Dolby Laboratories, Inc. (NYSE:DLB) Sees Significant Growth in Short Interest


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Dolby Laboratories, Inc. (NYSE:DLB) was the recipient of a large growth in short interest in the month of October. As of October 30th, there was short interest totalling 1,480,000 shares, a growth of 13.8% from the October 15th total of 1,300,000 shares. Based on an average daily trading volume, of 482,800 shares, the days-to-cover ratio is presently 3.1 days. Approximately 2.3% of the company’s shares are short sold.

In other news, SVP Giles Baker sold 8,334 shares of the business’s stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $70.28, for a total value of $585,713.52. Also, SVP Steven E. Forshay sold 833 shares of the business’s stock in a transaction dated Friday, October 16th. The shares were sold at an average price of $69.81, for a total value of $58,151.73. The disclosure for this sale can be found here. Insiders have sold a total of 276,638 shares of company stock worth $23,151,873 over the last ninety days. Company insiders own 38.17% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Great West Life Assurance Co. Can increased its holdings in Dolby Laboratories by 7.1% during the 3rd quarter. Great West Life Assurance Co. Can now owns 4,863 shares of the electronics maker’s stock worth $323,000 after purchasing an additional 324 shares in the last quarter. Nantahala Capital Management LLC increased its holdings in Dolby Laboratories by 0.9% during the 3rd quarter. Nantahala Capital Management LLC now owns 938,656 shares of the electronics maker’s stock worth $62,214,000 after purchasing an additional 8,463 shares in the last quarter. Paloma Partners Management Co bought a new stake in Dolby Laboratories during the 3rd quarter worth approximately $430,000. Tenzing Global Management LLC bought a new stake in Dolby Laboratories during the 3rd quarter worth approximately $4,971,000. Finally, Neo Ivy Capital Management bought a new stake in Dolby Laboratories during the 3rd quarter worth approximately $304,000. 56.47% of the stock is owned by hedge funds and other institutional investors.

Dolby Laboratories stock traded down $0.04 during midday trading on Friday, reaching $87.80. The stock had a trading volume of 618,144 shares, compared to its average volume of 465,707. Dolby Laboratories has a 12 month low of $44.68 and a 12 month high of $90.09. The company has a market capitalization of $8.83 billion, a P/E ratio of 39.02, a PEG ratio of 2.75 and a beta of 0.81. The company has a fifty day moving average price of $75.18 and a two-hundred day moving average price of $67.67.

Dolby Laboratories (NYSE:DLB) last issued its earnings results on Thursday, November 12th. The electronics maker reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.25. The business had revenue of $271.20 million during the quarter, compared to analyst estimates of $245.04 million. Dolby Laboratories had a return on equity of 9.95% and a net margin of 19.91%. The firm’s revenue was down 9.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.66 EPS. On average, equities analysts expect that Dolby Laboratories will post 2.3 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 4th. Shareholders of record on Tuesday, November 24th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date of this dividend is Monday, November 23rd. Dolby Laboratories’s dividend payout ratio is currently 38.26%.

A number of research analysts have recently issued reports on the company. Barrington Research boosted their price objective on Dolby Laboratories from $70.00 to $83.00 and gave the company an “outperform” rating in a research note on Wednesday, August 5th. Zacks Investment Research raised Dolby Laboratories from a “sell” rating to a “hold” rating and set a $73.00 price objective on the stock in a research note on Friday, August 7th. Finally, B. Riley boosted their target price on Dolby Laboratories from $73.00 to $79.00 and gave the company a “neutral” rating in a research report on Friday, November 13th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $75.00.

Dolby Laboratories Company Profile

Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment and communications at the cinema, at home, at work, and on mobile devices. The company develops and licenses its audio technologies, such as AAC & HE-AAC, a digital audio codec solution used for a range of media applications.; AVC, a digital video codec with high bandwidth efficiency used in media devices; Dolby AC-4, an audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for cinema and a range of media devices.

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