Espey Mfg. & Electronics (NYSEAMERICAN:ESP) Downgraded to Buy Rating by StockNews.com

StockNews.com downgraded shares of Espey Mfg. & Electronics (NYSEAMERICAN:ESP) from a strong-buy rating to a buy rating in a research report sent to investors on Thursday.

Espey Mfg. & Electronics Trading Down 1.7 %

Shares of ESP traded down $0.50 during trading hours on Thursday, hitting $29.64. The company had a trading volume of 34,758 shares, compared to its average volume of 13,497. The firm has a market cap of $82.70 million, a price-to-earnings ratio of 11.51 and a beta of 0.15. Espey Mfg. & Electronics has a one year low of $16.50 and a one year high of $33.00.

Espey Mfg. & Electronics (NYSEAMERICAN:ESP) last announced its earnings results on Friday, September 27th. The company reported $0.73 EPS for the quarter. Espey Mfg. & Electronics had a net margin of 15.56% and a return on equity of 15.95%. The business had revenue of $11.61 million during the quarter.

Espey Mfg. & Electronics Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 20th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, September 20th. This is a boost from Espey Mfg. & Electronics’s previous quarterly dividend of $0.20. This represents a $1.00 dividend on an annualized basis and a yield of 3.37%. Espey Mfg. & Electronics’s dividend payout ratio (DPR) is 40.65%.

Insider Activity

In related news, insider Peggy A. Murphy sold 1,018 shares of Espey Mfg. & Electronics stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $29.40, for a total transaction of $29,929.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 6.78% of the company’s stock.

Hedge Funds Weigh In On Espey Mfg. & Electronics

A number of institutional investors have recently bought and sold shares of the business. Morgan Dempsey Capital Management LLC purchased a new position in shares of Espey Mfg. & Electronics during the 2nd quarter valued at approximately $113,000. Perritt Capital Management Inc. increased its holdings in Espey Mfg. & Electronics by 66.7% in the first quarter. Perritt Capital Management Inc. now owns 5,500 shares of the company’s stock valued at $139,000 after buying an additional 2,201 shares in the last quarter. Secure Asset Management LLC acquired a new position in shares of Espey Mfg. & Electronics in the third quarter worth about $219,000. Ellsworth Advisors LLC acquired a new position in shares of Espey Mfg. & Electronics in the second quarter worth about $476,000. Finally, De Lisle Partners LLP boosted its stake in shares of Espey Mfg. & Electronics by 7.5% during the 3rd quarter. De Lisle Partners LLP now owns 43,114 shares of the company’s stock worth $1,298,000 after acquiring an additional 3,000 shares in the last quarter. 36.65% of the stock is owned by hedge funds and other institutional investors.

About Espey Mfg. & Electronics

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.