Morgan Stanley Cuts Position in Cubic Co. (NYSE:CUB)
Morgan Stanley trimmed its position in Cubic Co. (NYSE:CUB) by 31.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 747,858 shares of the scientific and technical instruments company’s stock after selling 340,763 shares during the quarter. Morgan Stanley owned 2.35% of Cubic worth $46,397,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Victory Capital Management Inc. purchased a new stake in shares of Cubic during the 3rd quarter valued at about $212,000. Rhumbline Advisers raised its holdings in shares of Cubic by 9.2% during the 4th quarter. Rhumbline Advisers now owns 108,062 shares of the scientific and technical instruments company’s stock valued at $6,704,000 after buying an additional 9,083 shares during the period. Levin Capital Strategies L.P. purchased a new stake in shares of Cubic during the 3rd quarter valued at about $291,000. BlackRock Inc. raised its holdings in shares of Cubic by 1.1% during the 4th quarter. BlackRock Inc. now owns 5,086,039 shares of the scientific and technical instruments company’s stock valued at $315,536,000 after buying an additional 54,615 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of Cubic during the 4th quarter valued at about $385,000.
Several equities research analysts recently commented on the company. Needham & Company LLC downgraded Cubic from a “buy” rating to a “hold” rating in a report on Tuesday, February 9th. Zacks Investment Research lowered Cubic from a “buy” rating to a “hold” rating in a research note on Thursday, February 11th. Canaccord Genuity restated a “hold” rating on shares of Cubic in a research note on Tuesday, March 23rd. Truist lowered Cubic from a “buy” rating to a “hold” rating in a research note on Tuesday, February 9th. Finally, William Blair lowered Cubic from an “outperform” rating to a “market perform” rating in a research note on Monday, February 8th. Nine investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $66.36.
Cubic (NYSE:CUB) last issued its earnings results on Monday, February 8th. The scientific and technical instruments company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.01 by $0.37. The company had revenue of $318.80 million during the quarter, compared to analyst estimates of $329.22 million. Cubic had a positive return on equity of 10.97% and a negative net margin of 0.26%. The business’s revenue was down 3.0% on a year-over-year basis. During the same quarter last year, the firm earned ($0.12) EPS. On average, sell-side analysts predict that Cubic Co. will post 3.22 earnings per share for the current fiscal year.
The company also recently announced a semi-annual dividend, which was paid on Friday, March 12th. Stockholders of record on Tuesday, March 2nd were given a $0.135 dividend. The ex-dividend date of this dividend was Monday, March 1st. This represents a dividend yield of 0.4%. Cubic’s payout ratio is 8.13%.
Cubic Corporation designs, integrates, and operates systems, products, and services for command, control, communications, computers, intelligence, surveillance, and reconnaissance (C4ISR) customers worldwide. The company operates through three segments: Cubic Transportation Systems (CTS), Cubic Mission Solutions (CMS), and Cubic Global Defense (CGD) Systems.
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