State Board of Administration of Florida Retirement System cut its stake in Benchmark Electronics Inc. (NYSE:BHE) by 15.3% during the second quarter, Holdings Channel reports. The institutional investor owned 54,935 shares of the company’s stock after selling 9,928 shares during the period. State Board of Administration of Florida Retirement System owned about 0.11% of Benchmark Electronics worth $1,162,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of BHE. HBK Investments L P acquired a new position in Benchmark Electronics during the first quarter worth approximately $588,000. Wellington Management Group LLP increased its position in shares of Benchmark Electronics by 17.6% in the first quarter. Wellington Management Group LLP now owns 15,095 shares of the company’s stock worth $348,000 after buying an additional 2,264 shares during the last quarter. Adirondack Research & Management Inc. increased its position in shares of Benchmark Electronics by 9.6% in the first quarter. Adirondack Research & Management Inc. now owns 88,273 shares of the company’s stock worth $2,035,000 after buying an additional 7,700 shares during the last quarter. State Street Corp increased its position in shares of Benchmark Electronics by 5.0% in the first quarter. State Street Corp now owns 1,224,445 shares of the company’s stock worth $28,221,000 after buying an additional 57,814 shares during the last quarter. Finally, Spark Investment Management LLC increased its position in shares of Benchmark Electronics by 298.1% in the first quarter. Spark Investment Management LLC now owns 107,500 shares of the company’s stock worth $2,477,000 after buying an additional 80,500 shares during the last quarter. 96.18% of the stock is currently owned by institutional investors.
Benchmark Electronics Inc. (NYSE:BHE) traded up 1.77% during mid-day trading on Wednesday, reaching $24.74. 206,874 shares of the company were exchanged. The stock has a 50-day moving average of $24.12 and a 200 day moving average of $22.14. Benchmark Electronics Inc. has a 1-year low of $18.36 and a 1-year high of $24.82. The firm has a market capitalization of $1.21 billion, a P/E ratio of 15.03 and a beta of 0.71.
Benchmark Electronics (NYSE:BHE) last posted its earnings results on Thursday, July 21st. The company reported $0.31 EPS for the quarter, missing the Zacks’ consensus estimate of $0.32 by $0.01. Benchmark Electronics had a net margin of 3.51% and a return on equity of 5.52%. The company earned $579 million during the quarter, compared to analyst estimates of $582.89 million. During the same period in the previous year, the company earned $0.42 EPS. The company’s quarterly revenue was down 12.8% compared to the same quarter last year. Equities research analysts forecast that Benchmark Electronics Inc. will post $1.34 earnings per share for the current year.
A number of research analysts have recently issued reports on BHE shares. TheStreet raised shares of Benchmark Electronics from a “hold” rating to a “buy” rating in a research report on Monday, July 25th. Needham & Company LLC lifted their price objective on shares of Benchmark Electronics from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, July 22nd. Zacks Investment Research raised shares of Benchmark Electronics from a “sell” rating to a “hold” rating in a research report on Wednesday, June 22nd. Finally, B. Riley reaffirmed a “neutral” rating and issued a $23.00 price objective on shares of Benchmark Electronics in a research report on Monday, July 25th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $24.00.
In other news, CEO Gayla J. Delly sold 25,497 shares of the stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $24.22, for a total transaction of $617,537.34. Following the sale, the chief executive officer now owns 276,264 shares of the company’s stock, valued at $6,691,114.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Donald Francis Adam sold 40,000 shares of the stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $23.46, for a total transaction of $938,400.00. Following the sale, the chief financial officer now directly owns 126,513 shares in the company, valued at approximately $2,967,994.98. The disclosure for this sale can be found here. Insiders own 2.40% of the company’s stock.
Benchmark Electronics Company Profile
Benchmark Electronics, Inc is a provider of integrated electronic manufacturing services. The Company provides services to original equipment manufacturers of industrial control equipment, including equipment for the aerospace and defense industry; telecommunication equipment; computers and related products for business enterprises; medical devices, and testing and instrumentation products.
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