Espey Mfg. & Electronics (NYSEAMERICAN:ESP) Downgraded to “Buy” Rating by StockNews.com

StockNews.com cut shares of Espey Mfg. & Electronics (NYSEAMERICAN:ESP) from a strong-buy rating to a buy rating in a report issued on Thursday.

Espey Mfg. & Electronics Stock Down 1.7 %

Shares of Espey Mfg. & Electronics stock traded down $0.50 during midday trading on Thursday, hitting $29.64. The company had a trading volume of 34,758 shares, compared to its average volume of 13,497. Espey Mfg. & Electronics has a 52-week low of $16.50 and a 52-week high of $33.00. The company has a market capitalization of $82.70 million, a P/E ratio of 11.51 and a beta of 0.15.

Espey Mfg. & Electronics (NYSEAMERICAN:ESP) last announced its quarterly earnings results on Friday, September 27th. The company reported $0.73 earnings per share (EPS) for the quarter. Espey Mfg. & Electronics had a return on equity of 15.95% and a net margin of 15.56%. The firm had revenue of $11.61 million for the quarter.

Espey Mfg. & Electronics Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 20th were given a dividend of $0.25 per share. The ex-dividend date was Friday, September 20th. This represents a $1.00 annualized dividend and a dividend yield of 3.37%. This is a boost from Espey Mfg. & Electronics’s previous quarterly dividend of $0.20. Espey Mfg. & Electronics’s dividend payout ratio (DPR) is presently 40.65%.

Insider Buying and Selling at Espey Mfg. & Electronics

In other news, insider Peggy A. Murphy sold 1,018 shares of the company’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $29.40, for a total transaction of $29,929.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. 6.78% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Espey Mfg. & Electronics

A number of large investors have recently made changes to their positions in ESP. Ellsworth Advisors LLC bought a new stake in shares of Espey Mfg. & Electronics during the second quarter worth $476,000. Secure Asset Management LLC bought a new stake in Espey Mfg. & Electronics during the 3rd quarter valued at about $219,000. Morgan Dempsey Capital Management LLC purchased a new stake in Espey Mfg. & Electronics in the 2nd quarter valued at about $113,000. Renaissance Technologies LLC grew its stake in Espey Mfg. & Electronics by 3.7% in the 2nd quarter. Renaissance Technologies LLC now owns 111,512 shares of the company’s stock worth $2,370,000 after acquiring an additional 4,000 shares in the last quarter. Finally, De Lisle Partners LLP raised its stake in shares of Espey Mfg. & Electronics by 7.5% during the third quarter. De Lisle Partners LLP now owns 43,114 shares of the company’s stock valued at $1,298,000 after acquiring an additional 3,000 shares in the last quarter. 36.65% of the stock is owned by hedge funds and other institutional investors.

Espey Mfg. & Electronics Company Profile

Espey Mfg. & Electronics Corp., a power electronics design and original equipment manufacturing company, designs, manufactures, and tests electronic equipment primarily for use in military and industrial applications in the United States and internationally. The company's principal products include power supplies, power converters, filters, power transformers, magnetic components, power distribution equipment, UPS systems, antennas, and high-power radar systems for use in AC and DC locomotives, shipboard power, shipboard radar, airborne power, ground-based radar, and ground mobile power applications.