Short Interest in Kewaunee Scientific Corporation (NASDAQ:KEQU) Decreases By 32.9%

Key Points

• Kewaunee Scientific Corporation experienced a substantial 32.9% decrease in short interest in July, with a total of 40,100 shares sold short as of July 31st.
• The company's latest earnings report revealed an EPS of $1.95 and revenue of $77.15 million for the quarter, reflecting a net margin of 4.74%.
• Institutional investors have shown increased interest, with several hedge funds significantly boosting their holdings, raising total institutional ownership to 32.69%.

Kewaunee Scientific Corporation (NASDAQ:KEQU - Get Free Report) was the target of a significant drop in short interest in July. As of July 31st, there was short interest totaling 40,100 shares, adropof32.9% from the July 15th total of 59,800 shares. Approximately1.9% of the shares of the stock are short sold. Based on an average trading volume of 11,200 shares, the days-to-cover ratio is presently 3.6 days. Based on an average trading volume of 11,200 shares, the days-to-cover ratio is presently 3.6 days. Approximately1.9% of the shares of the stock are short sold.

Kewaunee Scientific Price Performance

Shares of NASDAQ:KEQU traded up $1.24 during midday trading on Friday, hitting $57.67. The company had a trading volume of 14,680 shares, compared to its average volume of 8,541. Kewaunee Scientific has a twelve month low of $30.33 and a twelve month high of $71.33. The company has a debt-to-equity ratio of 0.92, a current ratio of 2.20 and a quick ratio of 1.59. The stock has a market cap of $170.13 million, a price-to-earnings ratio of 15.06 and a beta of 0.70. The business's 50-day simple moving average is $53.82 and its 200-day simple moving average is $46.53.

Kewaunee Scientific (NASDAQ:KEQU - Get Free Report) last posted its quarterly earnings results on Wednesday, June 25th. The technology company reported $1.95 EPS for the quarter. Kewaunee Scientific had a return on equity of 26.02% and a net margin of 4.74%.The firm had revenue of $77.15 million during the quarter.

Insider Buying and Selling at Kewaunee Scientific

In other news, CFO Donald T. Gardner III sold 3,000 shares of the firm's stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $58.59, for a total value of $175,770.00. Following the transaction, the chief financial officer owned 14,564 shares in the company, valued at $853,304.76. This trade represents a 17.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 13.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Kewaunee Scientific

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. First Trust Advisors LP increased its holdings in shares of Kewaunee Scientific by 3.4% in the second quarter. First Trust Advisors LP now owns 6,726 shares of the technology company's stock valued at $395,000 after purchasing an additional 222 shares during the last quarter. Geode Capital Management LLC increased its stake in Kewaunee Scientific by 0.9% during the second quarter. Geode Capital Management LLC now owns 24,013 shares of the technology company's stock worth $1,410,000 after acquiring an additional 223 shares during the last quarter. IFP Advisors Inc increased its stake in Kewaunee Scientific by 61.5% during the first quarter. IFP Advisors Inc now owns 945 shares of the technology company's stock worth $37,000 after acquiring an additional 360 shares during the last quarter. Bank of America Corp DE increased its stake in Kewaunee Scientific by 2,605.9% during the fourth quarter. Bank of America Corp DE now owns 460 shares of the technology company's stock worth $28,000 after acquiring an additional 443 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Kewaunee Scientific during the second quarter worth $60,000. Institutional investors and hedge funds own 32.69% of the company's stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded Kewaunee Scientific from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th.

About Kewaunee Scientific

Kewaunee Scientific Corporation designs, manufactures, and installs laboratory, healthcare, and technical furniture and infrastructure products. The company operates through two segments, Domestic and International. Its products include steel and wood casework, fume hoods, adaptable modular systems, moveable workstations, stand-alone benches, biological safety cabinets, and epoxy resin work surfaces and sinks.