Frequency Electronics (NASDAQ:FEIM) Reaches New 12-Month High Following Better-Than-Expected Earnings

Frequency Electronics, Inc. (NASDAQ:FEIM)’s share price hit a new 52-week high during mid-day trading on Friday following a better than expected earnings announcement. The company traded as high as $82.35 and last traded at $81.9870, with a volume of 44602 shares. The stock had previously closed at $62.06.

The communications equipment provider reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.26. The company had revenue of $23.45 million during the quarter, compared to analysts’ expectations of $17.85 million. Frequency Electronics had a negative return on equity of 1.56% and a negative net margin of 1.43%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on FEIM. Wall Street Zen upgraded shares of Frequency Electronics from a “strong sell” rating to a “sell” rating in a report on Saturday, July 4th. Weiss Ratings lowered shares of Frequency Electronics from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, September 2nd. One 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. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $43.67.

Institutional Trading of Frequency Electronics

A number of hedge funds and other institutional investors have recently made changes to their positions in FEIM. GSA Capital Partners LLP bought a new stake in Frequency Electronics during the second quarter worth $1,552,000. Sei Investments Co. lifted its stake in Frequency Electronics by 93.1% in the 1st quarter. Sei Investments Co. now owns 91,706 shares of the communications equipment provider’s stock valued at $4,059,000 after purchasing an additional 44,218 shares during the last quarter. BlackRock Inc. bought a new position in Frequency Electronics during the second quarter worth about $34,273,000. Raiffeisen Bank International AG increased its position in Frequency Electronics by 350.0% during the second quarter. Raiffeisen Bank International AG now owns 54,000 shares of the communications equipment provider’s stock worth $3,336,000 after buying an additional 42,000 shares during the last quarter. Finally, Navellier & Associates Inc. raised its stake in Frequency Electronics by 161.2% in the second quarter. Navellier & Associates Inc. now owns 30,095 shares of the communications equipment provider’s stock valued at $1,997,000 after buying an additional 18,575 shares during the period. 58.60% of the stock is currently owned by institutional investors and hedge funds.

Frequency Electronics Price Performance

The company has a market capitalization of $973.35 million, a price-to-earnings ratio of -912.91 and a beta of 0.72. The stock has a 50-day moving average price of $65.54 and a 200-day moving average price of $60.62.

About Frequency Electronics

Frequency Electronics, Inc (NASDAQ:FEIM) is a U.S.-based designer and manufacturer of precision frequency control products and timing solutions. The company’s portfolio includes oven-controlled crystal oscillators (OCXOs), atomic frequency standards such as rubidium oscillators, GPS-disciplined oscillators (GPSDOs), microwave synthesizers, and integrated timing subsystems. These products are used to provide stable and accurate frequency and time references for applications that demand high performance and reliability.

FEI serves a broad range of markets, including telecommunications, aerospace and defense, satellite and space systems, test and measurement equipment, and critical infrastructure.