Electro Scientific Industries, Inc. (ESIO) Sets New 1-Year High on Earnings Beat

Electro Scientific Industries, Inc. (NASDAQ:ESIO)’s share price hit a new 52-week high during trading on Tuesday following a stronger than expected earnings report. The company traded as high as $18.06 and last traded at $18.08, with a volume of 489,367 shares trading hands. The stock had previously closed at $17.36.

The semiconductor company reported $0.39 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.12. The company had revenue of $70.97 million during the quarter, compared to analyst estimates of $65.53 million. Electro Scientific Industries had a negative net margin of 18.49% and a negative return on equity of 22.18%. The company’s revenue was up 139.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.24) earnings per share.

ESIO has been the subject of several recent analyst reports. Zacks Investment Research lowered shares of Electro Scientific Industries from a “buy” rating to a “hold” rating in a report on Tuesday, October 3rd. Lake Street Capital reaffirmed a “buy” rating and set a $14.50 price objective (up previously from $10.50) on shares of Electro Scientific Industries in a report on Monday, September 18th. BidaskClub raised shares of Electro Scientific Industries from a “hold” rating to a “buy” rating in a report on Wednesday, August 9th. ValuEngine raised shares of Electro Scientific Industries from a “sell” rating to a “hold” rating in a report on Thursday, August 3rd. Finally, DA Davidson raised their price objective on shares of Electro Scientific Industries from $1.45 to $25.00 and gave the stock a “buy” rating in a report on Thursday. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Electro Scientific Industries currently has a consensus rating of “Buy” and an average price target of $15.88.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE increased its holdings in shares of Electro Scientific Industries by 109.2% during the first quarter. Bank of America Corp DE now owns 49,374 shares of the semiconductor company’s stock worth $344,000 after buying an additional 25,771 shares in the last quarter. Legal & General Group Plc grew its stake in shares of Electro Scientific Industries by 16.6% during the second quarter. Legal & General Group Plc now owns 61,386 shares of the semiconductor company’s stock valued at $506,000 after purchasing an additional 8,755 shares during the last quarter. Citigroup Inc. grew its stake in shares of Electro Scientific Industries by 43.4% during the second quarter. Citigroup Inc. now owns 41,217 shares of the semiconductor company’s stock valued at $340,000 after purchasing an additional 12,472 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Electro Scientific Industries by 5.3% during the second quarter. Bank of New York Mellon Corp now owns 403,813 shares of the semiconductor company’s stock valued at $3,327,000 after purchasing an additional 20,330 shares during the last quarter. Finally, GSA Capital Partners LLP grew its stake in shares of Electro Scientific Industries by 125.8% during the second quarter. GSA Capital Partners LLP now owns 90,300 shares of the semiconductor company’s stock valued at $744,000 after purchasing an additional 50,300 shares during the last quarter. 73.09% of the stock is owned by institutional investors.

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Electro Scientific Industries Company Profile

Electro Scientific Industries, Inc and its subsidiaries supply laser-based manufacturing solutions for industries reliant on microtechnologies. The Company operates through two segments: Component Processing and Micromachining. The Component Processing segment includes interconnect products, semiconductor products and component products.

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