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

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

Wall Street Analysts Forecast Growth

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

Richardson Electronics Trading Down 3.1%

RELL opened at $10.52 on Friday. Richardson Electronics, Ltd. has a 12-month low of $7.57 and a 12-month high of $15.51. The firm has a market capitalization of $151.60 million, a PE ratio of -131.48, a P/E/G ratio of 3.01 and a beta of 1.00. The firm has a 50 day moving average of $9.48 and a two-hundred day moving average of $10.74.

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

Richardson Electronics Dividend Announcement

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

Richardson Electronics 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.

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