Electro Rent Corporation (ELRC) was Downgraded by Sidoti to ” Neutral”. Earlier the firm had a rating of “Buy ” on the company shares. Sidoti advised their investors in a research report released on May 31, 2016.
On the company’s financial health, Electro Rent Corporation reported $0.09 EPS for the quarter, missing the analyst consensus estimate by $ -0.04 based on the information available during the earnings call on Jan 7, 2016. Analyst had a consensus of $0.13. The company had revenue of $43.30 million for the quarter, compared to analysts expectations of $45.30 million. The company’s revenue was down -27.5 % compared to the same quarter last year.
Electro Rent Corporation opened for trading at $10.59 and hit $10.63 on the upside on Friday, eventually ending the session at $10.55, with a gain of 0.19% or 0.02 points. The heightened volatility saw the trading volume jump to 6,876 shares. Company has a market cap of $255 M.
Electro Rent Corporation is a United States-based global organization which is engaged in the rental lease and sale of new and used electronic test and measurement (T&M) equipment. The Company’s Data Products (DP) division offers personal computers from manufacturers including Dell Hewlett-Packard (HP) International Business Machines (IBM) Toshiba and Apple. The Company operates in two segments: T&M and DP. The Company purchases T&M equipment from leading manufacturers such as Keysight Technologies Inc. Anritsu Inc. Rohde & Schwarz Gmbh & Co. KG and Tektronix Inc. The Company’s customers rent lease and buy its T&M equipment and use that equipment primarily in the aerospace and defense telecommunications electronics industrial and semiconductor markets. The Company also sells used T&M and DP equipment that was held for rent and lease.