Legal & General Group Plc Makes New Investment in Daktronics, Inc. $DAKT

Legal & General Group Plc acquired a new stake in shares of Daktronics, Inc. (NASDAQ:DAKT) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 30,138 shares of the technology company’s stock, valued at approximately $589,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of DAKT. Diamond Hill Capital Management LLC Investment Advisor purchased a new position in Daktronics during the 2nd quarter valued at about $1,504,000. BlackRock Inc. bought a new position in shares of Daktronics during the second quarter valued at approximately $68,158,000. Oppenheimer Asset Management Inc. bought a new position in shares of Daktronics during the second quarter valued at approximately $1,001,000. Renaissance Technologies LLC lifted its holdings in shares of Daktronics by 13.1% during the first quarter. Renaissance Technologies LLC now owns 822,854 shares of the technology company’s stock valued at $16,087,000 after purchasing an additional 95,393 shares during the last quarter. Finally, Hillsdale Investment Management Inc. boosted its position in shares of Daktronics by 161.2% in the 1st quarter. Hillsdale Investment Management Inc. now owns 392,089 shares of the technology company’s stock worth $7,665,000 after purchasing an additional 241,969 shares in the last quarter. 61.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Craig Hallum restated a “buy” rating and issued a $33.00 price target on shares of Daktronics in a research note on Thursday, September 3rd. Weiss Ratings raised Daktronics from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, June 25th. Roth Capital increased their target price on Daktronics from $26.00 to $29.00 and gave the stock a “buy” rating in a research note on Thursday, July 2nd. Zacks Research upgraded Daktronics from a “strong sell” rating to a “hold” rating in a report on Monday, June 15th. Finally, Wall Street Zen lowered Daktronics from a “buy” rating to a “hold” rating in a research report on Saturday. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $31.00.

Insider Buying and Selling at Daktronics

In related news, insider Sheila Anderson sold 3,636 shares of Daktronics stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $20.01, for a total value of $72,756.36. Following the completion of the sale, the insider directly owned 48,371 shares in the company, valued at approximately $967,903.71. This trade represents a 6.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Bradley T. Wiemann sold 4,000 shares of the company’s stock in a transaction dated Friday, July 17th. The shares were sold at an average price of $19.22, for a total transaction of $76,880.00. Following the transaction, the executive vice president owned 125,946 shares in the company, valued at $2,420,682.12. This represents a 3.08% decrease in their position. The disclosure for this sale is available in the SEC filing. 4.60% of the stock is owned by insiders.

Daktronics Price Performance

Shares of DAKT opened at $19.67 on Wednesday. The company has a market capitalization of $945.99 million, a P/E ratio of 20.07, a price-to-earnings-growth ratio of 0.63 and a beta of 1.68. The company has a quick ratio of 1.66, a current ratio of 2.17 and a debt-to-equity ratio of 0.17. The firm has a 50 day moving average of $19.92 and a 200 day moving average of $20.44. Daktronics, Inc. has a twelve month low of $17.09 and a twelve month high of $28.27.

Daktronics (NASDAQ:DAKT) last released its quarterly earnings data on Wednesday, September 2nd. The technology company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.05. Daktronics had a return on equity of 18.05% and a net margin of 5.66%.The business had revenue of $234.57 million for the quarter, compared to analysts’ expectations of $230.27 million. During the same period in the prior year, the firm posted $0.33 EPS. As a group, equities research analysts anticipate that Daktronics, Inc. will post 1.24 earnings per share for the current fiscal year.

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.