Dolby Laboratories (DLB) Shares Bought by Renaissance Technologies LLC
Renaissance Technologies LLC increased its stake in shares of Dolby Laboratories (NYSE:DLB) by 14.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,549,100 shares of the electronics maker’s stock after acquiring an additional 191,600 shares during the quarter. Renaissance Technologies LLC owned approximately 1.51% of Dolby Laboratories worth $75,844,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of DLB. Watermark Asset Management Inc. bought a new position in Dolby Laboratories during the first quarter worth $114,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Dolby Laboratories by 9.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,331 shares of the electronics maker’s stock worth $114,000 after acquiring an additional 209 shares in the last quarter. US Bancorp DE boosted its stake in Dolby Laboratories by 2.6% during the second quarter. US Bancorp DE now owns 3,029 shares of the electronics maker’s stock worth $149,000 after acquiring an additional 78 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in Dolby Laboratories by 4.6% during the second quarter. Teacher Retirement System of Texas now owns 4,637 shares of the electronics maker’s stock worth $227,000 after acquiring an additional 205 shares in the last quarter. Finally, CrestPoint Capital Management LLC bought a new position in Dolby Laboratories during the second quarter worth $240,000. 51.87% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have weighed in on DLB shares. Zacks Investment Research lowered shares of Dolby Laboratories from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $52.00 price objective (up from $49.00) on shares of Dolby Laboratories in a research note on Wednesday, September 13th. BidaskClub raised shares of Dolby Laboratories from a “sell” rating to a “hold” rating in a research note on Saturday, July 8th. B. Riley raised shares of Dolby Laboratories to a “buy” rating and set a $61.50 price objective on the stock in a research note on Saturday, July 22nd. Finally, Dougherty & Co reaffirmed a “buy” rating and issued a $63.00 price objective on shares of Dolby Laboratories in a research note on Wednesday, September 13th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $57.30.
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In other news, insider Kevin J. Yeaman sold 45,000 shares of the business’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $56.46, for a total transaction of $2,540,700.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Dagmar Dolby sold 100,000 shares of the business’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $52.22, for a total transaction of $5,222,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,419,000 shares of company stock worth $71,701,100. Company insiders own 43.80% of the company’s stock.
Dolby Laboratories (NYSE:DLB) opened at 57.57 on Thursday. The firm has a 50 day moving average of $51.48 and a 200-day moving average of $51.27. The company has a market capitalization of $5.91 billion, a price-to-earnings ratio of 29.45 and a beta of 0.81. Dolby Laboratories has a 1-year low of $44.99 and a 1-year high of $59.79.
Dolby Laboratories (NYSE:DLB) last announced its earnings results on Tuesday, July 25th. The electronics maker reported $0.75 EPS for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.10. Dolby Laboratories had a net margin of 19.02% and a return on equity of 10.25%. The firm had revenue of $305.67 million for the quarter, compared to analysts’ expectations of $296.88 million. During the same quarter in the previous year, the business posted $0.62 EPS. The company’s quarterly revenue was up 10.1% on a year-over-year basis. On average, equities research analysts anticipate that Dolby Laboratories will post $1.99 earnings per share for the current fiscal year.
Dolby Laboratories Profile
Dolby Laboratories, Inc designs and manufactures audio and imaging products for the cinema, television, broadcast and entertainment industries. Its products for cinema include Digital Cinema Servers and Cinema Audio Products, and broadcast and other include Dolby Conference Phone and Other Products. It offers services to support theatrical and television production for cinema exhibition, broadcast and home entertainment, including equipment training and maintenance, mixing room alignment and equalization, as well as audio, color and light image calibration.
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