Espey Mfg. & Electronics Corp. (NYSEAMERICAN:ESP) Stock Short Interest Falls 45.1%

Key Points

• Short interest plunged 45.1% to 38,951 shares as of October 15, representing about 1.4% of outstanding shares and a days-to-cover ratio of 0.9.
• Espey reported quarterly EPS of $1.15, beating estimates of $0.96, though revenue of $13.47 million fell short of the $14.80 million consensus estimate.
• The company paid a $0.75 special dividend, while institutional investors—including BlackRock and De Lisle Partners—built new positions; institutions collectively own 36.65% of the stock.

Espey Mfg. & Electronics Corp. (NYSEAMERICAN:ESP - Get Free Report) was the recipient of a significant decrease in short interest during the month of October. As of October 15th, there was short interest totaling 38,951 shares, a decrease of 45.1% from the September 30th total of 70,947 shares. Approximately 1.4% of the company's shares are sold short. Based on an average daily trading volume, of 41,328 shares, the days-to-cover ratio is currently 0.9 days.

Espey Mfg. & Electronics Price Performance

Shares of NYSEAMERICAN:ESP traded down $2.31 on Friday, hitting $53.20. 23,258 shares of the company's stock were exchanged, compared to its average volume of 30,538. The stock has a market capitalization of $161.73 million, a price-to-earnings ratio of 13.68 and a beta of 0.37. Espey Mfg. & Electronics has a 12 month low of $36.82 and a 12 month high of $74.77. The business's 50 day simple moving average is $60.53 and its two-hundred day simple moving average is $60.05.

Espey Mfg. & Electronics (NYSEAMERICAN:ESP - Get Free Report) last posted its quarterly earnings results on Wednesday, September 23rd. The company reported $1.15 EPS for the quarter, topping the consensus estimate of $0.96 by $0.19. The company had revenue of $13.47 million for the quarter, compared to the consensus estimate of $14.80 million. Espey Mfg. & Electronics had a net margin of 24.24% and a return on equity of 20.22%.

Espey Mfg. & Electronics Dividend Announcement

The firm also recently disclosed a special dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 18th were paid a $0.75 dividend. The ex-dividend date of this dividend was Friday, September 18th. Espey Mfg. & Electronics's dividend payout ratio is 40.82%.

Insider Activity

In related news, Director Paul J. Corr sold 2,089 shares of the firm's stock in a transaction that occurred on Friday, September 25th. The stock was sold at an average price of $65.67, for a total transaction of $137,184.63. Following the completion of the sale, the director directly owned 20,650 shares of the company's stock, valued at approximately $1,356,085.50. This trade represents a 9.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 5.54% of the company's stock.

Hedge Funds Weigh In On Espey Mfg. & Electronics

Several institutional investors and hedge funds have recently bought and sold shares of ESP. BlackRock Inc. purchased a new position in shares of Espey Mfg. & Electronics during the second quarter worth $7,808,000. De Lisle Partners LLP purchased a new position in Espey Mfg. & Electronics during the second quarter worth approximately $3,777,000. Sei Investments Co. acquired a new stake in Espey Mfg. & Electronics in the 1st quarter valued at $1,384,000. Bank of New York Mellon Corp purchased a new stake in shares of Espey Mfg. & Electronics during the second quarter worth about $1,349,000. Finally, Man Group plc acquired a new position in shares of Espey Mfg. & Electronics during the second quarter valued at approximately $832,000. 36.65% of the stock is owned by hedge funds and other institutional investors.

About Espey Mfg. & Electronics

Espey Mfg. & Electronics Corp. is a defense electronics company based in Saratoga Springs, New York. The company designs, develops and manufactures specialized electronic equipment primarily for military and aerospace applications.

Its products and capabilities include power supplies, power-conversion equipment, power distribution systems, electronic assemblies and related systems used in demanding defense platforms. Espey also provides engineering, manufacturing and integration services for customers requiring ruggedized electronics and customized power solutions.

Founded in 1928, Espey has supplied products to U.S.

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