Frequency Electronics (NASDAQ:FEIM) Releases Quarterly Earnings Results, Misses Expectations By $0.29 EPS

Key Points

• Frequency Electronics reported a quarterly earnings per share (EPS) of $0.07, significantly missing analysts' estimates of $0.36, compared to $0.25 EPS for the same period last year.
• Despite the earnings miss, Frequency Electronics' stock increased by 5.2% to $34.35, with a trading volume of 589,640 shares, far above its average of 181,347 shares.
• Institutional investors are showing significant interest in Frequency Electronics, with Bank of America Corp increasing its holdings by over 3,558% in the last quarter.

Frequency Electronics (NASDAQ:FEIM - Get Free Report) released its earnings results on Thursday. The communications equipment provider reported $0.07 EPS for the quarter, missing analysts' consensus estimates of $0.36 by ($0.29), RTT News reports. Frequency Electronics had a return on equity of 45.96% and a net margin of 32.10%.The firm had revenue of $13.81 million for the quarter, compared to the consensus estimate of $16.53 million. During the same period in the prior year, the business earned $0.25 EPS.

Frequency Electronics Stock Down 2.0%

Frequency Electronics stock traded down $0.57 during mid-day trading on Tuesday, hitting $27.43. 401,213 shares of the company's stock traded hands, compared to its average volume of 328,012. The firm has a 50 day moving average price of $28.01 and a 200 day moving average price of $21.46. The company has a market cap of $267.44 million, a PE ratio of 11.98 and a beta of 0.50. Frequency Electronics has a one year low of $11.71 and a one year high of $34.84.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded Frequency Electronics from a "hold" rating to a "buy" rating in a research report on Saturday.

Hedge Funds Weigh In On Frequency Electronics

Hedge funds have recently modified their holdings of the company. Bank of America Corp DE increased its position in shares of Frequency Electronics by 3,558.9% during the 2nd quarter. Bank of America Corp DE now owns 2,671 shares of the communications equipment provider's stock valued at $61,000 after purchasing an additional 2,598 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Frequency Electronics during the 2nd quarter valued at $82,000. Lazard Asset Management LLC increased its position in shares of Frequency Electronics by 10,807.7% during the 2nd quarter. Lazard Asset Management LLC now owns 4,254 shares of the communications equipment provider's stock valued at $96,000 after purchasing an additional 4,215 shares during the period. New York State Common Retirement Fund acquired a new position in shares of Frequency Electronics during the 2nd quarter valued at $100,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Frequency Electronics during the 2nd quarter valued at $112,000. 58.60% of the stock is currently owned by institutional investors and hedge funds.

Frequency Electronics Company Profile

Frequency Electronics, Inc, together with its subsidiaries, engages in designing, development, and manufacturing of precision time and frequency control products and components for microwave integrated circuit applications. It operates through two segments, FEI-NY and FEI-Zyfer. The FEI-NY segment offers precision time and frequency control products for communication satellites, terrestrial cellular telephone or other ground-based telecommunication stations; and other components and systems for the U.S.