StockNews.com Upgrades CSP (NASDAQ:CSPI) to Buy

StockNews.com upgraded shares of CSP (NASDAQ:CSPI) from a hold rating to a buy rating in a research report released on Monday.

CSP Price Performance

NASDAQ:CSPI opened at $14.95 on Monday. The business’s 50-day moving average is $14.76 and its two-hundred day moving average is $15.55. CSP has a 12 month low of $5.90 and a 12 month high of $29.92. The firm has a market capitalization of $145.76 million, a PE ratio of 26.70 and a beta of 1.37.

CSP (NASDAQ:CSPI) last released its quarterly earnings data on Wednesday, May 8th. The information technology services provider reported $0.16 EPS for the quarter. CSP had a return on equity of 10.99% and a net margin of 8.18%. The company had revenue of $13.71 million for the quarter.

CSP Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.80%. This is a positive change from CSP’s previous quarterly dividend of $0.03. The ex-dividend date of this dividend was Thursday, May 23rd. CSP’s payout ratio is presently 21.43%.

Insider Transactions at CSP

In other CSP news, major shareholder Joseph R. Nerges bought 2,810 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were acquired at an average cost of $14.20 per share, with a total value of $39,902.00. Following the completion of the transaction, the insider now owns 1,350,402 shares in the company, valued at $19,175,708.40. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, major shareholder Joseph R. Nerges purchased 2,500 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was acquired at an average cost of $14.30 per share, for a total transaction of $35,750.00. Following the completion of the purchase, the insider now owns 1,355,102 shares of the company’s stock, valued at $19,377,958.60. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Joseph R. Nerges purchased 2,810 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The stock was purchased at an average price of $14.20 per share, with a total value of $39,902.00. Following the completion of the purchase, the insider now directly owns 1,350,402 shares of the company’s stock, valued at approximately $19,175,708.40. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 16,952 shares of company stock valued at $239,822. 16.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CSP

Hedge funds have recently bought and sold shares of the company. O Shaughnessy Asset Management LLC acquired a new position in CSP in the first quarter worth about $276,000. Navellier & Associates Inc. grew its stake in CSP by 53.4% in the fourth quarter. Navellier & Associates Inc. now owns 32,204 shares of the information technology services provider’s stock worth $628,000 after purchasing an additional 11,215 shares in the last quarter. Visionary Wealth Advisors grew its stake in CSP by 3.3% in the fourth quarter. Visionary Wealth Advisors now owns 293,403 shares of the information technology services provider’s stock worth $5,868,000 after purchasing an additional 9,363 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in CSP by 102.4% in the first quarter. Vanguard Group Inc. now owns 409,566 shares of the information technology services provider’s stock worth $7,561,000 after purchasing an additional 207,253 shares in the last quarter. 26.74% of the stock is currently owned by institutional investors and hedge funds.

CSP Company Profile

CSP Inc develops and markets IT integration solutions, security products, managed IT services, cloud services, purpose-built network adapters, and cluster computer systems for commercial and defense customers worldwide. It operates in two segments, Technology Solutions and High Performance Products. The Technology Solutions segment provides third-party computer hardware and software as a value-added reseller to various customers in web and infrastructure hosting, education, telecommunications, healthcare services, distribution, financial and professional services, and manufacturing industries.