Morgan Stanley reduced its stake in Daktronics, Inc. (NASDAQ:DAKT) by 16.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 364,215 shares of the technology company’s stock after selling 72,576 shares during the period. Morgan Stanley owned 0.83% of Daktronics worth $3,442,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of the company. Comerica Bank increased its position in shares of Daktronics by 4.2% in the first quarter. Comerica Bank now owns 44,084 shares of the technology company’s stock worth $419,000 after buying an additional 1,763 shares during the period. Suntrust Banks Inc. increased its position in shares of Daktronics by 17.5% in the first quarter. Suntrust Banks Inc. now owns 95,200 shares of the technology company’s stock worth $899,000 after buying an additional 14,200 shares during the period. Bank of New York Mellon Corp increased its position in shares of Daktronics by 5.6% in the first quarter. Bank of New York Mellon Corp now owns 710,949 shares of the technology company’s stock worth $6,719,000 after buying an additional 37,580 shares during the period. American Century Companies Inc. purchased a new position in shares of Daktronics during the first quarter worth approximately $608,000. Finally, Wedge Capital Management L L P NC increased its position in shares of Daktronics by 24.6% in the first quarter. Wedge Capital Management L L P NC now owns 31,823 shares of the technology company’s stock worth $301,000 after buying an additional 6,280 shares during the period. 50.63% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Daktronics, Inc. (NASDAQ DAKT) traded up 1.30% during trading on Friday, reaching $9.36. 39,137 shares of the company’s stock were exchanged. The stock has a 50 day moving average price of $9.61 and a 200-day moving average price of $9.52. The stock has a market capitalization of $413.55 million, a price-to-earnings ratio of 40.70 and a beta of 1.30. Daktronics, Inc. has a 52 week low of $6.75 and a 52 week high of $11.12.
Daktronics (NASDAQ:DAKT) last announced its quarterly earnings data on Wednesday, May 31st. The technology company reported $0.02 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.06 by $0.04. The company had revenue of $143.70 million for the quarter, compared to analysts’ expectations of $141.50 million. Daktronics had a return on equity of 5.14% and a net margin of 1.76%. The company’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.07) earnings per share. Analysts predict that Daktronics, Inc. will post $0.36 earnings per share for the current year.
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A number of brokerages have commented on DAKT. BidaskClub raised shares of Daktronics from a “sell” rating to a “hold” rating in a research note on Friday. Zacks Investment Research raised shares of Daktronics from a “sell” rating to a “hold” rating in a research note on Tuesday, May 16th. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $12.17.
In other news, Director John L. Mulligan sold 16,000 shares of the stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $9.83, for a total transaction of $157,280.00. Following the transaction, the director now directly owns 72,953 shares in the company, valued at approximately $717,127.99. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Nancy D. Frame sold 3,525 shares of the stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $9.84, for a total transaction of $34,686.00. Following the transaction, the director now owns 58,881 shares in the company, valued at $579,389.04. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 67,661 shares of company stock worth $791,626. Insiders own 8.20% of the company’s stock.
Daktronics, Inc is a supplier of electronic scoreboards, electronic display systems, digital messaging solutions, software and services for sporting, commercial and transportation applications. The Company operates through five segments: Commercial, Live Events, High School Park and Recreation, Transportation, and International.
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