Electro Scientific Industries, Inc. (NASDAQ:ESIO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

According to Zacks, “Electro Scientific Industries, Inc. supplies laser-based microfabrication solutions for the microtechnology industry. It provides printed circuit boards, including laser via drilling systems for electrical interconnect applications; micro via drilling technology that addresses the changing applications in integrated circuit packages, multichip modules, and high density interconnect circuit boards; and ultraviolet laser processing systems comprising single-beam and multi-beam systems. In addition, the company provides component test products that combine high-speed small parts handling technology with real-time control systems to provide inspection solutions for manufacturers of multilayer ceramic capacitors and other passive components, such as capacitor arrays, inductors, resistors, varistors, and hybrid circuits. The company sells its products through direct sales and service offices, value-added resellers, and independent representatives. “

ESIO has been the topic of several other research reports. Needham & Company LLC raised shares of Electro Scientific Industries from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research report on Thursday, August 3rd. ValuEngine raised Electro Scientific Industries from a “sell” rating to a “hold” rating in a report on Thursday, August 3rd. BidaskClub raised Electro Scientific Industries from a “hold” rating to a “buy” rating in a report on Tuesday, July 25th. Finally, Lake Street Capital decreased their price target on Electro Scientific Industries from $10.50 to $9.00 and set a “buy” rating for the company in a research report on Thursday, August 3rd. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Electro Scientific Industries has an average rating of “Buy” and a consensus target price of $12.83.

Shares of Electro Scientific Industries (NASDAQ ESIO) traded up 3.70% on Tuesday, hitting $14.59. The stock had a trading volume of 669,095 shares. Electro Scientific Industries has a 52 week low of $4.50 and a 52 week high of $14.89. The company’s market capitalization is $483.45 million. The company has a 50-day moving average of $12.40 and a 200 day moving average of $9.08.

Electro Scientific Industries (NASDAQ:ESIO) last issued its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.20. Electro Scientific Industries had a negative net margin of 18.49% and a negative return on equity of 22.18%. The business had revenue of $72.70 million during the quarter, compared to the consensus estimate of $61.10 million. During the same period in the prior year, the firm posted $0.09 EPS. The firm’s quarterly revenue was up 52.4% compared to the same quarter last year. On average, equities research analysts predict that Electro Scientific Industries will post $0.73 EPS for the current year.

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A number of institutional investors and hedge funds have recently bought and sold shares of the stock. California State Teachers Retirement System grew its position in Electro Scientific Industries by 0.9% during the second quarter. California State Teachers Retirement System now owns 55,864 shares of the semiconductor company’s stock valued at $460,000 after buying an additional 500 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Electro Scientific Industries by 22.0% during the second quarter. The Manufacturers Life Insurance Company now owns 27,532 shares of the semiconductor company’s stock worth $227,000 after buying an additional 4,970 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in Electro Scientific Industries by 27.7% in the second quarter. Arrowstreet Capital Limited Partnership now owns 158,889 shares of the semiconductor company’s stock worth $1,309,000 after acquiring an additional 34,430 shares during the period. Symmetry Peak Management LLC bought a new stake in Electro Scientific Industries in the second quarter worth about $227,000. Finally, State Street Corp raised its position in Electro Scientific Industries by 13.4% in the second quarter. State Street Corp now owns 595,910 shares of the semiconductor company’s stock worth $4,911,000 after acquiring an additional 70,197 shares during the period. Institutional investors own 73.16% 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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