Purchases Shares of 516,548 Frequency Electronics, Inc. $FEIM

Key Points

• BlackRock acquired 516,548 shares of Frequency Electronics during the second quarter, valued at approximately $34.3 million and representing a 5.23% stake.
• Institutional investors and hedge funds collectively own 58.6% of FEIM, while analyst opinions remain mixed; the stock has an average “Buy” rating and a $43.67 target price.
• Frequency Electronics reported a quarterly loss of $0.50 per share and revenue of $15.4 million, missing analyst expectations for $0.26 EPS and $18.57 million in revenue.

BlackRock Inc. acquired a new stake in shares of Frequency Electronics, Inc. (NASDAQ:FEIM - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 516,548 shares of the communications equipment provider's stock, valued at approximately $34,273,000. BlackRock Inc. owned 5.23% of Frequency Electronics as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in FEIM. Kestra Advisory Services LLC acquired a new position in Frequency Electronics in the fourth quarter valued at $27,000. Caitong International Asset Management Co. Ltd acquired a new stake in Frequency Electronics during the third quarter worth about $25,000. State of Wyoming acquired a new stake in Frequency Electronics during the fourth quarter worth about $49,000. Wexford Capital LP purchased a new position in shares of Frequency Electronics in the 3rd quarter worth about $32,000. Finally, NewEdge Advisors LLC purchased a new position in shares of Frequency Electronics in the 4th quarter worth about $52,000. 58.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently issued reports on FEIM shares. Weiss Ratings cut Frequency Electronics from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, July 20th. Wall Street Zen upgraded shares of Frequency Electronics from a "strong sell" rating to a "sell" rating in a report on Saturday, July 4th. Finally, Freedom Capital raised shares of Frequency Electronics from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $43.67.

Frequency Electronics Trading Down 2.1%

Shares of NASDAQ FEIM opened at $58.98 on Wednesday. The stock has a fifty day moving average price of $65.93 and a 200 day moving average price of $59.92. Frequency Electronics, Inc. has a 12-month low of $26.05 and a 12-month high of $80.60. The company has a market cap of $659.40 million, a P/E ratio of -655.33 and a beta of 0.72.

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

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.

Want to see what other hedge funds are holding FEIM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Frequency Electronics, Inc. (NASDAQ:FEIM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source