Ultratech Inc. (NASDAQ:UTEK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.

According to Zacks, “Ultratech Stepper, Inc. develops, manufactures and markets photolithography equipment designed to reduce the cost of ownership for manufacturers of integrated circuits, including advanced packaging processes, photomasks, thin film magnetic recording devices and micromachined components. The Company supplies step-and-repeat systems based on one-to-one and reduction optical technology to customers located throughout North America, Europe, Japan and the rest of Asia. “

Several other research firms have also commented on UTEK. B. Riley reiterated a “neutral” rating and issued a $25.00 price target on shares of Ultratech in a research report on Friday, October 21st. Benchmark Co. set a $30.00 price target on Ultratech and gave the stock a “buy” rating in a research report on Friday, October 21st. Five analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $23.80.

Ultratech (NASDAQ:UTEK) opened at 21.97 on Wednesday. The firm’s 50 day moving average price is $22.55 and its 200-day moving average price is $23.13. Ultratech has a 12-month low of $14.87 and a 12-month high of $26.40. The stock’s market cap is $590.29 million.

Ultratech (NASDAQ:UTEK) last issued its quarterly earnings data on Thursday, October 20th. The company reported $0.29 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.29. The firm earned $48.60 million during the quarter, compared to analyst estimates of $51.42 million. Ultratech had a positive return on equity of 0.37% and a negative net margin of 1.15%. The business’s quarterly revenue was up 46.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.22) earnings per share. Equities research analysts anticipate that Ultratech will post $0.88 earnings per share for the current fiscal year.

In other Ultratech news, insider Dave Ghosh sold 1,900 shares of the firm’s stock in a transaction dated Friday, September 2nd. The shares were sold at an average price of $24.98, for a total value of $47,462.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Arthur W. Zafiropoulo sold 58,919 shares of the firm’s stock in a transaction dated Wednesday, October 26th. The stock was sold at an average price of $21.79, for a total transaction of $1,283,845.01. The disclosure for this sale can be found here. 5.92% of the stock is currently owned by company insiders.

Hedge funds have recently made changes to their positions in the company. BlackRock Fund Advisors increased its stake in shares of Ultratech by 1.4% in the first quarter. BlackRock Fund Advisors now owns 1,754,385 shares of the company’s stock valued at $38,316,000 after buying an additional 24,776 shares during the last quarter. Emerald Acquisition Ltd. bought a new stake in Ultratech during the second quarter valued at $4,573,000. Quentec Asset Management LLC increased its stake in Ultratech by 173.4% in the first quarter. Quentec Asset Management LLC now owns 541,291 shares of the company’s stock valued at $11,822,000 after buying an additional 343,294 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in Ultratech by 3.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 759,171 shares of the company’s stock valued at $16,580,000 after buying an additional 24,603 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. bought a new stake in Ultratech during the second quarter valued at $1,707,000. 95.08% of the stock is owned by institutional investors and hedge funds.

About Ultratech

Ultratech, Inc (Ultratech) develops, manufactures and markets photolithography, laser thermal processing and inspection equipment. The Company operates through the manufacture and distribution of capital equipment to manufacturers of integrated circuits and nanotechnology components segment. The Company serves manufacturers of semiconductor devices, including advanced packaging processes and various nanotechnology components, such as thin film head magnetic recording devices (thin film heads or TFHs), laser diodes, high-brightness light emitting diodes (HBLEDs), as well as atomic layer deposition systems (ALD).

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