Zacks Investment Research downgraded shares of Electro Scientific Industries (NASDAQ:ESIO) from a strong-buy rating to a hold rating in a research note published on Thursday.
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. “
A number of other analysts also recently commented on ESIO. Lake Street Capital set a $30.00 price objective on shares of Electro Scientific Industries and gave the stock a buy rating in a report on Thursday. BidaskClub raised shares of Electro Scientific Industries from a buy rating to a strong-buy rating in a report on Wednesday. ValuEngine raised shares of Electro Scientific Industries from a buy rating to a strong-buy rating in a report on Wednesday, March 7th. Stifel Nicolaus assumed coverage on shares of Electro Scientific Industries in a report on Wednesday, March 14th. They set a buy rating and a $36.00 price objective on the stock. Finally, DA Davidson reissued a buy rating and set a $32.00 price objective on shares of Electro Scientific Industries in a report on Thursday, January 18th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company. Electro Scientific Industries currently has a consensus rating of Buy and a consensus target price of $32.60.
Electro Scientific Industries (NASDAQ:ESIO) last released its quarterly earnings data on Wednesday, January 31st. The semiconductor company reported $0.99 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.16. The firm had revenue of $110.80 million for the quarter, compared to the consensus estimate of $107.00 million. Electro Scientific Industries had a net margin of 7.63% and a return on equity of 14.57%. The firm’s revenue was up 227.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.23) earnings per share. analysts predict that Electro Scientific Industries will post 2.5 earnings per share for the current year.
In other Electro Scientific Industries news, VP John Edward Williams sold 5,000 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $18.05, for a total value of $90,250.00. Following the sale, the vice president now owns 59,800 shares of the company’s stock, valued at $1,079,390. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.22% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Renaissance Technologies LLC lifted its holdings in shares of Electro Scientific Industries by 6.2% in the fourth quarter. Renaissance Technologies LLC now owns 1,589,900 shares of the semiconductor company’s stock valued at $34,072,000 after purchasing an additional 92,480 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Electro Scientific Industries by 72.0% in the fourth quarter. Geode Capital Management LLC now owns 685,101 shares of the semiconductor company’s stock valued at $14,681,000 after purchasing an additional 286,902 shares in the last quarter. Bogle Investment Management L P DE lifted its holdings in shares of Electro Scientific Industries by 240.3% in the fourth quarter. Bogle Investment Management L P DE now owns 634,710 shares of the semiconductor company’s stock valued at $13,601,000 after purchasing an additional 448,185 shares in the last quarter. State Street Corp lifted its holdings in shares of Electro Scientific Industries by 13.4% in the second quarter. State Street Corp now owns 595,910 shares of the semiconductor company’s stock valued at $4,911,000 after purchasing an additional 70,197 shares in the last quarter. Finally, Shellback Capital LP purchased a new stake in shares of Electro Scientific Industries in the fourth quarter valued at about $12,407,000. 83.92% of the stock is currently owned by institutional investors.
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About Electro Scientific Industries
Electro Scientific Industries, Inc, together with its subsidiaries, supplies laser-based microfabrication solutions for the microtechnology industry worldwide. It provides printed circuit boards, including laser via drilling systems for electrical interconnect applications; micro via drilling technology that addresses the changing applications in integrated circuit packages, multichip modules, and high density interconnect circuit boards; and ultraviolet laser processing systems comprising single-beam and multi-beam systems.
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