Keysight Technologies (NYSE:KEYS) Sets New 52-Week High Following Strong Earnings

Keysight Technologies Inc (NYSE:KEYS)’s share price hit a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $96.00 and last traded at $95.96, with a volume of 2740214 shares. The stock had previously closed at $89.14.

The scientific and technical instruments company reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.30. The business had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.04 billion. Keysight Technologies had a return on equity of 27.06% and a net margin of 6.61%. The firm’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.89 earnings per share.

Keysight Technologies declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 29th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the scientific and technical instruments company to repurchase up to 3.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Several equities analysts recently issued reports on the company. Goldman Sachs Group lowered Keysight Technologies from a “buy” rating to a “neutral” rating and set a $86.00 price target on the stock. in a research note on Sunday, July 21st. Credit Suisse Group restated an “outperform” rating and set a $110.00 price target (up from $90.00) on shares of Keysight Technologies in a research note on Thursday. Citigroup set a $100.00 price target on Keysight Technologies and gave the company a “buy” rating in a research note on Friday, August 16th. Barclays assumed coverage on Keysight Technologies in a research note on Wednesday, August 7th. They set an “overweight” rating and a $103.00 price target on the stock. Finally, Zacks Investment Research upgraded Keysight Technologies from a “hold” rating to a “strong-buy” rating and set a $78.00 price target on the stock in a research note on Tuesday, June 4th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Keysight Technologies presently has an average rating of “Buy” and an average target price of $99.11.

In other news, Director James Cullen sold 16,268 shares of the company’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $75.50, for a total value of $1,228,234.00. Following the sale, the director now directly owns 25,361 shares in the company, valued at approximately $1,914,755.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Mark Pierpoint sold 13,618 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $75.15, for a total value of $1,023,392.70. Following the completion of the sale, the senior vice president now owns 47,533 shares in the company, valued at $3,572,104.95. The disclosure for this sale can be found here. Over the last quarter, insiders sold 44,718 shares of company stock worth $3,645,835. Corporate insiders own 0.65% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in KEYS. Nuveen Asset Management LLC grew its stake in shares of Keysight Technologies by 23,251.3% in the 2nd quarter. Nuveen Asset Management LLC now owns 3,064,396 shares of the scientific and technical instruments company’s stock valued at $275,214,000 after purchasing an additional 3,051,273 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Keysight Technologies by 75.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 4,754,203 shares of the scientific and technical instruments company’s stock worth $414,185,000 after acquiring an additional 2,048,611 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Keysight Technologies by 14.0% in the 1st quarter. BlackRock Inc. now owns 14,460,516 shares of the scientific and technical instruments company’s stock worth $1,260,956,000 after acquiring an additional 1,780,298 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Keysight Technologies by 48.2% in the 4th quarter. Geode Capital Management LLC now owns 2,678,128 shares of the scientific and technical instruments company’s stock worth $165,994,000 after acquiring an additional 871,373 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in shares of Keysight Technologies by 208.6% in the 2nd quarter. Janus Henderson Group PLC now owns 1,167,440 shares of the scientific and technical instruments company’s stock worth $104,848,000 after acquiring an additional 789,128 shares in the last quarter. Institutional investors own 87.50% of the company’s stock.

The firm has a fifty day simple moving average of $88.76 and a 200-day simple moving average of $85.26. The company has a current ratio of 1.90, a quick ratio of 1.46 and a debt-to-equity ratio of 0.46. The stock has a market cap of $16.44 billion, a price-to-earnings ratio of 32.39, a P/E/G ratio of 2.25 and a beta of 1.31.

Keysight Technologies Company Profile (NYSE:KEYS)

Keysight Technologies, Inc provides electronic design and test solutions to commercial communications, networking, aerospace, defense and government, automotive, energy, semiconductor, and electronic industries in the Americas and the Asia Pacific. Its Communications Solutions Group segment provides radio frequency and microwave test instruments, and electronic design automation software tools; oscilloscopes, logic and serial protocol analyzers, logic-signal sources, arbitrary waveform generators, and bit error rate testers; optical modulation analyzers, component analyzers, power meters, and optical laser source solutions, as well as optical amplifier, filter, and other passive component solutions; and related software solutions.

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