Electro Scientific Industries, Inc. (NASDAQ:ESIO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage presently has a $12.00 price target on the semiconductor company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 14.72% from the stock’s previous close.

According to Zacks, “Electro Scientific Industries, Inc. and its subsidiaries provides electronics manufacturers with equipment necessary to produce key components used in wireless telecommunications, computers, automotive electronics, and many other electronic products. Additionally, they produce a family of mechanical and laser drilling systems for production of printed wiring boards and advanced electronic packaging, as well as machine vision products for manufacturers of semiconductors, electronics and other products. “

Several other analysts also recently commented on the stock. Lake Street Capital restated a “buy” rating and set a $9.00 price objective (up from $7.50) on shares of Electro Scientific Industries in a research report on Wednesday, May 10th. ValuEngine upgraded shares of Electro Scientific Industries from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Needham & Company LLC upgraded shares of Electro Scientific Industries from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a research report on Thursday, August 3rd. Finally, BidaskClub upgraded shares of Electro Scientific Industries from a “hold” rating to a “buy” rating in a research report on Tuesday, July 25th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $11.00.

Electro Scientific Industries (ESIO) traded down 1.69% on Tuesday, hitting $10.46. 759,503 shares of the stock traded hands. The company’s 50 day moving average price is $8.58 and its 200-day moving average price is $7.46. Electro Scientific Industries has a 52-week low of $4.50 and a 52-week high of $10.97. The stock’s market cap is $352.38 million.

Electro Scientific Industries (NASDAQ:ESIO) last announced its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.38 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.20. The firm had revenue of $72.70 million for the quarter, compared to the consensus estimate of $61.10 million. Electro Scientific Industries had a negative net margin of 18.49% and a negative return on equity of 22.18%. The company’s revenue was up 52.4% on a year-over-year basis. During the same period last year, the firm earned $0.09 EPS. On average, analysts forecast that Electro Scientific Industries will post $0.54 earnings per share for the current fiscal year.

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A number of hedge funds have recently made changes to their positions in the stock. Guggenheim Capital LLC increased its stake in shares of Electro Scientific Industries by 1,970.7% in the fourth quarter. Guggenheim Capital LLC now owns 247,904 shares of the semiconductor company’s stock worth $1,467,000 after buying an additional 235,932 shares in the last quarter. Teton Advisors Inc. increased its stake in shares of Electro Scientific Industries by 51.4% in the first quarter. Teton Advisors Inc. now owns 152,939 shares of the semiconductor company’s stock worth $1,066,000 after buying an additional 51,900 shares in the last quarter. State Street Corp increased its stake in shares of Electro Scientific Industries by 10.7% in the fourth quarter. State Street Corp now owns 489,408 shares of the semiconductor company’s stock worth $2,894,000 after buying an additional 47,450 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in shares of Electro Scientific Industries during the fourth quarter worth about $541,000. Finally, Wells Fargo & Company MN increased its stake in shares of Electro Scientific Industries by 97.9% in the first quarter. Wells Fargo & Company MN now owns 132,539 shares of the semiconductor company’s stock worth $924,000 after buying an additional 65,554 shares in the last quarter. Institutional investors own 71.93% of the company’s stock.

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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