Universal Electronics Inc. (NASDAQ:UEIC) Lowered to Hold at BidaskClub
Universal Electronics Inc. (NASDAQ:UEIC) was downgraded by equities research analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
Several other equities research analysts have also recently issued reports on UEIC. B. Riley reiterated a “buy” rating and issued a $77.25 price objective on shares of Universal Electronics in a report on Monday, March 27th. Zacks Investment Research cut Universal Electronics from a “buy” rating to a “hold” rating in a report on Thursday, April 20th. Lake Street Capital cut Universal Electronics from a “buy” rating to a “hold” rating and set a $71.00 price objective on the stock. in a report on Friday, May 5th. Finally, Piper Jaffray Companies reiterated a “buy” rating and issued a $77.00 price objective on shares of Universal Electronics in a report on Friday, May 5th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Universal Electronics currently has a consensus rating of “Hold” and an average target price of $74.06.
Universal Electronics (NASDAQ:UEIC) traded up 3.74% during midday trading on Tuesday, hitting $70.80. The company had a trading volume of 55,466 shares. The company has a 50 day moving average price of $66.93 and a 200 day moving average price of $66.35. The firm has a market capitalization of $1.02 billion, a P/E ratio of 59.00 and a beta of 1.65. Universal Electronics has a 1-year low of $52.90 and a 1-year high of $80.42.
Universal Electronics (NASDAQ:UEIC) last posted its earnings results on Thursday, May 4th. The technology company reported $0.65 EPS for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.02. Universal Electronics had a return on equity of 14.40% and a net margin of 2.68%. The firm had revenue of $162.30 million for the quarter, compared to analysts’ expectations of $158.77 million. During the same period last year, the firm earned $0.50 EPS. The company’s quarterly revenue was up 7.1% on a year-over-year basis. Equities research analysts forecast that Universal Electronics will post $3.35 earnings per share for the current fiscal year.
In other news, Director Edward K. Zinser sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 2nd. The stock was sold at an average price of $72.00, for a total transaction of $720,000.00. Following the transaction, the director now directly owns 20,000 shares in the company, valued at approximately $1,440,000. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 5.82% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of UEIC. Wells Fargo & Company MN boosted its position in shares of Universal Electronics by 32.8% in the first quarter. Wells Fargo & Company MN now owns 173,427 shares of the technology company’s stock valued at $11,880,000 after buying an additional 42,878 shares in the last quarter. Ameriprise Financial Inc. boosted its position in shares of Universal Electronics by 13.4% in the first quarter. Ameriprise Financial Inc. now owns 95,130 shares of the technology company’s stock valued at $6,516,000 after buying an additional 11,210 shares in the last quarter. Guggenheim Capital LLC bought a new position in shares of Universal Electronics during the fourth quarter valued at $1,061,000. William Blair Investment Management LLC boosted its position in shares of Universal Electronics by 2.9% in the first quarter. William Blair Investment Management LLC now owns 1,331,695 shares of the technology company’s stock valued at $91,221,000 after buying an additional 37,494 shares in the last quarter. Finally, Invictus RG purchased a new stake in Universal Electronics during the first quarter valued at approximately $236,000. Institutional investors and hedge funds own 92.73% of the company’s stock.
Universal Electronics Company Profile
Universal Electronics Inc (UEI) develops control and sensor technology solutions and manufactures a line of pre-programmed and universal remote control products, audio-video (AV) accessories, and intelligent wireless security and automation components. The Company’s offerings include pre-programmed universal infrared (IR) and radio frequency (RF) remote controls that are sold primarily to subscription broadcasting providers, original equipment manufacturers (OEMs), retailers, and private label customers, and integrated circuits, on which its software and universal device control database is embedded, sold primarily to OEMs, subscription broadcasting providers, and private label customers.
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