Hillsdale Investment Management Inc. Acquires 241,969 Shares of Daktronics, Inc. $DAKT

Key Points

• Hillsdale Investment Management increased its stake in Daktronics by 161.2% in the first quarter, buying 241,969 additional shares and bringing its total holding to 392,089 shares valued at about $7.7 million.
• Other institutions also adjusted positions in DAKT, and hedge funds and other institutional investors now own 61.69% of the stock.
• Daktronics reported better-than-expected quarterly results, with EPS of $0.27 versus $0.20 expected and revenue of $208.61 million, while analysts currently have a consensus Hold rating and a $29 average price target.

Hillsdale Investment Management Inc. raised its holdings in Daktronics, Inc. (NASDAQ:DAKT - Free Report) by 161.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 392,089 shares of the technology company's stock after purchasing an additional 241,969 shares during the period. Hillsdale Investment Management Inc. owned 0.81% of Daktronics worth $7,665,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of DAKT. Quarry LP purchased a new position in Daktronics in the 3rd quarter valued at approximately $25,000. Caitong International Asset Management Co. Ltd grew its position 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 valued at $27,000 after purchasing an additional 1,354 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of Daktronics by 204.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,046 shares of the technology company's stock valued at $46,000 after purchasing an additional 2,045 shares during the period. Clearstead Advisors LLC purchased a new stake in Daktronics during the 4th quarter worth about $57,000. Finally, BNP Paribas Financial Markets boosted its stake in Daktronics by 66.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 3,897 shares of the technology company's stock worth $59,000 after purchasing an additional 1,561 shares during the period. 61.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Daktronics

In other news, insider Sheila Mae Anderson sold 3,636 shares of the company's stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $20.01, for a total value of $72,756.36. Following the completion of the transaction, the insider directly owned 48,371 shares in the company, valued at approximately $967,903.71. This represents a 6.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.30% of the stock is currently owned by company insiders.

Daktronics Trading Up 1.5%

Shares of Daktronics stock opened at $20.21 on Tuesday. 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, Inc. has a 1 year low of $15.59 and a 1 year high of $28.27. The firm has a market cap of $975.74 million, a PE ratio of 22.21, a PEG ratio of 0.66 and a beta of 1.67. The company has a 50 day simple moving average of $20.02 and a two-hundred day simple moving average of $21.17.

Daktronics (NASDAQ:DAKT - Get Free Report) last posted its quarterly earnings data on Wednesday, June 24th. The technology company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.07. Daktronics had a net margin of 5.41% and a return on equity of 17.62%. The firm had revenue of $208.61 million for the quarter, compared to analysts' expectations of $205.27 million. During the same quarter last year, the company posted ($0.19) EPS. Analysts expect that Daktronics, Inc. will post 1.21 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

Daktronics 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.

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.