Wedge Capital Management L L P NC trimmed its holdings in shares of TESSCO Technologies, Inc. (NASDAQ:TESS) by 34.2% in the first quarter, HoldingsChannel reports. The institutional investor owned 54,444 shares of the communications equipment provider’s stock after selling 28,296 shares during the quarter. Wedge Capital Management L L P NC’s holdings in TESSCO Technologies were worth $843,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Oppenheimer Asset Management Inc. acquired a new stake in shares of TESSCO Technologies during the 4th quarter valued at $68,000. Bailard Inc. acquired a new position in shares of TESSCO Technologies in the first quarter valued at approximately $170,000. Janney Montgomery Scott LLC acquired a new position in shares of TESSCO Technologies in the first quarter valued at approximately $244,000. Stifel Financial Corp boosted its holdings in shares of TESSCO Technologies by 13.6% in the fourth quarter. Stifel Financial Corp now owns 45,939 shares of the communications equipment provider’s stock valued at $556,000 after buying an additional 5,485 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of TESSCO Technologies by 26.7% in the fourth quarter. Bank of New York Mellon Corp now owns 83,141 shares of the communications equipment provider’s stock valued at $998,000 after buying an additional 17,542 shares during the period. Hedge funds and other institutional investors own 59.07% of the company’s stock.
Several research analysts have recently weighed in on TESS shares. TheStreet upgraded shares of TESSCO Technologies from a “c+” rating to a “b” rating in a report on Friday, February 1st. ValuEngine cut shares of TESSCO Technologies from a “hold” rating to a “sell” rating in a report on Wednesday, March 13th. Finally, Zacks Investment Research upgraded shares of TESSCO Technologies from a “hold” rating to a “buy” rating and set a $17.00 price target for the company in a report on Saturday, January 26th.
TESSCO Technologies (NASDAQ:TESS) last announced its quarterly earnings results on Monday, May 6th. The communications equipment provider reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.10). The firm had revenue of $144.96 million during the quarter, compared to analyst estimates of $147.88 million. TESSCO Technologies had a net margin of 0.91% and a return on equity of 5.11%. Equities research analysts expect that TESSCO Technologies, Inc. will post 0.67 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 4.40%. The ex-dividend date is Tuesday, May 21st. TESSCO Technologies’s dividend payout ratio is currently 123.08%.
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TESSCO Technologies Company Profile
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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