Daktronics, Inc. (DAKT) Shares Bought by Renaissance Technologies LLC

Renaissance Technologies LLC boosted its position in Daktronics, Inc. (NASDAQ:DAKT) by 16.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 822,100 shares of the technology company’s stock after purchasing an additional 114,100 shares during the period. Renaissance Technologies LLC’s holdings in Daktronics were worth $6,445,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. OppenheimerFunds Inc. increased its stake in Daktronics by 17.6% in the 2nd quarter. OppenheimerFunds Inc. now owns 47,277 shares of the technology company’s stock valued at $402,000 after purchasing an additional 7,086 shares in the last quarter. MetLife Investment Advisors LLC increased its stake in Daktronics by 152.1% in the 2nd quarter. MetLife Investment Advisors LLC now owns 17,820 shares of the technology company’s stock valued at $152,000 after purchasing an additional 10,751 shares in the last quarter. Stone Ridge Asset Management LLC increased its stake in Daktronics by 20.7% in the 3rd quarter. Stone Ridge Asset Management LLC now owns 88,489 shares of the technology company’s stock valued at $694,000 after purchasing an additional 15,153 shares in the last quarter. Wells Fargo & Company MN increased its stake in Daktronics by 24.2% in the 3rd quarter. Wells Fargo & Company MN now owns 79,573 shares of the technology company’s stock valued at $623,000 after purchasing an additional 15,511 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. increased its stake in Daktronics by 8.7% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 205,985 shares of the technology company’s stock valued at $1,753,000 after purchasing an additional 16,483 shares in the last quarter. 58.56% of the stock is owned by hedge funds and other institutional investors.

In other news, CFO Sheila Mae Anderson sold 3,500 shares of the firm’s stock in a transaction on Thursday, November 29th. The stock was sold at an average price of $8.94, for a total transaction of $31,290.00. Following the sale, the chief financial officer now owns 17,971 shares in the company, valued at $160,660.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Reece A. Kurtenbach sold 10,500 shares of the firm’s stock in a transaction on Tuesday, November 27th. The stock was sold at an average price of $8.66, for a total value of $90,930.00. Following the sale, the chairman now owns 295,607 shares in the company, valued at approximately $2,559,956.62. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,411 shares of company stock worth $170,486. 8.20% of the stock is owned by insiders.

Shares of NASDAQ:DAKT opened at $7.43 on Friday. The firm has a market cap of $348.57 million, a price-to-earnings ratio of 48.56 and a beta of 1.06. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.49 and a current ratio of 1.99. Daktronics, Inc. has a one year low of $7.14 and a one year high of $10.11.

Daktronics (NASDAQ:DAKT) last announced its earnings results on Wednesday, November 21st. The technology company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. The firm had revenue of $172.70 million for the quarter, compared to analysts’ expectations of $170.01 million. Daktronics had a return on equity of 3.71% and a net margin of 0.53%. Daktronics’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.16 EPS.

The business also recently announced a quarterly dividend, which was paid on Thursday, December 20th. Shareholders of record on Monday, December 10th were issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date of this dividend was Friday, December 7th.

A number of brokerages have commented on DAKT. BidaskClub upgraded Daktronics from a “sell” rating to a “hold” rating in a report on Friday, October 12th. Singular Research lowered their target price on Daktronics from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Friday, September 21st. Finally, TheStreet upgraded Daktronics from a “c+” rating to a “b-” rating in a report on Wednesday, December 12th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $10.00.

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About Daktronics

Daktronics, Inc designs, manufactures, and sells a range of electronic display systems and related products worldwide. It operates through five segments: Commercial, Live Events, High School Park and Recreation, Transportation, and International. The company offers video display systems, such as displays to show various levels of video, graphics, and animation; LED ribbon board displays; mobile and modular display systems; freeform LED displays, which include architectural lighting and display products; indoor and outdoor scoreboards for various sports, digit displays, scoring and timing controllers, statistics software, and other related products; and timing systems for sports events primarily aquatics and track competitions, as well as swimming touchpads, race start systems, and relay take-off platforms.

Further Reading: Cost of Equity

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Institutional Ownership by Quarter for Daktronics (NASDAQ:DAKT)

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