TESSCO Technologies, Inc. (NASDAQ:TESS) Sees Large Drop in Short Interest

TESSCO Technologies, Inc. (NASDAQ:TESS) saw a significant decrease in short interest in August. As of August 31st, there was short interest totalling 143,600 shares, a decrease of 11.8% from the July 31st total of 162,900 shares. Based on an average daily volume of 69,400 shares, the short-interest ratio is presently 2.1 days. Approximately 2.2% of the shares of the stock are sold short.

Several analysts have issued reports on the stock. TheStreet downgraded shares of TESSCO Technologies from a “b-” rating to a “c” rating in a report on Tuesday, July 23rd. ValuEngine raised shares of TESSCO Technologies from a “hold” rating to a “buy” rating in a research note on Wednesday, September 4th. Finally, Zacks Investment Research downgraded shares of TESSCO Technologies from a “hold” rating to a “strong sell” rating in a research note on Friday, July 26th.

Shares of TESS remained flat at $$15.80 on Friday. 6,930 shares of the company traded hands, compared to its average volume of 47,284. The company has a quick ratio of 0.73, a current ratio of 1.56 and a debt-to-equity ratio of 0.02. The stock has a market cap of $132.25 million, a price-to-earnings ratio of 24.31 and a beta of 1.25. The firm has a 50-day moving average price of $14.68 and a 200 day moving average price of $16.96. TESSCO Technologies has a fifty-two week low of $10.20 and a fifty-two week high of $20.00.

TESSCO Technologies (NASDAQ:TESS) last announced its quarterly earnings data on Monday, July 22nd. The communications equipment provider reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.21). The firm had revenue of $130.73 million for the quarter, compared to analysts’ expectations of $152.00 million. TESSCO Technologies had a net margin of 0.32% and a return on equity of 2.21%. On average, sell-side analysts expect that TESSCO Technologies will post 0.29 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 21st. Investors of record on Wednesday, August 7th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 5.06%. The ex-dividend date was Tuesday, August 6th. TESSCO Technologies’s payout ratio is 123.08%.

In other TESSCO Technologies news, SVP Charles Kriete sold 3,747 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $15.85, for a total value of $59,389.95. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 24.40% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in TESS. JPMorgan Chase & Co. purchased a new position in shares of TESSCO Technologies during the second quarter valued at approximately $32,000. Steward Partners Investment Advisory LLC purchased a new position in shares of TESSCO Technologies during the second quarter valued at approximately $72,000. Janney Montgomery Scott LLC purchased a new position in shares of TESSCO Technologies during the first quarter valued at approximately $244,000. Charles Schwab Investment Management Inc. acquired a new position in TESSCO Technologies during the second quarter worth approximately $252,000. Finally, Strs Ohio acquired a new position in TESSCO Technologies during the second quarter worth approximately $280,000. 61.91% of the stock is currently owned by institutional investors and hedge funds.

About TESSCO Technologies

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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