Unisys Corp. (UIS) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Unisys Corp. (NYSE:UIS) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. The brokerage currently has $11.00 target price on the stock.
According to Zacks, “Unisys reported striking second-quarter 2016 results, with earnings beating the Zacks Consensus Estimate by over 200%. Earnings estimates have remained steady over the last week. Unisys is aligning its services and solution portfolio by shifting its offerings to cloud-based and software-as-a-service delivery models. The company is focusing on business opportunities in fewer, more profitable sectors in the IT marketplace. Unisys also intends to build specialized industry skills and resources required to win industry-specific projects for higher growth prospects. The company expects restructuring efforts to generate approximately $200 million in annualized savings by the end of 2016. However, uncertainty in currency markets might have an adverse impact on revenues if there is any unfavorable movement in the currency market, particularly in euro. Continued pension obligations are likely to be an additional drag on its earnings in the future.”
Separately, SunTrust Banks Inc. initiated coverage on Unisys Corp. in a research note on Tuesday, June 21st. They issued a buy rating and a $11.00 price target on the stock.
Unisys Corp. (NYSE:UIS) remained flat at $10.15 during mid-day trading on Tuesday. The company had a trading volume of 85,372 shares. Unisys Corp. has a one year low of $6.72 and a one year high of $14.96. The company’s market capitalization is $508.32 million. The company’s 50 day moving average is $9.73 and its 200-day moving average is $8.59.
Unisys Corp. (NYSE:UIS) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $0.81 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.61) by $1.42. Unisys Corp. had a negative return on equity of 12.92% and a negative net margin of 0.91%. The company had revenue of $748.90 million for the quarter, compared to analyst estimates of $683.83 million. During the same quarter last year, the firm earned $0.33 EPS. Unisys Corp.’s revenue for the quarter was down 2.1% compared to the same quarter last year. Equities research analysts predict that Unisys Corp. will post ($0.56) earnings per share for the current year.
In other Unisys Corp. news, Director Nathaniel A. Davis sold 38,200 shares of Unisys Corp. stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $10.43, for a total value of $398,426.00. Following the completion of the transaction, the director now owns 3,654 shares in the company, valued at approximately $38,111.22. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.00% of the stock is owned by company insiders.
A number of institutional investors have recently modified their holdings of UIS. JPMorgan Chase & Co. increased its position in shares of Unisys Corp. by 42.4% in the second quarter. JPMorgan Chase & Co. now owns 3,048,970 shares of the company’s stock valued at $22,196,000 after buying an additional 908,320 shares during the last quarter. Bogle Investment Management L P DE increased its position in shares of Unisys Corp. by 661.0% in the first quarter. Bogle Investment Management L P DE now owns 882,181 shares of the company’s stock valued at $6,792,000 after buying an additional 766,255 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its position in shares of Unisys Corp. by 33.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,692,451 shares of the company’s stock valued at $12,321,000 after buying an additional 422,465 shares during the last quarter. Towle & Co. increased its position in shares of Unisys Corp. by 19.8% in the second quarter. Towle & Co. now owns 2,117,531 shares of the company’s stock valued at $15,416,000 after buying an additional 349,350 shares during the last quarter. Finally, Royce & Associates LP increased its position in shares of Unisys Corp. by 11.9% in the second quarter. Royce & Associates LP now owns 2,320,320 shares of the company’s stock valued at $16,892,000 after buying an additional 246,500 shares during the last quarter.
About Unisys Corp.
Unisys Corporation is an information technology (IT) company. The Company operates through two segments. Its Services segment includes cloud and infrastructure services, application services and business process outsourcing services. In cloud and infrastructure services, it helps clients apply cloud and as-a-service delivery models to manage and secure their IT infrastructure and operations.
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