Lapides Asset Management LLC lowered its position in Dolby Laboratories (NYSE:DLB) by 31.3% during the third quarter, according to its most recent filing with the SEC. The firm owned 95,300 shares of the electronics maker’s stock after selling 43,400 shares during the period. Lapides Asset Management LLC owned 0.09% of Dolby Laboratories worth $5,482,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Dolby Laboratories by 2.2% in the 2nd quarter. Vanguard Group Inc. now owns 4,725,496 shares of the electronics maker’s stock worth $231,360,000 after purchasing an additional 103,702 shares during the period. BlackRock Inc. increased its stake in shares of Dolby Laboratories by 19.8% in the 2nd quarter. BlackRock Inc. now owns 2,913,371 shares of the electronics maker’s stock valued at $142,639,000 after acquiring an additional 481,649 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Dolby Laboratories by 0.9% in the 3rd quarter. American Century Companies Inc. now owns 1,844,837 shares of the electronics maker’s stock valued at $106,115,000 after acquiring an additional 16,420 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Dolby Laboratories by 14.1% in the 2nd quarter. Renaissance Technologies LLC now owns 1,549,100 shares of the electronics maker’s stock valued at $75,844,000 after acquiring an additional 191,600 shares in the last quarter. Finally, Timucuan Asset Management Inc. FL increased its stake in shares of Dolby Laboratories by 61.3% in the 2nd quarter. Timucuan Asset Management Inc. FL now owns 1,172,271 shares of the electronics maker’s stock valued at $57,394,000 after acquiring an additional 445,411 shares in the last quarter. Hedge funds and other institutional investors own 51.71% of the company’s stock.
Shares of Dolby Laboratories (DLB) traded up $0.95 during mid-day trading on Wednesday, reaching $61.00. 280,100 shares of the company’s stock were exchanged, compared to its average volume of 386,287. The company has a market cap of $6,127.32, a price-to-earnings ratio of 28.87, a PEG ratio of 2.25 and a beta of 0.83. Dolby Laboratories has a fifty-two week low of $44.98 and a fifty-two week high of $61.45.
Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings results on Wednesday, October 25th. The electronics maker reported $0.45 EPS for the quarter, beating the Zacks’ consensus estimate of $0.27 by $0.18. The business had revenue of $242.05 million during the quarter, compared to analyst estimates of $244.80 million. Dolby Laboratories had a net margin of 18.66% and a return on equity of 10.73%. Dolby Laboratories’s quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.37 EPS. analysts forecast that Dolby Laboratories will post 2.22 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Monday, November 6th will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date of this dividend is Friday, November 3rd. This is a positive change from Dolby Laboratories’s previous quarterly dividend of $0.14. Dolby Laboratories’s payout ratio is 32.99%.
In other Dolby Laboratories news, Director Peter C. Gotcher sold 9,310 shares of Dolby Laboratories stock in a transaction on Wednesday, October 18th. The shares were sold at an average price of $60.00, for a total transaction of $558,600.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Dagmar Dolby sold 100,000 shares of Dolby Laboratories stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $48.28, for a total transaction of $4,828,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 721,734 shares of company stock valued at $37,025,301 in the last 90 days. 43.80% of the stock is currently owned by company insiders.
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Several analysts have recently weighed in on DLB shares. Zacks Investment Research lowered shares of Dolby Laboratories from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 31st. B. Riley set a $66.00 price objective on shares of Dolby Laboratories and gave the company a “buy” rating in a research note on Thursday, October 19th. Dougherty & Co reiterated a “buy” rating and issued a $63.00 price objective on shares of Dolby Laboratories in a research note on Wednesday, September 13th. BidaskClub lowered shares of Dolby Laboratories from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 22nd. Finally, Piper Jaffray Companies reiterated a “hold” rating and issued a $52.00 price objective (up previously from $49.00) on shares of Dolby Laboratories in a research note on Wednesday, September 13th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $60.17.
Dolby Laboratories Company Profile
Dolby Laboratories, Inc designs and manufactures audio and imaging products for the cinema, television, broadcast and entertainment industries. Its products for cinema include Digital Cinema Servers and Cinema Audio Products, and broadcast and other include Dolby Conference Phone and Other Products. It offers services to support theatrical and television production for cinema exhibition, broadcast and home entertainment, including equipment training and maintenance, mixing room alignment and equalization, as well as audio, color and light image calibration.
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