Universal Electronics Inc (UEIC) Downgraded to Strong Sell at Zacks Investment Research
Universal Electronics Inc (NASDAQ:UEIC) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Wednesday.
According to Zacks, “Universal Electronics Inc. develops software, and builds and markets pre-programmed, easy-to-use wireless control devices and chips principally for home entertainment equipment and the subscription broadcast market. The company’s product lines under development include wireless interface technologies, such as combination keyboard/remotes and touch-screen remotes. The company licenses its patented technologies and database of infrared codes to companies selling into the cable and satellite industries, and to original equipment manufacturers. (PRESS RELEASE) “
UEIC has been the topic of several other reports. B. Riley restated a “buy” rating and set a $77.25 price target on shares of Universal Electronics in a research report on Wednesday, March 22nd. Lake Street Capital lowered Universal Electronics from a “buy” rating to a “hold” rating and set a $71.00 price target on the stock. in a research report on Friday, May 5th. TheStreet upgraded Universal Electronics from a “c+” rating to a “b-” rating in a research report on Thursday, March 16th. Finally, Piper Jaffray Companies restated a “buy” rating and set a $77.00 price target on shares of Universal Electronics in a research report on Monday, May 15th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $76.45.
Universal Electronics (NASDAQ:UEIC) traded down 1.316% during trading on Wednesday, hitting $61.875. The company had a trading volume of 12,796 shares. The stock has a market capitalization of $892.98 million, a price-to-earnings ratio of 51.562 and a beta of 1.78. Universal Electronics has a 1-year low of $52.90 and a 1-year high of $80.42. The company’s 50 day moving average price is $66.77 and its 200-day moving average price is $66.41.
Universal Electronics (NASDAQ:UEIC) last posted its quarterly earnings results on Thursday, May 4th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.02. Universal Electronics had a return on equity of 16.85% and a net margin of 4.05%. The business had revenue of $162.30 million for the quarter, compared to analyst estimates of $158.77 million. During the same period last year, the company earned $0.50 EPS. Universal Electronics’s revenue for the quarter was up 7.1% compared to the same quarter last year. On average, analysts expect that Universal Electronics will post $3.35 EPS for the current year.
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In other Universal Electronics news, Director Edward K. Zinser sold 10,000 shares of the stock in a transaction that occurred on Tuesday, May 2nd. The stock was sold at an average price of $72.00, for a total value of $720,000.00. Following the completion of the sale, the director now owns 20,000 shares in the company, valued at approximately $1,440,000. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 5.82% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. acquired a new stake in Universal Electronics during the fourth quarter valued at $1,856,000. JPMorgan Chase & Co. boosted its stake in Universal Electronics by 108.5% in the third quarter. JPMorgan Chase & Co. now owns 13,420 shares of the technology company’s stock valued at $999,000 after buying an additional 6,985 shares during the period. Comerica Bank boosted its stake in Universal Electronics by 6.1% in the fourth quarter. Comerica Bank now owns 15,556 shares of the technology company’s stock valued at $1,041,000 after buying an additional 897 shares during the period. Guggenheim Capital LLC acquired a new stake in Universal Electronics during the fourth quarter valued at $1,061,000. Finally, SG Americas Securities LLC acquired a new stake in Universal Electronics during the third quarter valued at $326,000. Institutional investors and hedge funds own 90.71% of the company’s stock.
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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