Richardson Electronics, Ltd. Announces Quarterly Dividend of $0.06 (NASDAQ:RELL)

Richardson Electronics, Ltd. (NASDAQ:RELL - Get Free Report) announced a quarterly dividend on Thursday, July 24th, Wall Street Journal reports. Shareholders of record on Friday, August 8th will be paid a dividend of 0.06 per share by the technology company on Wednesday, August 27th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date is Friday, August 8th.

Richardson Electronics has a payout ratio of 43.6% meaning its dividend is sufficiently covered by earnings. Analysts expect Richardson Electronics to earn $0.84 per share next year, which means the company should continue to be able to cover its $0.24 annual dividend with an expected future payout ratio of 28.6%.

Richardson Electronics Stock Up 11.0%

Shares of RELL traded up $1.08 during midday trading on Thursday, reaching $10.86. The company had a trading volume of 42,283 shares, compared to its average volume of 57,177. The stock has a market cap of $156.50 million, a PE ratio of -63.88, a price-to-earnings-growth ratio of 2.75 and a beta of 1.00. Richardson Electronics has a 1-year low of $7.57 and a 1-year high of $15.51. The firm has a 50 day simple moving average of $9.43 and a 200-day simple moving average of $10.81.

Richardson Electronics (NASDAQ:RELL - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The technology company reported $0.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.05 by $0.07. Richardson Electronics had a positive return on equity of 1.09% and a negative net margin of 1.14%. The firm had revenue of $51.89 million during the quarter, compared to the consensus estimate of $53.86 million. As a group, sell-side analysts anticipate that Richardson Electronics will post 0.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Richardson Electronics

Several institutional investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. increased its stake in Richardson Electronics by 7.3% during the first quarter. Goldman Sachs Group Inc. now owns 85,081 shares of the technology company's stock worth $950,000 after acquiring an additional 5,802 shares during the last quarter. Jane Street Group LLC acquired a new stake in Richardson Electronics during the first quarter worth about $198,000. Finally, Acadian Asset Management LLC increased its stake in Richardson Electronics by 17.0% during the first quarter. Acadian Asset Management LLC now owns 83,273 shares of the technology company's stock worth $928,000 after acquiring an additional 12,097 shares during the last quarter. 71.95% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered Richardson Electronics from a "buy" rating to a "hold" rating in a research report on Saturday, April 19th.

About Richardson Electronics

Richardson Electronics, Ltd. engages in the provision of engineered solutions, power grid and microwave tube, and related consumables worldwide. The Power and Microwave Technologies segment manufactures electron tubes and radio frequency (RF), microwave and power components used in semiconductor manufacturing equipment, RF, and wireless and industrial power applications, as well as various applications including broadcast transmission, CO2 laser cutting, diagnostic imaging, dielectric and induction heating, energy transfer, high voltage switching, plasma, power conversion, radar, and radiation oncology.

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