Kovack Advisors Inc. Sells 24,910 Shares of Richardson Electronics, Ltd. (NASDAQ:RELL)

Key Points

• Kovack Advisors Inc. decreased its stake in Richardson Electronics, Ltd. by 56.2% in the first quarter, holding 19,390 shares valued at approximately $216,000.
• Despite Kovack's decrease, other institutional investors like Wells Fargo and Deutsche Bank increased their positions in Richardson Electronics, indicating a mixed sentiment among hedge funds.
• Wall Street analysts have downgraded Richardson Electronics from a "buy" to a "hold" rating, reflecting cautious outlook amid financial performance challenges.

Kovack Advisors Inc. cut its position in Richardson Electronics, Ltd. (NASDAQ:RELL - Free Report) by 56.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,390 shares of the technology company's stock after selling 24,910 shares during the quarter. Kovack Advisors Inc. owned 0.13% of Richardson Electronics worth $216,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Wells Fargo & Company MN raised its holdings in Richardson Electronics by 27.9% in the fourth quarter. Wells Fargo & Company MN now owns 7,213 shares of the technology company's stock valued at $101,000 after acquiring an additional 1,572 shares in the last quarter. Deutsche Bank AG raised its holdings in Richardson Electronics by 62.2% in the fourth quarter. Deutsche Bank AG now owns 10,452 shares of the technology company's stock valued at $147,000 after acquiring an additional 4,009 shares in the last quarter. Wedbush Securities Inc. acquired a new stake in Richardson Electronics in the first quarter valued at $143,000. Bank of America Corp DE raised its holdings in Richardson Electronics by 37.6% in the fourth quarter. Bank of America Corp DE now owns 14,658 shares of the technology company's stock valued at $206,000 after acquiring an additional 4,003 shares in the last quarter. Finally, Ritholtz Wealth Management raised its holdings in shares of Richardson Electronics by 44.9% during the first quarter. Ritholtz Wealth Management now owns 17,800 shares of the technology company's stock worth $199,000 after purchasing an additional 5,513 shares during the period. 71.95% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered shares of Richardson Electronics from a "buy" rating to a "hold" rating in a research note on Saturday, April 19th.

Richardson Electronics Trading Up 0.9%

Shares of RELL traded up $0.10 during midday trading on Wednesday, hitting $10.54. The stock had a trading volume of 2,882 shares, compared to its average volume of 56,687. Richardson Electronics, Ltd. has a fifty-two week low of $7.57 and a fifty-two week high of $15.51. The business has a 50-day simple moving average of $9.54 and a two-hundred day simple moving average of $10.71. The firm has a market cap of $151.82 million, a P/E ratio of -131.67, a price-to-earnings-growth ratio of 3.14 and a beta of 1.00.

Richardson Electronics (NASDAQ:RELL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The technology company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.05 by $0.07. The business had revenue of $51.89 million during the quarter, compared to analysts' expectations of $53.86 million. Richardson Electronics had a negative net margin of 0.55% and a positive return on equity of 2.07%. On average, analysts expect that Richardson Electronics, Ltd. will post 0.27 earnings per share for the current fiscal year.

Richardson Electronics Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 27th. Investors of record on Friday, August 8th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 2.28%. The ex-dividend date is Friday, August 8th. Richardson Electronics's dividend payout ratio is currently -300.00%.

Richardson Electronics Company Profile

Richardson Electronics, Ltd. engages in the provision of engineered solutions, power grid and microwave tube, and related consumables worldwide. The Power and Microwave Technologies segment manufactures electron tubes and radio frequency (RF), microwave and power components used in semiconductor manufacturing equipment, RF, and wireless and industrial power applications, as well as various applications including broadcast transmission, CO2 laser cutting, diagnostic imaging, dielectric and induction heating, energy transfer, high voltage switching, plasma, power conversion, radar, and radiation oncology.