Sunbelt Securities Inc. Sells 2,354 Shares of Eltek Ltd. (NASDAQ:ELTK)

Sunbelt Securities Inc. cut its holdings in Eltek Ltd. (NASDAQ:ELTK) by 22.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,007 shares of the technology company’s stock after selling 2,354 shares during the period. Sunbelt Securities Inc. owned approximately 0.13% of Eltek worth $88,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in ELTK. Essex Investment Management Co. LLC bought a new position in shares of Eltek in the 4th quarter worth about $99,000. Northern Trust Corp bought a new position in shares of Eltek in the 4th quarter worth about $405,000. Finally, Yelin Lapidot Holdings Management Ltd. raised its position in shares of Eltek by 206.7% in the 4th quarter. Yelin Lapidot Holdings Management Ltd. now owns 209,024 shares of the technology company’s stock worth $2,312,000 after acquiring an additional 140,868 shares in the last quarter. 64.58% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen started coverage on Eltek in a research note on Friday, May 16th. They issued a “hold” rating for the company.

Eltek Price Performance

Shares of ELTK opened at $10.01 on Wednesday. The stock has a 50-day moving average of $8.98 and a 200-day moving average of $10.25. The company has a market cap of $67.21 million, a PE ratio of 11.78 and a beta of 0.57. Eltek Ltd. has a one year low of $7.65 and a one year high of $12.30.

Eltek (NASDAQ:ELTK) last released its quarterly earnings results on Tuesday, May 20th. The technology company reported $0.15 earnings per share (EPS) for the quarter. The business had revenue of $12.76 million during the quarter. Eltek had a return on equity of 15.49% and a net margin of 11.51%. Analysts expect that Eltek Ltd. will post 0.87 EPS for the current fiscal year.

Eltek Dividend Announcement

The business also recently declared a — dividend, which was paid on Tuesday, April 29th. Shareholders of record on Tuesday, April 22nd were paid a dividend of $0.19 per share. The ex-dividend date was Tuesday, April 22nd. Eltek’s dividend payout ratio (DPR) is currently 37.25%.

Eltek Profile

Eltek Ltd. manufactures, markets, and sells printed circuit boards (PCBs) in Israel, Europe, North America, India, the Netherlands, and internationally. It offers a range of custom designed PCBs, including rigid, double-sided and multi-layer PCBs, and flexible circuitry boards. The company also provides high density interconnect, flex-rigid, and multi-layered boards.