Zacks Investment Research cut shares of Electro Scientific Industries (NASDAQ:ESIO) from a buy rating to a hold rating in a report published on Friday morning.
According to Zacks, “Electro Scientific Industries, Inc. designs and manufactures sophisticated products used around the world in electronics manufacturing including: laser manufacturing systems for semiconductor yield improvement; production and test equipment for the manufacture of surface mount ceramic capacitors; laser trim systems for precise electrical tuning of circuits; precision laser and mechanical drilling systems for electronic interconnection; and machine vision systems. The systems enable precise engineering and testing of micron to submicron features in semiconductors, LEDs, multi-layer ceramic capacitors (MLCCs), printed circuit boards (PCBs), flex circuits and other high-value components. ESI’s integrated solutions allow industrial designers and process engineers to control the power of laser light to transform materials in ways that differentiate their consumer electronics, wearable devices, semiconductor circuits and high-precision components for market advantage. “
Other research analysts have also recently issued research reports about the stock. BidaskClub cut shares of Electro Scientific Industries from a strong-buy rating to a buy rating in a report on Wednesday, December 6th. Lake Street Capital upped their price target on shares of Electro Scientific Industries from $22.00 to $27.00 and gave the company a buy rating in a report on Friday, December 1st. Needham & Company LLC boosted their price objective on shares of Electro Scientific Industries from $12.00 to $27.00 and gave the stock a buy rating in a research report on Thursday, November 2nd. Finally, DA Davidson reissued a buy rating and issued a $25.00 price objective on shares of Electro Scientific Industries in a research report on Thursday, November 2nd. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Electro Scientific Industries presently has an average rating of Buy and a consensus price target of $26.50.
Electro Scientific Industries (NASDAQ ESIO) opened at $20.46 on Friday. Electro Scientific Industries has a 1-year low of $5.63 and a 1-year high of $27.72. The company has a current ratio of 2.81, a quick ratio of 1.96 and a debt-to-equity ratio of 0.08.
Electro Scientific Industries (NASDAQ:ESIO) last released its quarterly earnings results on Wednesday, November 1st. The semiconductor company reported $0.39 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.12. The company had revenue of $70.97 million during the quarter, compared to analysts’ expectations of $65.53 million. Electro Scientific Industries had a negative net margin of 9.00% and a negative return on equity of 13.50%. The business’s quarterly revenue was up 139.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.24) earnings per share. equities research analysts expect that Electro Scientific Industries will post 1.14 EPS for the current fiscal year.
In other Electro Scientific Industries news, CFO Paul R. Oldham sold 60,000 shares of the company’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $24.08, for a total transaction of $1,444,800.00. Following the sale, the chief financial officer now directly owns 287,665 shares of the company’s stock, valued at $6,926,973.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Paul R. Oldham sold 120,000 shares of the company’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $23.49, for a total transaction of $2,818,800.00. Following the sale, the chief financial officer now directly owns 237,665 shares in the company, valued at $5,582,750.85. The disclosure for this sale can be found here. Insiders own 6.22% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of ESIO. Vanguard Group Inc. raised its position in Electro Scientific Industries by 12.0% during the first quarter. Vanguard Group Inc. now owns 1,615,464 shares of the semiconductor company’s stock worth $11,260,000 after acquiring an additional 172,926 shares in the last quarter. Geode Capital Management LLC raised its position in Electro Scientific Industries by 4.5% during the first quarter. Geode Capital Management LLC now owns 300,482 shares of the semiconductor company’s stock worth $2,094,000 after acquiring an additional 13,047 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Electro Scientific Industries by 3.8% in the first quarter. Dimensional Fund Advisors LP now owns 2,513,438 shares of the semiconductor company’s stock valued at $17,518,000 after purchasing an additional 91,565 shares during the period. Bank of America Corp DE raised its position in shares of Electro Scientific Industries by 109.2% in the first quarter. Bank of America Corp DE now owns 49,374 shares of the semiconductor company’s stock valued at $344,000 after purchasing an additional 25,771 shares during the period. Finally, Louisiana State Employees Retirement System raised its position in shares of Electro Scientific Industries by 1.5% in the second quarter. Louisiana State Employees Retirement System now owns 13,500 shares of the semiconductor company’s stock valued at $111,000 after purchasing an additional 200 shares during the period. 75.41% of the stock is currently owned by hedge funds and other institutional investors.
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About Electro Scientific Industries
Electro Scientific Industries, Inc and its subsidiaries supply laser-based manufacturing solutions for industries reliant on microtechnologies. The Company operates through two segments: Component Processing and Micromachining. The Component Processing segment includes interconnect products, semiconductor products and component products.
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