Frequency Electronics, Inc. $FEIM Shares Sold by Sowell Financial Services LLC

Key Points

• Sowell Financial Services cut its FEIM stake by 92.4% in the third quarter, selling 42,738 shares and retaining 3,529 shares valued at about $298,000.
• Frequency Electronics reported quarterly earnings of $0.41 per share, beating the $0.15 consensus estimate; revenue of $23.45 million also exceeded analysts’ $17.85 million forecast.
• Analyst views were mixed, though MarketBeat’s consensus rating was “Moderate Buy”, with an average price target of $59.67. The stock was reported down 7.6% and opened at $61.52.

Sowell Financial Services LLC decreased its holdings in shares of Frequency Electronics, Inc. (NASDAQ:FEIM - Free Report) by 92.4% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 3,529 shares of the communications equipment provider's stock after selling 42,738 shares during the period. Sowell Financial Services LLC's holdings in Frequency Electronics were worth $298,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. BlackRock Inc. bought a new position in shares of Frequency Electronics in the 2nd quarter worth $34,273,000. Sei Investments Co. grew its stake in shares of Frequency Electronics by 93.1% during the first quarter. Sei Investments Co. now owns 91,706 shares of the communications equipment provider's stock worth $4,059,000 after purchasing an additional 44,218 shares during the period. Raiffeisen Bank International AG increased its holdings in Frequency Electronics by 350.0% in the second quarter. Raiffeisen Bank International AG now owns 54,000 shares of the communications equipment provider's stock valued at $3,336,000 after purchasing an additional 42,000 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in Frequency Electronics in the second quarter valued at about $2,155,000. Finally, GSA Capital Partners LLP bought a new stake in Frequency Electronics in the second quarter valued at about $1,552,000. Institutional investors own 58.60% of the company's stock.

Frequency Electronics Trading Down 7.6%

Shares of Frequency Electronics stock opened at $61.52 on Thursday. The company has a market capitalization of $693.33 million, a PE ratio of 246.08 and a beta of 0.75. Frequency Electronics, Inc. has a 12 month low of $26.05 and a 12 month high of $89.76. The stock's fifty day simple moving average is $73.22 and its 200 day simple moving average is $62.61.

Frequency Electronics (NASDAQ:FEIM - Get Free Report) last posted its earnings results on Thursday, September 10th. The communications equipment provider reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.26. Frequency Electronics had a return on equity of 3.63% and a net margin of 3.68%. The firm had revenue of $23.45 million for the quarter, compared to analyst estimates of $17.85 million.

Analyst Ratings Changes

A number of equities analysts have issued reports on FEIM shares. Freedom Broker cut Frequency Electronics from a "buy" rating to a "hold" rating and raised their target price for the stock from $77.00 to $91.00 in a report on Monday, September 14th. Weiss Ratings lowered Frequency Electronics from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday, October 23rd. Finally, Wall Street Zen raised Frequency Electronics from a "hold" rating to a "buy" rating in a research note on Saturday, October 10th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $59.67.

About Frequency Electronics

Frequency Electronics, Inc NASDAQ: FEIM develops and manufactures precision timing and frequency-control products for demanding communications, aerospace, defense and commercial applications. Its technologies are designed to generate, stabilize and distribute highly accurate timing signals used by electronic systems and networks.

The company's product portfolio includes crystal oscillators, frequency synthesizers, timing and synchronization systems, GPS/GNSS-disciplined timing products, atomic frequency references and related components.

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