Electro Scientific Industries (ESIO) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Electro Scientific Industries (NASDAQ:ESIO) from a buy rating to a hold rating in a report published on Monday.

According to Zacks, “Electro Scientific Industries, Inc. designs and manufactures sophisticated products used around the world in electronics manufacturing including: laser manufacturing systems for semiconductor yield improvement; production and test equipment for the manufacture of surface mount ceramic capacitors; laser trim systems for precise electrical tuning of circuits; precision laser and mechanical drilling systems for electronic interconnection; and machine vision systems. The systems enable precise engineering and testing of micron to submicron features in semiconductors, LEDs, multi-layer ceramic capacitors (MLCCs), printed circuit boards (PCBs), flex circuits and other high-value components. ESI’s integrated solutions allow industrial designers and process engineers to control the power of laser light to transform materials in ways that differentiate their consumer electronics, wearable devices, semiconductor circuits and high-precision components for market advantage. “

A number of other equities analysts have also issued reports on ESIO. DA Davidson restated a buy rating and set a $25.00 target price on shares of Electro Scientific Industries in a research report on Thursday, November 2nd. Lake Street Capital raised their target price on shares of Electro Scientific Industries from $14.50 to $22.00 and gave the stock a buy rating in a research report on Thursday, November 2nd. BidaskClub downgraded Electro Scientific Industries from a strong-buy rating to a buy rating in a report on Wednesday, December 6th. Finally, Needham & Company LLC increased their price target on Electro Scientific Industries from $12.00 to $27.00 and gave the stock a buy rating in a report on Thursday, November 2nd. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of Buy and an average price target of $26.00.

Electro Scientific Industries (NASDAQ:ESIO) opened at $21.52 on Monday. The company has a quick ratio of 1.96, a current ratio of 2.81 and a debt-to-equity ratio of 0.08. The company has a market cap of $692.89, a P/E ratio of -34.16, a price-to-earnings-growth ratio of 1.58 and a beta of 0.74. Electro Scientific Industries has a one year low of $5.75 and a one year high of $27.72.

Electro Scientific Industries (NASDAQ:ESIO) last announced its earnings results on Wednesday, November 1st. The semiconductor company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.12. The business had revenue of $70.97 million for the quarter, compared to analyst estimates of $65.53 million. Electro Scientific Industries had a negative net margin of 9.00% and a negative return on equity of 13.50%. The company’s revenue for the quarter was up 139.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.24) earnings per share. equities research analysts anticipate that Electro Scientific Industries will post 1.14 EPS for the current fiscal year.

In related news, CFO Paul R. Oldham sold 60,000 shares of the stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $24.08, for a total transaction of $1,444,800.00. Following the completion of the sale, the chief financial officer now directly owns 287,665 shares of the company’s stock, valued at $6,926,973.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Paul R. Oldham sold 120,000 shares of the stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $23.49, for a total value of $2,818,800.00. Following the sale, the chief financial officer now directly owns 237,665 shares of the company’s stock, valued at $5,582,750.85. The disclosure for this sale can be found here. 6.22% of the stock is owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. acquired a new stake in Electro Scientific Industries in the third quarter valued at $109,000. Campbell & CO Investment Adviser LLC acquired a new stake in Electro Scientific Industries in the third quarter valued at $164,000. Stevens Capital Management LP acquired a new stake in Electro Scientific Industries in the third quarter valued at $172,000. Municipal Employees Retirement System of Michigan lifted its holdings in Electro Scientific Industries by 58.8% in the third quarter. Municipal Employees Retirement System of Michigan now owns 12,480 shares of the semiconductor company’s stock valued at $174,000 after acquiring an additional 4,620 shares during the period. Finally, Macquarie Group Ltd. acquired a new stake in Electro Scientific Industries in the third quarter valued at $206,000. 75.30% of the stock is owned by institutional investors.

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About Electro Scientific Industries

Electro Scientific Industries, Inc and its subsidiaries supply laser-based manufacturing solutions for industries reliant on microtechnologies. The Company operates through two segments: Component Processing and Micromachining. The Component Processing segment includes interconnect products, semiconductor products and component products.

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