Espey Mfg. & Electronics Corp. (NYSEAMERICAN:ESP) Sees Large Decline in Short Interest

Espey Mfg. & Electronics Corp. (NYSEAMERICAN:ESP) saw a large decline in short interest during the month of May. As of May 29th, there was short interest totaling 7,299 shares, a decline of 41.6% from the May 14th total of 12,505 shares. Currently, 0.3% of the shares of the stock are short sold. Based on an average daily volume of 54,644 shares, the days-to-cover ratio is currently 0.1 days.

Insider Activity at Espey Mfg. & Electronics

In other news, Director Paul J. Corr sold 2,257 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of $66.27, for a total value of $149,571.39. Following the completion of the transaction, the director directly owned 20,732 shares in the company, valued at approximately $1,373,909.64. This represents a 9.82% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 5.54% of the company’s stock.

Institutional Trading of Espey Mfg. & Electronics

Institutional investors have recently bought and sold shares of the company. American Century Companies Inc. raised its position in shares of Espey Mfg. & Electronics by 27.4% in the 2nd quarter. American Century Companies Inc. now owns 11,234 shares of the company’s stock worth $514,000 after acquiring an additional 2,415 shares in the last quarter. Marshall Wace LLP acquired a new stake in Espey Mfg. & Electronics during the second quarter worth approximately $591,000. Bank of America Corp DE increased its holdings in Espey Mfg. & Electronics by 356.3% in the second quarter. Bank of America Corp DE now owns 1,232 shares of the company’s stock worth $56,000 after purchasing an additional 962 shares in the last quarter. Bridgeway Capital Management LLC acquired a new position in Espey Mfg. & Electronics in the second quarter valued at approximately $211,000. Finally, Osaic Holdings Inc. lifted its stake in Espey Mfg. & Electronics by 25.4% in the second quarter. Osaic Holdings Inc. now owns 8,654 shares of the company’s stock valued at $396,000 after buying an additional 1,754 shares during the period. Institutional investors own 36.65% of the company’s stock.

Analyst Ratings Changes

Separately, Freedom Capital cut Espey Mfg. & Electronics from a “strong-buy” rating to a “hold” rating in a report on Monday, May 18th. One analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, Espey Mfg. & Electronics has a consensus rating of “Hold”.

Espey Mfg. & Electronics Stock Performance

Shares of ESP traded up $0.49 during mid-day trading on Monday, reaching $59.75. 15,054 shares of the company were exchanged, compared to its average volume of 26,551. The business has a 50 day simple moving average of $62.87 and a two-hundred day simple moving average of $55.25. The stock has a market capitalization of $179.25 million, a PE ratio of 15.77 and a beta of 0.36. Espey Mfg. & Electronics has a 52 week low of $36.00 and a 52 week high of $74.77.

Espey Mfg. & Electronics (NYSEAMERICAN:ESP) last released its earnings results on Tuesday, May 12th. The company reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.11. Espey Mfg. & Electronics had a net margin of 25.50% and a return on equity of 20.38%. The business had revenue of $11.42 million during the quarter, compared to the consensus estimate of $13.20 million.

Espey Mfg. & Electronics Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Monday, June 15th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Monday, June 15th. Espey Mfg. & Electronics’s dividend payout ratio (DPR) is currently 40.82%.

Espey Mfg. & Electronics Company Profile

Espey Manufacturing & Electronics Corp., founded in 1961 and headquartered in Lowell, Massachusetts, specializes in the design, development and manufacture of precision electronic components and sensor systems. The company’s core product offerings include magnetostrictive transducers, torque and position sensors, wideband RF and microwave amplifiers, as well as high-reliability printed circuit boards and molded bus assemblies. These solutions are engineered to withstand harsh operating environments and meet stringent performance requirements.

Espey’s sensor technologies are employed in applications ranging from industrial automation and energy production to commercial and military aerospace platforms.