TESSCO Technologies Incorporated (NASDAQ:TESS) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Thursday, July 13th.

According to Zacks, “TESSCO Technologies Inc. is a leading provider of the services, products and solutions required to build, operate, maintain and use wireless voice, data, messaging, location tracking and Internet systems. The company provides marketing and sales services, knowledge and supply chain management, product-solution delivery and control systems utilizing Internet and information technology. The company’s guiding vision is to be The Vital Link between buyers and manufacturers. For its customers, the company provides a total source of product knowledge and solutions. “

TESSCO Technologies (TESS) opened at 13.325 on Thursday. TESSCO Technologies has a 12 month low of $9.75 and a 12 month high of $16.25. The firm has a market capitalization of $113.74 million, a PE ratio of 55.753 and a beta of 1.25. The stock’s 50 day moving average price is $13.84 and its 200 day moving average price is $14.06.

TESSCO Technologies (NASDAQ:TESS) last released its earnings results on Tuesday, July 18th. The communications equipment provider reported $0.08 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.04. The firm had revenue of $140.01 million for the quarter, compared to analysts’ expectations of $126.68 million. TESSCO Technologies had a net margin of 0.38% and a return on equity of 2.36%. Equities research analysts expect that TESSCO Technologies will post $0.72 earnings per share for the current fiscal year.

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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TESS. Stifel Financial Corp boosted its position in TESSCO Technologies by 3.6% in the first quarter. Stifel Financial Corp now owns 25,682 shares of the communications equipment provider’s stock worth $398,000 after buying an additional 900 shares during the last quarter. Russell Investments Group Ltd. raised its stake in TESSCO Technologies by 4.0% in the second quarter. Russell Investments Group Ltd. now owns 26,517 shares of the communications equipment provider’s stock valued at $353,000 after buying an additional 1,031 shares during the period. Crawford Investment Counsel Inc. raised its stake in TESSCO Technologies by 1.4% in the second quarter. Crawford Investment Counsel Inc. now owns 87,101 shares of the communications equipment provider’s stock valued at $1,158,000 after buying an additional 1,226 shares during the period. Deprince Race & Zollo Inc. raised its stake in TESSCO Technologies by 0.3% in the first quarter. Deprince Race & Zollo Inc. now owns 604,608 shares of the communications equipment provider’s stock valued at $9,492,000 after buying an additional 1,949 shares during the period. Finally, Acadian Asset Management LLC raised its stake in TESSCO Technologies by 9.0% in the first quarter. Acadian Asset Management LLC now owns 29,726 shares of the communications equipment provider’s stock valued at $468,000 after buying an additional 2,462 shares during the period. Hedge funds and other institutional investors own 59.73% of the company’s stock.

About TESSCO Technologies

TESSCO Technologies Incorporated architects and delivers the product and value chain solutions to organizations responsible for building, operating, maintaining and reselling cellular, mobile communications, wireless-fidelity (Wi-Fi), machine-to-machine, Internet of Things and wireless backhaul systems.

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