PineBridge Investments L.P. Raises Position in Universal Electronics Inc. (UEIC)
PineBridge Investments L.P. increased its stake in shares of Universal Electronics Inc. (NASDAQ:UEIC) by 3.3% during the second quarter, Holdings Channel reports. The institutional investor owned 1,830 shares of the company’s stock after buying an additional 59 shares during the period. PineBridge Investments L.P.’s holdings in Universal Electronics were worth $132,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in UEIC. Loomis Sayles & Co. L P acquired a new stake in Universal Electronics during the first quarter worth $12,634,000. Aperio Group LLC purchased a new stake in shares of Universal Electronics during the first quarter worth about $393,000. Prudential Financial Inc. increased its stake in shares of Universal Electronics by 4.2% in the first quarter. Prudential Financial Inc. now owns 37,244 shares of the company’s stock worth $2,309,000 after buying an additional 1,500 shares during the last quarter. RidgeWorth Capital Management LLC purchased a new stake in shares of Universal Electronics during the second quarter worth about $472,000. Finally, NWQ Investment Management Company LLC purchased a new stake in shares of Universal Electronics during the first quarter worth about $9,475,000. Hedge funds and other institutional investors own 93.76% of the company’s stock.
Universal Electronics Inc. (NASDAQ:UEIC) opened at 73.94 on Tuesday. The stock’s 50 day moving average is $75.54 and its 200-day moving average is $69.92. Universal Electronics Inc. has a 52-week low of $43.31 and a 52-week high of $80.42. The company has a market capitalization of $1.07 billion, a P/E ratio of 43.96 and a beta of 1.75.
Universal Electronics (NASDAQ:UEIC) last announced its earnings results on Thursday, August 4th. The company reported $0.77 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.77. The firm had revenue of $172.20 million for the quarter, compared to analyst estimates of $170.02 million. Universal Electronics had a net margin of 3.87% and a return on equity of 16.53%. The company’s revenue for the quarter was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.67 EPS. Analysts predict that Universal Electronics Inc. will post $3.27 EPS for the current fiscal year.
A number of brokerages have issued reports on UEIC. Zacks Investment Research downgraded shares of Universal Electronics from a “hold” rating to a “sell” rating in a research report on Wednesday, September 7th. B. Riley reaffirmed a “neutral” rating and issued a $73.50 price objective on shares of Universal Electronics in a research report on Wednesday, August 10th. Dougherty & Co upped their price objective on shares of Universal Electronics from $70.00 to $86.00 and gave the stock a “buy” rating in a research report on Friday, July 15th. Sidoti began coverage on shares of Universal Electronics in a research report on Friday, July 22nd. They issued a “buy” rating for the company. Finally, Lake Street Capital began coverage on shares of Universal Electronics in a research report on Thursday, August 18th. They issued a “buy” rating and a $87.00 price objective for the company. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $74.92.
In related news, CFO Bryan M. Hackworth sold 23,000 shares of Universal Electronics stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $78.42, for a total transaction of $1,803,660.00. Following the completion of the transaction, the chief financial officer now directly owns 41,314 shares of the company’s stock, valued at approximately $3,239,843.88. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Paul D. Arling sold 3,300 shares of Universal Electronics stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $77.00, for a total transaction of $254,100.00. Following the transaction, the chief executive officer now directly owns 170,675 shares of the company’s stock, valued at $13,141,975. The disclosure for this sale can be found here. Corporate insiders own 5.82% of the company’s stock.
About Universal Electronics
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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