Zacks Investment Research Lowers Universal Electronics (UEIC) to Strong Sell
Universal Electronics (NASDAQ:UEIC) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Saturday.
According to Zacks, “Universal Electronics Inc. is the worldwide leader in universal control and sensing technologies for the smart home. The company designs, develops, manufactures and ships over 500 innovative products that are used by the world’s leading brands in the audio video, subscription broadcasting, connected home, tablet and smart phone markets. Its offers universal infrared and radio frequency (RF) remote controls; integrated circuits on which its software and universal device control database is embedded; and software, firmware, and technology solutions, which enable devices, such as televisions, set-top boxes, stereos, smart phones, tablets, gaming controllers, and other consumer electronic devices to wirelessly connect and interact with home networks and interactive services to control and deliver digital entertainment and information. It serves cable and satellite television service providers; original equipment manufacturers; software development companies; subscription broadcasting providers. “
A number of other equities analysts have also issued reports on UEIC. Piper Jaffray Companies reduced their price target on shares of Universal Electronics to $70.00 and set an “overweight” rating for the company in a research report on Friday, November 3rd. BidaskClub lowered shares of Universal Electronics from a “sell” rating to a “strong sell” rating in a research report on Tuesday, December 5th. Finally, B. Riley reissued a “buy” rating and set a $73.00 price target on shares of Universal Electronics in a research report on Tuesday, February 20th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. Universal Electronics currently has a consensus rating of “Hold” and an average target price of $71.75.
Universal Electronics (NASDAQ:UEIC) last posted its quarterly earnings results on Thursday, February 22nd. The technology company reported $0.60 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.60. Universal Electronics had a negative net margin of 1.48% and a positive return on equity of 11.65%. The company had revenue of $181.15 million during the quarter, compared to analyst estimates of $175.42 million. During the same period last year, the firm posted $0.74 EPS. Universal Electronics’s revenue for the quarter was up 12.8% compared to the same quarter last year. equities analysts predict that Universal Electronics will post 1.83 earnings per share for the current fiscal year.
In other news, insider David Cheung Hyen Chong sold 11,550 shares of Universal Electronics stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $50.31, for a total transaction of $581,080.50. Following the completion of the transaction, the insider now directly owns 31,657 shares of the company’s stock, valued at approximately $1,592,663.67. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director J C. Sparkman bought 2,000 shares of the business’s stock in a transaction dated Friday, December 15th. The shares were purchased at an average cost of $47.50 per share, with a total value of $95,000.00. Following the completion of the acquisition, the director now owns 41,871 shares in the company, valued at $1,988,872.50. The disclosure for this purchase can be found here. 5.94% of the stock is owned by insiders.
Large investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. increased its holdings in shares of Universal Electronics by 86.9% during the 2nd quarter. Goldman Sachs Group Inc. now owns 17,406 shares of the technology company’s stock valued at $1,163,000 after purchasing an additional 8,093 shares in the last quarter. New York State Common Retirement Fund increased its holdings in Universal Electronics by 30.0% in the 3rd quarter. New York State Common Retirement Fund now owns 41,714 shares of the technology company’s stock worth $2,645,000 after acquiring an additional 9,632 shares in the last quarter. State Street Corp increased its holdings in Universal Electronics by 5.3% in the 2nd quarter. State Street Corp now owns 349,027 shares of the technology company’s stock worth $23,332,000 after acquiring an additional 17,564 shares in the last quarter. Thomson Horstmann & Bryant Inc. increased its holdings in Universal Electronics by 3.4% in the 4th quarter. Thomson Horstmann & Bryant Inc. now owns 91,959 shares of the technology company’s stock worth $4,345,000 after acquiring an additional 3,008 shares in the last quarter. Finally, BNP Paribas Arbitrage SA increased its holdings in Universal Electronics by 51.4% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 8,232 shares of the technology company’s stock worth $522,000 after acquiring an additional 2,796 shares in the last quarter. 95.99% of the stock is owned by hedge funds and other institutional investors.
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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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