Oppenheimer Asset Management Inc. Takes Position in Daktronics, Inc. $DAKT

Key Points

• Oppenheimer Asset Management bought 51,196 Daktronics shares in the second quarter, valued at approximately $1.0 million, giving it a 0.11% stake. Institutional investors and hedge funds collectively own 61.69% of the company.
• Daktronics exceeded quarterly expectations, reporting $0.27 in EPS versus the $0.20 consensus estimate and revenue of $208.61 million. Analysts expect full-year EPS of $1.21.
• Shares recently opened at $20.41, while analysts maintain an average “Hold” rating and a $29.00 average price target; Roth Capital raised its target to $29 and reiterated a Buy rating.

Oppenheimer Asset Management Inc. purchased a new position in Daktronics, Inc. (NASDAQ:DAKT - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 51,196 shares of the technology company's stock, valued at approximately $1,001,000. Oppenheimer Asset Management Inc. owned approximately 0.11% of Daktronics at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Quarry LP purchased a new position in Daktronics during the third quarter valued at approximately $25,000. Cornerstone Planning Group LLC purchased a new stake in Daktronics in the 1st quarter worth approximately $26,000. Caitong International Asset Management Co. Ltd lifted its position in Daktronics by 22,566.7% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,360 shares of the technology company's stock worth $27,000 after buying an additional 1,354 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted 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 buying an additional 2,045 shares during the period. Finally, Clearstead Advisors LLC acquired a new stake in shares of Daktronics during the 4th quarter valued at $57,000. 61.69% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Daktronics news, insider Sheila Mae Anderson sold 3,636 shares of the business's stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $20.01, for a total transaction of $72,756.36. Following the completion of the transaction, the insider owned 48,371 shares of the company's stock, valued at $967,903.71. The trade was a 6.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Bradley T. Wiemann sold 4,000 shares of the company's stock in a transaction dated Friday, July 17th. The shares were sold at an average price of $19.22, for a total transaction of $76,880.00. Following the sale, the executive vice president owned 125,946 shares of the company's stock, valued at $2,420,682.12. This trade represents a 3.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 4.60% of the company's stock.

Daktronics Price Performance

Shares of Daktronics stock opened at $20.41 on Monday. The stock has a market capitalization of $985.39 million, a P/E ratio of 22.43, a PEG ratio of 0.67 and a beta of 1.68. The company has a quick ratio of 1.74, a current ratio of 2.31 and a debt-to-equity ratio of 0.18. The stock has a 50 day moving average price of $20.14 and a two-hundred day moving average price of $21.11. Daktronics, Inc. has a 12-month low of $15.59 and a 12-month high of $28.27.

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

Analysts Set New Price Targets

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

About Daktronics

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.

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