Cove Street Capital, LLC
recently disclosed that they own 10.9% of Westell Technologies, Inc. (NASDAQ:WSTL) in a Schedule 13D/A disclosure that was filed with the Securities and Exchange Commission (SEC) on Tuesday, July 25th. The investor owns 1,312,487 shares of the stock valued at $4,672,454. The filing is available through the SEC website at this link.
Cove Street Capital, LLC
provided the following explanation of their ownership:
Warning: file_get_contents(): php_network_getaddresses: getaddrinfo failed: Name or service not known in /home/acctmp/public_html/download.php on line 6
Warning: file_get_contents(https://whalewisdom.com
1,312,487
): failed to open stream: php_network_getaddresses: getaddrinfo failed: Name or service not known in /home/acctmp/public_html/download.php on line 6
Separately, Russell Investments Group Ltd. purchased a new position in Westell Technologies during the fourth quarter valued at $696,000.
Westell Technologies, Inc. (NASDAQ:WSTL) traded up 1.12% on Tuesday, reaching $3.60. 66,429 shares of the company traded hands. The stock’s 50 day moving average price is $3.01 and its 200 day moving average price is $2.79. Westell Technologies, Inc. has a one year low of $1.76 and a one year high of $3.80. The company’s market capitalization is $55.67 million.
Westell Technologies (NASDAQ:WSTL) last announced its quarterly earnings data on Wednesday, May 24th. The communications equipment provider reported $0.08 EPS for the quarter. Westell Technologies had a negative net margin of 25.32% and a negative return on equity of 9.19%. The company had revenue of $15.40 million for the quarter, compared to the consensus estimate of $15.90 million. During the same period in the prior year, the firm posted ($0.16) EPS. Westell Technologies’s revenue for the quarter was down 26.3% on a year-over-year basis. On average, equities research analysts predict that Westell Technologies, Inc. will post $0.04 EPS for the current fiscal year.
Westell Technologies announced that its Board of Directors has initiated a share repurchase plan on Wednesday, May 17th that authorizes the company to buyback $2.00 million in outstanding shares. This buyback authorization authorizes the communications equipment provider to reacquire up to 59% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.
TRADEMARK VIOLATION WARNING: “Westell Technologies, Inc. (NASDAQ:WSTL) Stake Owned by Cove Street Capital, LLC” was originally published by StockNewsTimes and is the property of of StockNewsTimes. If you are viewing this news story on another site, it was illegally stolen and republished in violation of United States & international trademark and copyright laws. The original version of this news story can be viewed at https://stocknewstimes.com/2017/07/25/westell-technologies-inc-nasdaqwstl-stake-owned-by-cove-street-capital-llc.html.
Several research analysts recently weighed in on WSTL shares. Zacks Investment Research cut shares of Westell Technologies from a “buy” rating to a “hold” rating in a report on Thursday, April 13th. ValuEngine upgraded shares of Westell Technologies from a “strong sell” rating to a “sell” rating in a report on Wednesday, May 31st.
About Westell Technologies
Westell Technologies, Inc is a provider of in-building wireless, intelligent site management, cell site optimization and outside plant solutions. The Company’s set of products and solutions are designed to manage network performance for carriers, integrators and other network operators. The Company operates in two segments: In-Building Wireless (IBW) and Communication Solutions Group (CSG).
Want to see what other hedge funds are holding WSTL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Westell Technologies, Inc. (NASDAQ:WSTL).
Receive News & Ratings for Westell Technologies Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westell Technologies Inc. and related companies with MarketBeat.com's FREE daily email newsletter.
