Espey Mfg. & Electronics Corp. (NYSEAMERICAN:ESP) Sees Large Increase in Short Interest

Espey Mfg. & Electronics Corp. (NYSEAMERICAN:ESP) was the recipient of a significant increase in short interest in June. As of June 30th, there was short interest totaling 85,081 shares, an increase of 592.7% from the June 15th total of 12,283 shares. Based on an average daily trading volume, of 67,186 shares, the days-to-cover ratio is currently 1.3 days. Currently, 3.0% of the shares of the stock are sold short.

Espey Mfg. & Electronics Price Performance

ESP stock traded down $2.77 during midday trading on Monday, reaching $57.15. The company had a trading volume of 46,119 shares, compared to its average volume of 30,653. The firm has a 50-day moving average price of $62.56 and a 200-day moving average price of $58.30. The company has a market capitalization of $171.45 million, a P/E ratio of 15.08 and a beta of 0.34. Espey Mfg. & Electronics has a 1 year low of $36.00 and a 1 year high of $74.77.

Espey Mfg. & Electronics (NYSEAMERICAN:ESP) last posted its quarterly earnings data on Tuesday, May 12th. The company reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.11. Espey Mfg. & Electronics had a net margin of 25.50% and a return on equity of 20.38%. The firm had revenue of $11.42 million for the quarter, compared to analysts’ expectations of $13.20 million.

Espey Mfg. & Electronics Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Shareholders of record on Monday, June 15th were paid a $0.25 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.00 annualized dividend and a yield of 1.7%. Espey Mfg. & Electronics’s dividend payout ratio is currently 40.82%.

Analyst Upgrades and Downgrades

Separately, Freedom Capital cut shares of Espey Mfg. & Electronics from a “strong-buy” rating to a “hold” rating in a report on Monday, May 18th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has an average rating of “Hold”.

Insider Activity

In other news, CEO David A. Oneil sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $67.71, for a total value of $169,275.00. Following the completion of the transaction, the chief executive officer directly owned 13,750 shares in the company, valued at approximately $931,012.50. This trade represents a 15.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jennifer Michele Pickering sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $63.00, for a total transaction of $157,500.00. Following the transaction, the insider directly owned 2,500 shares of the company’s stock, valued at approximately $157,500. This represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 11,100 shares of company stock valued at $727,674 over the last ninety days. 5.54% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Bank of America Corp DE boosted its stake in shares of Espey Mfg. & Electronics by 356.3% in the 2nd quarter. Bank of America Corp DE now owns 1,232 shares of the company’s stock valued at $56,000 after purchasing an additional 962 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in Espey Mfg. & Electronics in the 3rd quarter worth $67,000. JPMorgan Chase & Co. lifted its stake in Espey Mfg. & Electronics by 56,588.9% in the third quarter. JPMorgan Chase & Co. now owns 5,102 shares of the company’s stock worth $202,000 after purchasing an additional 5,093 shares during the last quarter. Bridgeway Capital Management LLC bought a new stake in Espey Mfg. & Electronics in the second quarter worth $211,000. Finally, Man Group plc purchased a new stake in Espey Mfg. & Electronics during the third quarter valued at about $226,000. 36.65% of the stock is owned by hedge funds and other institutional investors.

About Espey Mfg. & Electronics

Espey Manufacturing & Electronics Corp., founded in 1961 and headquartered in Lowell, Massachusetts, specializes in the design, development and manufacture of precision electronic components and sensor systems. The company’s core product offerings include magnetostrictive transducers, torque and position sensors, wideband RF and microwave amplifiers, as well as high-reliability printed circuit boards and molded bus assemblies. These solutions are engineered to withstand harsh operating environments and meet stringent performance requirements.

Espey’s sensor technologies are employed in applications ranging from industrial automation and energy production to commercial and military aerospace platforms.