Cubic Corp. (CUB) Shares Down 10.3% on Disappointing Earnings
Cubic Corp. (NYSE:CUB)’s share price traded down 10.3% on Monday after the company announced weaker than expected quarterly earnings. The company traded as low as $43.70 and last traded at $44.20, with a volume of 635,691 shares changing hands. The stock had previously closed at $49.25.
The company reported ($0.29) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by $0.46. Cubic Corp. had a return on equity of 5.60% and a net margin of 1.97%. The firm had revenue of $406.60 million for the quarter, compared to the consensus estimate of $390.30 million. During the same period last year, the company posted $0.74 earnings per share.
Several analysts have issued reports on the stock. Zacks Investment Research raised shares of Cubic Corp. from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 4th. Canaccord Genuity reaffirmed a “buy” rating and set a $50.00 price target on shares of Cubic Corp. in a research report on Thursday, August 11th. Finally, Needham & Company LLC raised shares of Cubic Corp. from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a research report on Monday, August 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. Cubic Corp. currently has a consensus rating of “Buy” and an average target price of $46.75.
Several institutional investors have recently modified their holdings of CUB. PineBridge Investments L.P. raised its position in shares of Cubic Corp. by 3.8% in the second quarter. PineBridge Investments L.P. now owns 2,771 shares of the company’s stock valued at $111,000 after buying an additional 101 shares during the last quarter. Teacher Retirement System of Texas raised its position in shares of Cubic Corp. by 14.2% in the second quarter. Teacher Retirement System of Texas now owns 3,206 shares of the company’s stock valued at $129,000 after buying an additional 399 shares during the last quarter. Bank of Montreal Can bought a new position in shares of Cubic Corp. during the second quarter valued at $130,000. Mason Street Advisors LLC bought a new position in shares of Cubic Corp. during the second quarter valued at $172,000. Finally, Legal & General Group Plc raised its position in shares of Cubic Corp. by 3.0% in the second quarter. Legal & General Group Plc now owns 5,014 shares of the company’s stock valued at $199,000 after buying an additional 144 shares during the last quarter. 89.36% of the stock is currently owned by institutional investors.
The company has a market cap of $1.19 billion, a P/E ratio of 41.00 and a beta of 0.98. The firm’s 50-day moving average is $44.09 and its 200 day moving average is $43.26.
Cubic Corp. Company Profile
Cubic Corporation (Cubic) is an international provider of systems and solutions that address the mass transit and global defense markets. The Company operates through three segments across the global transportation and defense markets, which include Cubic Transportation Systems (CTS), Cubic Global Defense Systems (CGD Systems) and Cubic Global Defense Services (CGD Services).
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