TESSCO Technologies (NASDAQ:TESS) Stock Price Down 5.6%

TESSCO Technologies, Inc. (NASDAQ:TESS) shares traded down 5.6% during trading on Friday . The stock traded as low as $17.73 and last traded at $17.86. 870,444 shares changed hands during trading, an increase of 1,916% from the average session volume of 43,170 shares. The stock had previously closed at $18.92.

Several analysts have commented on the company. ValuEngine raised TESSCO Technologies from a “sell” rating to a “hold” rating in a research note on Thursday, April 4th. Zacks Investment Research downgraded TESSCO Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, May 11th.

The firm has a market capitalization of $152.04 million, a price-to-earnings ratio of 27.48 and a beta of 1.36. The firm has a 50 day moving average of $17.99.

TESSCO Technologies (NASDAQ:TESS) last issued its earnings results on Monday, May 6th. The communications equipment provider reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.10). The business had revenue of $144.96 million for the quarter, compared to analysts’ expectations of $147.88 million. TESSCO Technologies had a return on equity of 5.11% and a net margin of 0.91%. Sell-side analysts expect that TESSCO Technologies, Inc. will post 0.67 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.48%. The ex-dividend date was Tuesday, May 21st. TESSCO Technologies’s dividend payout ratio (DPR) is 123.08%.

Hedge funds have recently modified their holdings of the company. Oppenheimer Asset Management Inc. raised its stake in shares of TESSCO Technologies by 12.8% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 6,432 shares of the communications equipment provider’s stock worth $100,000 after buying an additional 728 shares in the last quarter. Bailard Inc. purchased a new position in shares of TESSCO Technologies during the 1st quarter worth approximately $170,000. Janney Montgomery Scott LLC purchased a new position in shares of TESSCO Technologies during the 1st quarter worth approximately $244,000. Stifel Financial Corp increased its stake in TESSCO Technologies by 13.6% in the 4th quarter. Stifel Financial Corp now owns 45,939 shares of the communications equipment provider’s stock valued at $556,000 after purchasing an additional 5,485 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in TESSCO Technologies by 26.7% in the 4th quarter. Bank of New York Mellon Corp now owns 83,141 shares of the communications equipment provider’s stock valued at $998,000 after purchasing an additional 17,542 shares in the last quarter. 58.69% of the stock is owned by institutional investors and hedge funds.

TESSCO Technologies Company Profile (NASDAQ:TESS)

TESSCO Technologies Incorporated architects and delivers products and value chain solutions to support wireless systems in the United States. The company offers base station infrastructure products, including base station antennas, cable and transmission lines, small towers, lightning protection devices, connectors, power systems, enclosures, grounding, jumpers, miscellaneous hardware products, and mobile antennas to build, repair, and upgrade wireless broadband systems, as well as program management, connector installation, custom jumper assembly, site kitting, and logistics integration services.

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