Ultratech Inc. (UTEK) Lowered 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 research note issued to investors 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 reiterated a “neutral” rating and issued a $25.00 price target on shares of Ultratech in a research report on Monday, July 25th. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $24.50.
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Shares of Ultratech (NASDAQ:UTEK) opened at 23.57 on Thursday. Ultratech has a 1-year low of $13.97 and a 1-year high of $26.40. The stock’s market cap is $630.85 million. The company has a 50 day moving average price of $24.56 and a 200 day moving average price of $22.81.
Ultratech (NASDAQ:UTEK) last released its quarterly earnings results on Thursday, July 21st. The company reported $0.23 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.01. The company earned $48.90 million during the quarter, compared to analyst estimates of $48.56 million. Ultratech had a negative return on equity of 2.80% and a negative net margin of 8.70%. On average, equities analysts anticipate that Ultratech will post $0.91 EPS for the current year.
In related news, insider Dave Ghosh sold 1,900 shares of the business’s stock in a transaction that occurred on Friday, September 2nd. The shares were sold at an average price of $24.98, for a total value of $47,462.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Tammy Denice Landon sold 10,186 shares of the business’s stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of $25.08, for a total transaction of $255,464.88. The disclosure for this sale can be found here. Insiders own 5.92% of the company’s stock.
A number of institutional investors have recently modified their holdings of the company. Mason Street Advisors LLC acquired a new position in shares of Ultratech during the second quarter worth approximately $120,000. Arizona State Retirement System raised its position in Ultratech by 2.2% in the second quarter. Arizona State Retirement System now owns 13,871 shares of the company’s stock valued at $319,000 after buying an additional 300 shares in the last quarter. Paloma Partners Management Co purchased a new position in Ultratech during the second quarter valued at about $428,000. Quentec Asset Management LLC raised its position in Ultratech by 6.6% in the second quarter. Quentec Asset Management LLC now owns 576,869 shares of the company’s stock valued at $13,251,000 after buying an additional 35,578 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. raised 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 in the last quarter. 94.93% of the stock is owned by institutional investors.
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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