Electro Scientific Industries, Inc. (NASDAQ:ESIO) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of Electro Scientific Industries, Inc. (NASDAQ:ESIO) from a hold rating to a buy rating in a research note released on Wednesday, November 8th. Zacks Investment Research currently has $27.00 price objective on the semiconductor company’s stock.

According to Zacks, “Electro Scientific Industries, Inc. designs and manufactures sophisticated products used around the world in electronics manufacturing including: laser manufacturing systems for semiconductor yield improvement; production and test equipment for the manufacture of surface mount ceramic capacitors; laser trim systems for precise electrical tuning of circuits; precision laser and mechanical drilling systems for electronic interconnection; and machine vision systems. The systems enable precise engineering and testing of micron to submicron features in semiconductors, LEDs, multi-layer ceramic capacitors (MLCCs), printed circuit boards (PCBs), flex circuits and other high-value components. ESI’s integrated solutions allow industrial designers and process engineers to control the power of laser light to transform materials in ways that differentiate their consumer electronics, wearable devices, semiconductor circuits and high-precision components for market advantage. “

A number of other research analysts have also recently weighed in on the company. Needham & Company LLC lifted their target price on Electro Scientific Industries from $12.00 to $27.00 and gave the company a buy rating in a report on Thursday, November 2nd. Lake Street Capital boosted their price objective on Electro Scientific Industries from $14.50 to $22.00 and gave the stock a buy rating in a research note on Thursday, November 2nd. DA Davidson reaffirmed a buy rating and set a $25.00 target price on shares of Electro Scientific Industries in a research report on Thursday, November 2nd. BidaskClub raised Electro Scientific Industries from a hold rating to a buy rating in a research report on Wednesday, August 9th. Finally, ValuEngine raised Electro Scientific Industries from a sell rating to a hold rating in a report on Thursday, August 3rd. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of Buy and an average target price of $25.25.

Electro Scientific Industries (ESIO) traded down $0.61 during midday trading on Wednesday, reaching $26.38. The company had a trading volume of 1,155,061 shares, compared to its average volume of 348,704. Electro Scientific Industries has a 12-month low of $5.03 and a 12-month high of $27.72. The company has a quick ratio of 1.96, a current ratio of 2.81 and a debt-to-equity ratio of 0.08.

Electro Scientific Industries (NASDAQ:ESIO) last announced its quarterly earnings data on Wednesday, November 1st. The semiconductor company reported $0.39 EPS for the quarter, beating the Zacks’ consensus estimate of $0.27 by $0.12. The business had revenue of $70.97 million during the quarter, compared to the consensus estimate of $65.53 million. Electro Scientific Industries had a negative return on equity of 13.50% and a negative net margin of 9.00%. The business’s revenue for the quarter was up 139.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.24) earnings per share. equities research analysts expect that Electro Scientific Industries will post 1.14 EPS for the current fiscal year.

In other news, CFO Paul R. Oldham sold 120,000 shares of the company’s stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $23.49, for a total value of $2,818,800.00. Following the transaction, the chief financial officer now directly owns 237,665 shares of the company’s stock, valued at $5,582,750.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Paul R. Oldham sold 60,000 shares of the company’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $24.08, for a total transaction of $1,444,800.00. Following the completion of the transaction, the chief financial officer now directly owns 287,665 shares in the company, valued at $6,926,973.20. The disclosure for this sale can be found here. Corporate insiders own 6.22% of the company’s stock.

A number of large investors have recently modified their holdings of ESIO. Parametric Portfolio Associates LLC boosted its holdings in Electro Scientific Industries by 3.4% in the first quarter. Parametric Portfolio Associates LLC now owns 88,951 shares of the semiconductor company’s stock worth $620,000 after purchasing an additional 2,887 shares in the last quarter. Prudential Financial Inc. boosted its holdings in Electro Scientific Industries by 7.2% during the first quarter. Prudential Financial Inc. now owns 76,832 shares of the semiconductor company’s stock valued at $535,000 after acquiring an additional 5,130 shares during the period. Principal Financial Group Inc. boosted its holdings in Electro Scientific Industries by 4.3% during the first quarter. Principal Financial Group Inc. now owns 248,317 shares of the semiconductor company’s stock valued at $1,731,000 after acquiring an additional 10,240 shares during the period. Thrivent Financial For Lutherans boosted its holdings in Electro Scientific Industries by 1.8% during the first quarter. Thrivent Financial For Lutherans now owns 18,260 shares of the semiconductor company’s stock valued at $127,000 after acquiring an additional 330 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in Electro Scientific Industries by 12.0% during the first quarter. Vanguard Group Inc. now owns 1,615,464 shares of the semiconductor company’s stock valued at $11,260,000 after acquiring an additional 172,926 shares during the period. Hedge funds and other institutional investors own 69.07% of the company’s stock.

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About Electro Scientific Industries

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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