Zacks Investment Research downgraded shares of TESSCO Technologies Incorporated (NASDAQ:TESS) from a buy rating to a hold rating in a research report released on Wednesday.

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 (NASDAQ TESS) opened at 12.95 on Wednesday. TESSCO Technologies has a 12-month low of $9.75 and a 12-month high of $16.25. The firm has a 50-day moving average of $13.12 and a 200-day moving average of $13.84. The firm has a market cap of $108.39 million, a P/E ratio of 53.96 and a beta of 1.25.

TESSCO Technologies (NASDAQ:TESS) last issued its earnings results on Tuesday, July 18th. The communications equipment provider reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. The business had revenue of $140.01 million during the quarter, compared to analyst estimates of $126.68 million. TESSCO Technologies had a return on equity of 2.36% and a net margin of 0.38%. On average, analysts expect that TESSCO Technologies will post $0.72 EPS for the current year.

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Hedge funds and other institutional investors have recently modified their holdings of the stock. Wells Fargo & Company MN raised its stake in shares of TESSCO Technologies by 11.0% in the first quarter. Wells Fargo & Company MN now owns 47,587 shares of the communications equipment provider’s stock valued at $747,000 after purchasing an additional 4,700 shares in the last quarter. Algert Global LLC raised its stake in shares of TESSCO Technologies by 30.4% in the second quarter. Algert Global LLC now owns 20,660 shares of the communications equipment provider’s stock valued at $275,000 after purchasing an additional 4,813 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of TESSCO Technologies by 1.1% in the first quarter. Dimensional Fund Advisors LP now owns 452,817 shares of the communications equipment provider’s stock valued at $7,109,000 after purchasing an additional 5,128 shares in the last quarter. Deprince Race & Zollo Inc. raised its stake in shares of TESSCO Technologies by 22.3% in the second quarter. Deprince Race & Zollo Inc. now owns 739,716 shares of the communications equipment provider’s stock valued at $9,838,000 after purchasing an additional 135,108 shares in the last quarter. Finally, HPM Partners LLC raised its stake in shares of TESSCO Technologies by 22.2% in the second quarter. HPM Partners LLC now owns 25,054 shares of the communications equipment provider’s stock valued at $1,920,000 after purchasing an additional 4,554 shares in the last quarter. Institutional investors and hedge funds own 58.66% 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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