Universal Electronics Inc. (UEIC) Upgraded to “Hold” at Zacks Investment Research
Universal Electronics Inc. (NASDAQ:UEIC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Thursday.
According to Zacks, “Universal Electronics Inc. develops software, and builds and markets pre-programmed, easy-to-use wireless control devices and chips principally for home entertainment equipment and the subscription broadcast market. The company’s product lines under development include wireless interface technologies, such as combination keyboard/remotes and touch-screen remotes. The company licenses its patented technologies and database of infrared codes to companies selling into the cable and satellite industries, and to original equipment manufacturers. (PRESS RELEASE) “
UEIC has been the subject of several other research reports. B. Riley reiterated a “neutral” rating and issued a $73.50 target price on shares of Universal Electronics in a research report on Friday, August 5th. Sidoti assumed coverage on Universal Electronics in a research report on Friday, July 22nd. They issued a “buy” rating for the company. Lake Street Capital assumed coverage on Universal Electronics in a research report on Thursday, August 18th. They issued a “buy” rating and a $87.00 target price for the company. Finally, Dougherty & Co lifted their target price on Universal Electronics from $70.00 to $86.00 and gave the stock a “buy” rating in a research report on Friday, July 15th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $74.92.
Shares of Universal Electronics (NASDAQ:UEIC) opened at 72.72 on Thursday. The stock has a market cap of $1.05 billion, a PE ratio of 43.23 and a beta of 1.75. The firm has a 50-day moving average price of $75.27 and a 200-day moving average price of $70.02. Universal Electronics has a 52 week low of $44.12 and a 52 week high of $80.42.
Universal Electronics (NASDAQ:UEIC) last issued its earnings results on Thursday, August 4th. The company reported $0.77 EPS for the quarter, hitting the consensus estimate of $0.77. The company earned $172.20 million during the quarter, compared to analyst estimates of $170.02 million. Universal Electronics had a return on equity of 16.53% and a net margin of 3.87%. The business’s revenue was up 16.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.67 EPS. On average, analysts forecast that Universal Electronics will post $3.27 earnings per share for the current fiscal year.
In other Universal Electronics news, CEO Paul D. Arling sold 3,300 shares of Universal Electronics stock in a transaction on Thursday, September 8th. The stock was sold at an average price of $77.00, for a total transaction of $254,100.00. Following the sale, the chief executive officer now owns 170,675 shares of the company’s stock, valued at approximately $13,141,975. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider David Cheung Hyen Chong sold 3,500 shares of Universal Electronics stock in a transaction on Tuesday, September 6th. The shares were sold at an average price of $75.77, for a total value of $265,195.00. Following the sale, the insider now directly owns 25,076 shares in the company, valued at approximately $1,900,008.52. The disclosure for this sale can be found here. Corporate insiders own 5.82% of the company’s stock.
A number of hedge funds have recently made changes to their positions in UEIC. Victory Capital Management Inc. increased its stake in shares of Universal Electronics by 77.2% in the second quarter. Victory Capital Management Inc. now owns 1,469 shares of the company’s stock valued at $106,000 after buying an additional 640 shares during the last quarter. PineBridge Investments L.P. increased its stake in shares of Universal Electronics by 3.3% in the second quarter. PineBridge Investments L.P. now owns 1,830 shares of the company’s stock valued at $132,000 after buying an additional 59 shares during the last quarter. Teacher Retirement System of Texas increased its stake in shares of Universal Electronics by 13.9% in the second quarter. Teacher Retirement System of Texas now owns 2,033 shares of the company’s stock valued at $147,000 after buying an additional 248 shares during the last quarter. Smith Asset Management Group LP increased its stake in shares of Universal Electronics by 70.7% in the second quarter. Smith Asset Management Group LP now owns 2,173 shares of the company’s stock valued at $157,000 after buying an additional 900 shares during the last quarter. Finally, Legal & General Group Plc increased its stake in shares of Universal Electronics by 12.0% in the first quarter. Legal & General Group Plc now owns 2,647 shares of the company’s stock valued at $165,000 after buying an additional 284 shares during the last quarter. 93.76% of the stock is currently owned by hedge funds and other institutional investors.
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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