Cubic Corporation (CUB) Price Target Cut to $50.00 by Analysts at Canaccord Genuity
Cubic Corporation (NYSE:CUB) had its target price decreased by Canaccord Genuity from $60.00 to $50.00 in a research note issued on Friday. The brokerage currently has a “buy” rating on the scientific and technical instruments company’s stock. Canaccord Genuity’s target price points to a potential upside of 17.23% from the company’s previous close.
A number of other research firms have also weighed in on CUB. BidaskClub lowered Cubic Corporation from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Needham & Company LLC restated a “buy” rating and issued a $52.00 target price (down previously from $55.00) on shares of Cubic Corporation in a report on Tuesday, May 9th. Finally, Zacks Investment Research lowered Cubic Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. Cubic Corporation presently has an average rating of “Hold” and an average target price of $54.50.
Cubic Corporation (CUB) traded down 8.96% on Friday, hitting $42.65. The company’s stock had a trading volume of 467,207 shares. The stock’s market cap is $1.16 billion. Cubic Corporation has a 12 month low of $39.50 and a 12 month high of $55.65. The firm has a 50 day moving average of $46.84 and a 200-day moving average of $49.02.
Cubic Corporation (NYSE:CUB) last posted its earnings results on Thursday, August 3rd. The scientific and technical instruments company reported ($0.81) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.05 by $0.86. Cubic Corporation had a negative net margin of 2.20% and a negative return on equity of 4.71%. The company had revenue of $361.87 million during the quarter, compared to the consensus estimate of $383.47 million. During the same quarter in the prior year, the business earned $0.17 EPS. The firm’s revenue for the quarter was down 3.6% compared to the same quarter last year. On average, analysts expect that Cubic Corporation will post $0.18 earnings per share for the current fiscal year.
Several hedge funds have recently modified their holdings of the stock. Invictus RG acquired a new stake in shares of Cubic Corporation during the first quarter worth approximately $231,000. Wellington Management Group LLP increased its stake in shares of Cubic Corporation by 1.1% in the first quarter. Wellington Management Group LLP now owns 2,143,979 shares of the scientific and technical instruments company’s stock worth $113,202,000 after buying an additional 23,380 shares during the last quarter. Swiss National Bank increased its stake in shares of Cubic Corporation by 1.9% in the first quarter. Swiss National Bank now owns 37,900 shares of the scientific and technical instruments company’s stock worth $2,001,000 after buying an additional 700 shares during the last quarter. State of Tennessee Treasury Department increased its stake in shares of Cubic Corporation by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 23,429 shares of the scientific and technical instruments company’s stock worth $1,237,000 after buying an additional 3,536 shares during the last quarter. Finally, Ameritas Investment Partners Inc. acquired a new stake in shares of Cubic Corporation during the first quarter worth approximately $115,000. 89.51% of the stock is owned by institutional investors.
About Cubic Corporation
Cubic Corporation (Cubic) designs, integrates and operates systems, products and services that provide situational awareness for its customers in the transportation and defense industries. The Company operates in three business segments across the global transportation and defense markets, which include Cubic Transportation Systems (CTS), Cubic Global Defense (CGD) and Cubic Global Defense Services (CGD Services).
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