NorthCrest Asset Management LLC has acquired a new stake in Ducommun Incorporated, investing approximately $642,000 to purchase 6,659 shares of the aerospace company during the third quarter of 2023. This information was disclosed in a recent Form 13F filing with the Securities and Exchange Commission.
The investment reflects a broader trend among institutional investors increasing their positions in Ducommun. Notably, Wealth Enhancement Advisory Services LLC bought a new stake valued at around $63,000, while the New York State Teachers Retirement System invested approximately $120,000. Additionally, Oliver Luxxe Assets LLC raised its position by 1.3%, now holding 31,893 shares worth about $3.06 million after acquiring an additional 404 shares. The State of Alaska Department of Revenue and SG Americas Securities LLC also established new positions, worth $79,000 and $849,000, respectively. Overall, institutional investors hold a significant 92.15% of Ducommun’s stock.
In related news, vice president Jerry L. Redondo sold 2,000 shares on December 10, 2023, at an average price of $92.86, totaling $185,720. Following this transaction, he retains 65,269 shares valued at approximately $6.06 million, marking a 2.97% decrease in ownership. This transaction was also disclosed in a filing with the SEC, where 8.90% of the stock is reported to be owned by company insiders.
Ducommun’s Financial Performance
On the financial front, Ducommun’s shares opened at $115.26 on Thursday. The company’s stock has experienced significant fluctuations, with a one-year low of $51.76 and a high of $115.34. Recent performance indicators include a fifty-day moving average of $96.67 and a 200-day moving average of $93.63. With a market capitalization of $1.72 billion, Ducommun maintains a debt-to-equity ratio of 0.33, along with a quick ratio of 1.46 and a current ratio of 2.04.
The company recently announced its earnings results on November 6, 2023, reporting earnings per share (EPS) of $0.99 for the quarter, surpassing analysts’ expectations of $0.95 by $0.04. Revenue for the quarter was recorded at $212.56 million, exceeding estimates of $211.41 million. Ducommun experienced a 5.6% increase in revenue compared to the same quarter last year, when it posted an EPS of $0.67. Analysts project that the company will achieve an EPS of $3.21 for the current fiscal year.
Company Overview
Founded in 1849 in California, Ducommun Incorporated has evolved from a hardware supplier into a significant player in the aerospace, defense, and space markets. Through its Electronics and Structures segments, the company provides engineered products and integrated systems. The Electronics segment focuses on high-reliability electronic assemblies and harsh environment electronics, while the Structures segment manufactures complex components for both commercial and military applications.
As the aerospace industry continues to grow, Ducommun’s strategic investments and partnerships position it well for future opportunities. Investors and analysts alike will be monitoring the company’s performance closely as it navigates this competitive landscape.
