Oppenheimer Asset Management Inc. Makes New $1 Million Investment in Daktronics, Inc. $DAKT

Oppenheimer Asset Management Inc. purchased a new position in shares of Daktronics, Inc. (NASDAQ:DAKT) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 51,196 shares of the technology company’s stock, valued at approximately $1,001,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Daktronics by 6.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,210 shares of the technology company’s stock worth $295,000 after acquiring an additional 1,476 shares during the period. Empowered Funds LLC raised its stake in Daktronics by 2.1% during the 1st quarter. Empowered Funds LLC now owns 242,535 shares of the technology company’s stock valued at $2,954,000 after purchasing an additional 4,926 shares during the last quarter. Rhumbline Advisers boosted its holdings in Daktronics by 31.4% in the 2nd quarter. Rhumbline Advisers now owns 76,152 shares of the technology company’s stock valued at $1,151,000 after purchasing an additional 18,202 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in Daktronics by 204.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,046 shares of the technology company’s stock worth $46,000 after purchasing an additional 2,045 shares during the last quarter. Finally, Invesco Ltd. grew its position in Daktronics by 399.2% in the 2nd quarter. Invesco Ltd. now owns 510,243 shares of the technology company’s stock worth $7,715,000 after purchasing an additional 408,037 shares during the last quarter. Institutional investors and hedge funds own 61.69% of the company’s stock.

Daktronics Stock Performance

Shares of DAKT stock opened at $20.41 on Monday. Daktronics, Inc. has a 12-month low of $15.59 and a 12-month high of $28.27. The company has a market capitalization of $985.39 million, a P/E ratio of 22.43, a P/E/G ratio of 0.67 and a beta of 1.68. The firm has a 50-day moving average price of $20.14 and a 200 day moving average price of $21.11. The company has a quick ratio of 1.74, a current ratio of 2.31 and a debt-to-equity ratio of 0.18.

Daktronics (NASDAQ:DAKT) last released its quarterly earnings results on Wednesday, June 24th. The technology company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.07. The firm had revenue of $208.61 million for the quarter, compared to analyst estimates of $205.27 million. Daktronics had a net margin of 5.41% and a return on equity of 17.62%. During the same period in the previous year, the business earned ($0.19) earnings per share. Research analysts forecast that Daktronics, Inc. will post 1.21 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Zacks Research upgraded shares of Daktronics from a “strong sell” rating to a “hold” rating in a research note on Monday, June 15th. Roth Capital boosted their price target on Daktronics from $26.00 to $29.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. Wall Street Zen cut Daktronics from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 4th. Finally, Weiss Ratings raised Daktronics from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, June 25th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $29.00.

Insider Buying and Selling

In other news, EVP Bradley T. Wiemann sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, July 17th. The stock was sold at an average price of $19.22, for a total value of $76,880.00. Following the transaction, the executive vice president directly owned 125,946 shares of the company’s stock, valued at $2,420,682.12. The trade was a 3.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sheila Mae Anderson sold 3,636 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $20.01, for a total value of $72,756.36. Following the completion of the transaction, the insider directly owned 48,371 shares in the company, valued at $967,903.71. The trade was a 6.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 4.60% of the company’s stock.

Daktronics Profile

Daktronics, Inc (NASDAQ: DAKT) is a leading designer and manufacturer of electronic display systems, video boards, scoreboards and related control systems. Founded in 1968 in Brookings, South Dakota by Al Kurtenbach and Duane Sander, the company has built a reputation for delivering custom visual display solutions to a wide range of markets. Its product portfolio includes large-format LED video displays, programmable message centers, digital billboards, and audio-visual solutions tailored to sports venues, transportation authorities, retail environments and live event producers.

The company’s primary business activities encompass the engineering, fabrication and installation of display systems for customers around the world.