Northland Securities Upgrades Richardson Electronics (NASDAQ:RELL) to Outperform

Richardson Electronics (NASDAQ:RELL) was upgraded by investment analysts at Northland Securities from a “market perform” rating to an “outperform” rating in a report issued on Tuesday, Marketbeat reports. The firm currently has a $24.00 price objective on the technology company’s stock. Northland Securities’ target price would suggest a potential upside of 29.87% from the company’s previous close.

A number of other analysts have also issued reports on RELL. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Richardson Electronics in a report on Monday, July 20th. Zacks Research upgraded Richardson Electronics from a “hold” rating to a “strong-buy” rating in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Richardson Electronics currently has an average rating of “Buy” and an average price target of $24.00.

Richardson Electronics Trading Up 2.9%

Shares of Richardson Electronics stock opened at $18.48 on Tuesday. The firm has a fifty day simple moving average of $17.45 and a 200-day simple moving average of $14.25. The stock has a market capitalization of $269.07 million, a price-to-earnings ratio of 42.00, a PEG ratio of 1.84 and a beta of 1.26. Richardson Electronics has a 1-year low of $9.37 and a 1-year high of $23.15.

Richardson Electronics (NASDAQ:RELL) last posted its earnings results on Wednesday, July 22nd. The technology company reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.14. The business had revenue of $66.20 million for the quarter, compared to analyst estimates of $55.37 million. Richardson Electronics had a net margin of 2.79% and a return on equity of 3.57%. As a group, research analysts predict that Richardson Electronics will post 0.39 earnings per share for the current year.

Insider Transactions at Richardson Electronics

In related news, Director Kenneth Halverson sold 10,000 shares of Richardson Electronics stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $14.69, for a total transaction of $146,900.00. Following the sale, the director directly owned 14,345 shares of the company’s stock, valued at $210,728.05. This trade represents a 41.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kathleen Mcnally sold 6,636 shares of the business’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $16.85, for a total value of $111,816.60. Following the transaction, the executive vice president owned 45,719 shares in the company, valued at $770,365.15. This represents a 12.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 33.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Richardson Electronics

A number of hedge funds have recently modified their holdings of RELL. Tower Research Capital LLC TRC lifted its position in shares of Richardson Electronics by 298.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,160 shares of the technology company’s stock worth $40,000 after acquiring an additional 3,117 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Richardson Electronics during the second quarter valued at approximately $57,000. Los Angeles Capital Management LLC bought a new stake in shares of Richardson Electronics during the fourth quarter valued at approximately $91,000. Engineers Gate Manager LP acquired a new position in shares of Richardson Electronics in the second quarter valued at $103,000. Finally, Deutsche Bank AG raised its stake in shares of Richardson Electronics by 150.3% in the fourth quarter. Deutsche Bank AG now owns 11,421 shares of the technology company’s stock valued at $124,000 after purchasing an additional 6,858 shares in the last quarter. Institutional investors own 71.95% of the company’s stock.

Richardson Electronics Company Profile

Richardson Electronics, Ltd. (NASDAQ:RELL) is a global manufacturer, distributor and servicer of engineered components and subsystems for a diverse range of industrial, medical and scientific applications. The company specializes in vacuum electron devices, high-voltage power supplies and related electronic components, offering klystrons, traveling wave tubes, magnetrons, X-ray tubes, microwave amplifiers and power conversion products. Its solutions support customers in power grid management, semiconductor processing, medical imaging, scientific instrumentation and telecommunications.

In addition to its manufacturing capabilities, Richardson Electronics maintains a broad distribution network comprising thousands of standard and custom parts.