Hennessy Advisors Inc. Acquires Shares of 21,885 Gilat Satellite Networks Ltd. (NASDAQ:GILT)

Hennessy Advisors Inc. purchased a new stake in Gilat Satellite Networks Ltd. (NASDAQ:GILT) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 21,885 shares of the communications equipment provider’s stock, valued at approximately $139,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Foundry Partners LLC raised its stake in Gilat Satellite Networks by 9.0% during the 4th quarter. Foundry Partners LLC now owns 909,490 shares of the communications equipment provider’s stock valued at $5,593,000 after acquiring an additional 75,260 shares during the last quarter. LBP AM SA raised its stake in shares of Gilat Satellite Networks by 83.9% during the 4th quarter. LBP AM SA now owns 347,268 shares of the communications equipment provider’s stock worth $2,136,000 after buying an additional 158,468 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Gilat Satellite Networks by 43.5% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 215,597 shares of the communications equipment provider’s stock worth $1,329,000 after buying an additional 65,374 shares in the last quarter. Lazard Asset Management LLC raised its stake in shares of Gilat Satellite Networks by 62.9% during the 4th quarter. Lazard Asset Management LLC now owns 167,268 shares of the communications equipment provider’s stock worth $1,028,000 after buying an additional 64,610 shares in the last quarter. Finally, Van ECK Associates Corp raised its stake in shares of Gilat Satellite Networks by 279.0% during the 4th quarter. Van ECK Associates Corp now owns 136,380 shares of the communications equipment provider’s stock worth $839,000 after buying an additional 100,396 shares in the last quarter. 35.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on GILT shares. Needham & Company LLC reissued a “buy” rating and set a $8.50 target price on shares of Gilat Satellite Networks in a research note on Tuesday, May 20th. Wall Street Zen downgraded Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research note on Wednesday, May 28th.

Gilat Satellite Networks Stock Performance

GILT opened at $6.08 on Monday. The stock has a market cap of $346.66 million, a P/E ratio of 13.82 and a beta of 0.32. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.52 and a quick ratio of 2.14. The stock’s 50 day simple moving average is $6.14 and its 200 day simple moving average is $6.45. Gilat Satellite Networks Ltd. has a 1-year low of $4.04 and a 1-year high of $8.05.

Gilat Satellite Networks (NASDAQ:GILT) last released its quarterly earnings results on Monday, May 19th. The communications equipment provider reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.04). The firm had revenue of $92.04 million during the quarter, compared to analyst estimates of $100.67 million. Gilat Satellite Networks had a return on equity of 9.74% and a net margin of 8.14%. As a group, equities analysts anticipate that Gilat Satellite Networks Ltd. will post 0.5 EPS for the current fiscal year.

Gilat Satellite Networks Company Profile

Gilat Satellite Networks Ltd., together with its subsidiaries, provides satellite-based broadband communication solutions in Israel, the United States, Peru, and internationally. It operates in three segments: Satellite Networks, Integrated Solutions, and Network Infrastructure and Services. Its portfolio consists of cloud-based satellite network platform, very small aperture terminals, amplifiers, modems, on-the-move antennas, solid state power amplifiers, block upconverters, transceivers, and defense ground systems and field services.