Sowell Financial Services LLC Sells 42,738 Shares of Frequency Electronics, Inc. $FEIM

Key Points

• Sowell Financial Services cut its Frequency Electronics stake by 92.4%, selling 42,738 shares and retaining 3,529 shares worth about $298,000. Institutional investors collectively own 58.6% of FEIM.
• Frequency Electronics reported quarterly earnings of $0.41 per share, beating estimates of $0.15, while revenue of $23.45 million exceeded forecasts of $17.85 million.
• Analyst sentiment remains moderately positive, with a consensus “Moderate Buy” rating and a $59.67 price target, although FEIM trades at a high price-to-earnings ratio of 256.72.

Sowell Financial Services LLC lowered its holdings in shares of Frequency Electronics, Inc. (NASDAQ:FEIM - Free Report) by 92.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,529 shares of the communications equipment provider's stock after selling 42,738 shares during the quarter. Sowell Financial Services LLC's holdings in Frequency Electronics were worth $298,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of FEIM. Farther Finance Advisors LLC increased its position in shares of Frequency Electronics by 29.8% in the third quarter. Farther Finance Advisors LLC now owns 666 shares of the communications equipment provider's stock valued at $56,000 after buying an additional 153 shares in the last quarter. State of Wyoming acquired a new position in shares of Frequency Electronics during the 2nd quarter worth approximately $63,000. Legal & General Group Plc acquired a new position in shares of Frequency Electronics during the 2nd quarter worth approximately $106,000. IFP Advisors Inc lifted its position in shares of Frequency Electronics by 46.0% during the 2nd quarter. IFP Advisors Inc now owns 1,905 shares of the communications equipment provider's stock valued at $126,000 after buying an additional 600 shares in the last quarter. Finally, Zevenbergen Capital Investments LLC purchased a new position in shares of Frequency Electronics during the 3rd quarter valued at approximately $222,000. Hedge funds and other institutional investors own 58.60% of the company's stock.

Frequency Electronics Trading Up 4.8%

FEIM stock opened at $67.28 on Tuesday. The company has a market cap of $758.25 million, a price-to-earnings ratio of 256.72 and a beta of 0.65. Frequency Electronics, Inc. has a 12 month low of $26.05 and a 12 month high of $89.76. The firm has a 50-day moving average of $73.26 and a two-hundred day moving average of $62.21.

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

Analyst Ratings Changes

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