Ultratech Inc. (UTEK) Downgraded to “Hold” at Zacks Investment Research
Ultratech Inc. (NASDAQ:UTEK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday.
According to Zacks, “Ultratech Stepper, Inc. develops, manufactures and markets photolithography equipment designed to reduce the cost of ownership for manufacturers of integrated circuits, including advanced packaging processes, photomasks, thin film magnetic recording devices and micromachined components. The Company supplies step-and-repeat systems based on one-to-one and reduction optical technology to customers located throughout North America, Europe, Japan and the rest of Asia. “
Separately, B. Riley reissued a “neutral” rating and set a $25.00 price objective on shares of Ultratech in a research note on Monday, July 25th. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $24.50.
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Ultratech (NASDAQ:UTEK) opened at 23.57 on Thursday. Ultratech has a 12-month low of $13.97 and a 12-month high of $26.40. The company has a 50-day moving average of $24.56 and a 200 day moving average of $22.81. The company’s market capitalization is $630.85 million.
Ultratech (NASDAQ:UTEK) last posted its quarterly earnings data on Thursday, July 21st. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.22 by $0.01. Ultratech had a negative net margin of 8.70% and a negative return on equity of 2.80%. The business had revenue of $48.90 million for the quarter, compared to analyst estimates of $48.56 million. Equities research analysts forecast that Ultratech will post $0.91 earnings per share for the current fiscal year.
In other news, Chairman Arthur W. Zafiropoulo sold 18,789 shares of the company’s stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $24.02, for a total value of $451,311.78. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Bruce R. Wright sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $24.44, for a total transaction of $488,800.00. The disclosure for this sale can be found here. 5.92% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of UTEK. Quentec Asset Management LLC boosted its position in Ultratech by 173.4% in the first quarter. Quentec Asset Management LLC now owns 541,291 shares of the company’s stock valued at $11,822,000 after buying an additional 343,294 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its position in Ultratech by 21.1% in the second quarter. Adage Capital Partners GP L.L.C. now owns 1,428,525 shares of the company’s stock valued at $32,813,000 after buying an additional 248,956 shares during the last quarter. Emerald Acquisition Ltd. bought a new position in Ultratech during the second quarter valued at $4,573,000. Robeco Institutional Asset Management B.V. bought a new position in Ultratech during the second quarter valued at $1,707,000. Finally, Palisade Capital Management LLC NJ bought a new position in Ultratech during the first quarter valued at $1,477,000. Hedge funds and other institutional investors own 94.93% of the company’s stock.
Ultratech Company Profile
Ultratech, Inc (Ultratech) develops, manufactures and markets photolithography, laser thermal processing and inspection equipment. The Company operates through the manufacture and distribution of capital equipment to manufacturers of integrated circuits and nanotechnology components segment. The Company serves manufacturers of semiconductor devices, including advanced packaging processes and various nanotechnology components, such as thin film head magnetic recording devices (thin film heads or TFHs), laser diodes, high-brightness light emitting diodes (HBLEDs), as well as atomic layer deposition systems (ALD).
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