Wall Street Zen Upgrades Richardson Electronics (NASDAQ:RELL) to “Buy”

Richardson Electronics (NASDAQ:RELL) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Saturday.

Several other equities analysts also recently issued reports on RELL. Northland Securities raised shares of Richardson Electronics from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $14.00 to $24.00 in a research note on Tuesday, July 28th. Weiss Ratings reissued a “hold (c)” rating on shares of Richardson Electronics in a research note on Monday, July 20th. Finally, Zacks Research upgraded Richardson Electronics from a “hold” rating to a “strong-buy” rating in a report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $24.00.

Richardson Electronics Stock Performance

RELL stock opened at $20.66 on Friday. The stock’s 50 day moving average price is $17.85 and its 200 day moving average price is $14.80. The firm has a market cap of $300.75 million, a P/E ratio of 46.96, a PEG ratio of 1.64 and a beta of 1.28. Richardson Electronics has a 1 year low of $9.37 and a 1 year high of $23.15.

Richardson Electronics (NASDAQ:RELL) last released its quarterly earnings results on Wednesday, July 22nd. The technology company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.14. Richardson Electronics had a return on equity of 3.55% and a net margin of 2.79%.The company had revenue of $66.20 million during the quarter, compared to the consensus estimate of $55.37 million. On average, research analysts predict that Richardson Electronics will post 0.5 earnings per share for the current year.

Insider Activity at Richardson Electronics

In other news, Director Paul J. Plante sold 17,000 shares of the company’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $18.81, for a total transaction of $319,770.00. Following the completion of the sale, the director directly owned 14,188 shares in the company, valued at $266,876.28. This represents a 54.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Robert J. Ben sold 9,000 shares of Richardson Electronics stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $21.61, for a total value of $194,490.00. Following the completion of the transaction, the chief financial officer owned 60,534 shares in the company, valued at $1,308,139.74. The trade was a 12.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 135,701 shares of company stock worth $2,596,497. 33.40% of the stock is owned by corporate insiders.

Institutional Trading of Richardson Electronics

A number of institutional investors and hedge funds have recently bought and sold shares of RELL. Tower Research Capital LLC TRC raised its holdings in Richardson Electronics by 298.8% in the second quarter. Tower Research Capital LLC TRC now owns 4,160 shares of the technology company’s stock valued at $40,000 after buying an additional 3,117 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Richardson Electronics in the second quarter worth $57,000. Los Angeles Capital Management LLC acquired a new stake in shares of Richardson Electronics in the fourth quarter worth $91,000. Engineers Gate Manager LP purchased a new position in shares of Richardson Electronics in the 2nd quarter valued at $103,000. Finally, Deutsche Bank AG raised its stake in shares of Richardson Electronics by 150.3% in the 4th quarter. Deutsche Bank AG now owns 11,421 shares of the technology company’s stock valued at $124,000 after acquiring an additional 6,858 shares during the period. Institutional investors and hedge funds own 71.95% of the company’s stock.

Richardson Electronics Company Profile

Richardson Electronics, Ltd. (NASDAQ:RELL) is a global manufacturer, distributor and servicer of engineered components and subsystems for a diverse range of industrial, medical and scientific applications. The company specializes in vacuum electron devices, high-voltage power supplies and related electronic components, offering klystrons, traveling wave tubes, magnetrons, X-ray tubes, microwave amplifiers and power conversion products. Its solutions support customers in power grid management, semiconductor processing, medical imaging, scientific instrumentation and telecommunications.

In addition to its manufacturing capabilities, Richardson Electronics maintains a broad distribution network comprising thousands of standard and custom parts.