Bank of New York Mellon Corp Cuts Stock Position in Daktronics, Inc. $DAKT

Bank of New York Mellon Corp cut its position in Daktronics, Inc. (NASDAQ:DAKT) by 20.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 915,020 shares of the technology company’s stock after selling 228,728 shares during the quarter. Bank of New York Mellon Corp’s holdings in Daktronics were worth $17,889,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of DAKT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Daktronics by 6.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,210 shares of the technology company’s stock valued at $295,000 after buying an additional 1,476 shares in the last quarter. Empowered Funds LLC raised its stake in shares of Daktronics by 2.1% during the 1st quarter. Empowered Funds LLC now owns 242,535 shares of the technology company’s stock worth $2,954,000 after acquiring an additional 4,926 shares in the last quarter. Rhumbline Advisers raised its stake in shares of Daktronics by 31.4% during the 2nd quarter. Rhumbline Advisers now owns 76,152 shares of the technology company’s stock worth $1,151,000 after acquiring an additional 18,202 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in Daktronics by 204.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,046 shares of the technology company’s stock valued at $46,000 after acquiring an additional 2,045 shares during the last quarter. Finally, Invesco Ltd. lifted its position in Daktronics by 399.2% during the second quarter. Invesco Ltd. now owns 510,243 shares of the technology company’s stock valued at $7,715,000 after acquiring an additional 408,037 shares during the last quarter. 61.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Roth Capital raised their target price on shares of Daktronics from $26.00 to $29.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. Wall Street Zen downgraded Daktronics from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 4th. Weiss Ratings upgraded Daktronics from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, June 25th. Finally, Zacks Research raised Daktronics from a “strong sell” rating to a “hold” rating in a research report on Monday, June 15th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $29.00.

Daktronics Stock Performance

DAKT opened at $19.59 on Thursday. Daktronics, Inc. has a 52-week low of $15.59 and a 52-week high of $28.27. The company has a quick ratio of 1.74, a current ratio of 2.31 and a debt-to-equity ratio of 0.18. The company has a market cap of $945.81 million, a P/E ratio of 21.53, a price-to-earnings-growth ratio of 0.65 and a beta of 1.67. The firm’s 50-day moving average price is $19.96 and its 200-day moving average price is $21.16.

Daktronics (NASDAQ:DAKT) last announced its quarterly earnings data on Wednesday, June 24th. The technology company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.20 by $0.07. The firm had revenue of $208.61 million during the quarter, compared to analyst estimates of $205.27 million. Daktronics had a net margin of 5.41% and a return on equity of 17.62%. During the same period last year, the firm posted ($0.19) EPS. As a group, equities analysts anticipate that Daktronics, Inc. will post 1.21 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Bradley T. Wiemann sold 4,000 shares of Daktronics stock in a transaction on Friday, July 17th. The shares were sold at an average price of $19.22, for a total transaction of $76,880.00. Following the completion of the sale, the executive vice president directly owned 125,946 shares in the company, valued at approximately $2,420,682.12. The trade was a 3.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Sheila Mae Anderson sold 3,636 shares of the business’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $20.01, for a total transaction of $72,756.36. Following the sale, the insider directly owned 48,371 shares in the company, valued at $967,903.71. This trade represents a 6.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 5.30% of the company’s stock.

About Daktronics

Daktronics, Inc (NASDAQ: DAKT) is a leading designer and manufacturer of electronic display systems, video boards, scoreboards and related control systems. Founded in 1968 in Brookings, South Dakota by Al Kurtenbach and Duane Sander, the company has built a reputation for delivering custom visual display solutions to a wide range of markets. Its product portfolio includes large-format LED video displays, programmable message centers, digital billboards, and audio-visual solutions tailored to sports venues, transportation authorities, retail environments and live event producers.

The company’s primary business activities encompass the engineering, fabrication and installation of display systems for customers around the world.