StockNews.com Begins Coverage on Espey Mfg. & Electronics (NYSEAMERICAN:ESP)

StockNews.com initiated coverage on shares of Espey Mfg. & Electronics (NYSEAMERICAN:ESP) in a report released on Saturday morning. The firm issued a strong-buy rating on the stock.

Espey Mfg. & Electronics Price Performance

Espey Mfg. & Electronics stock opened at $16.93 on Friday. The firm has a 50 day simple moving average of $17.59. Espey Mfg. & Electronics has a 1-year low of $13.02 and a 1-year high of $22.96. The stock has a market cap of $45.88 million, a price-to-earnings ratio of 11.36 and a beta of 0.12.

Espey Mfg. & Electronics (NYSEAMERICAN:ESP) last posted its quarterly earnings data on Thursday, September 21st. The company reported $0.36 earnings per share (EPS) for the quarter. The company had revenue of $8.34 million during the quarter. Espey Mfg. & Electronics had a net margin of 10.33% and a return on equity of 10.68%.

Espey Mfg. & Electronics Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 10th. Investors of record on Monday, October 2nd were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, September 29th. This represents a $0.60 annualized dividend and a yield of 3.54%. This is a positive change from Espey Mfg. & Electronics’s previous quarterly dividend of $0.10. Espey Mfg. & Electronics’s payout ratio is presently 40.27%.

Hedge Funds Weigh In On Espey Mfg. & Electronics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. increased its stake in Espey Mfg. & Electronics by 19.6% in the 2nd quarter. BlackRock Inc. now owns 4,973 shares of the company’s stock worth $83,000 after buying an additional 815 shares during the period. Royal Bank of Canada lifted its stake in shares of Espey Mfg. & Electronics by 10.2% in the 3rd quarter. Royal Bank of Canada now owns 9,690 shares of the company’s stock valued at $134,000 after purchasing an additional 900 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Espey Mfg. & Electronics by 1.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 92,294 shares of the company’s stock valued at $1,272,000 after purchasing an additional 1,138 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Espey Mfg. & Electronics by 4.7% in the 1st quarter. Renaissance Technologies LLC now owns 86,912 shares of the company’s stock valued at $1,760,000 after purchasing an additional 3,900 shares during the period. Finally, Secure Asset Management LLC purchased a new stake in Espey Mfg. & Electronics in the 3rd quarter worth $192,000.

Espey Mfg. & Electronics Company Profile

Espey Mfg. & Electronics Corp., a power electronics design and original equipment manufacturing company, designs, manufactures, and tests electronic equipment primarily for use in military and industrial applications in the United States and internationally. The company's principal products include power supplies, power converters, filters, power transformers, magnetic components, power distribution equipment, UPS systems, antennas, and high-power radar systems for use in AC and DC locomotives, shipboard power, shipboard radar, airborne power, ground-based radar, and ground mobile power applications.