Covington Capital Management Takes $242,000 Position in Ubiquiti Inc. (NYSE:UI)

Covington Capital Management acquired a new stake in shares of Ubiquiti Inc. (NYSE:UI) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 1,280 shares of the company’s stock, valued at approximately $242,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. FMR LLC lifted its position in shares of Ubiquiti by 34.7% in the first quarter. FMR LLC now owns 71,225 shares of the company’s stock worth $10,663,000 after purchasing an additional 18,361 shares in the last quarter. Amundi Pioneer Asset Management Inc. bought a new position in Ubiquiti during the first quarter valued at approximately $659,000. Tower Research Capital LLC TRC bought a new position in Ubiquiti during the third quarter valued at approximately $85,000. Voya Investment Management LLC bought a new position in shares of Ubiquiti in the third quarter valued at approximately $490,000. Finally, Chevy Chase Trust Holdings Inc. acquired a new stake in shares of Ubiquiti in the third quarter worth $384,000. Institutional investors own 12.30% of the company’s stock.

Shares of NYSE:UI opened at $141.73 on Thursday. Ubiquiti Inc. has a 52 week low of $107.22 and a 52 week high of $199.91. The company has a debt-to-equity ratio of 4.68, a quick ratio of 1.37 and a current ratio of 2.59. The company’s fifty day moving average is $138.81 and its 200-day moving average is $155.16. The company has a market capitalization of $9.21 billion, a PE ratio of 28.29, a P/E/G ratio of 2.05 and a beta of 1.46.

Ubiquiti (NYSE:UI) last issued its earnings results on Friday, February 7th. The company reported $1.40 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.48 by ($0.08). Ubiquiti had a net margin of 28.52% and a negative return on equity of 592.27%. The firm had revenue of $308.30 million during the quarter, compared to analyst estimates of $336.94 million. During the same quarter in the prior year, the firm posted $1.33 EPS. The firm’s revenue for the quarter was up .3% on a year-over-year basis. On average, analysts forecast that Ubiquiti Inc. will post 5.52 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 25th. Stockholders of record on Tuesday, February 18th were paid a $0.30 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.20 annualized dividend and a dividend yield of 0.85%. Ubiquiti’s dividend payout ratio is presently 25.32%.

In related news, Director Ronald Sege sold 1,584 shares of Ubiquiti stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $144.13, for a total value of $228,301.92. Following the completion of the transaction, the director now directly owns 1,584 shares of the company’s stock, valued at $228,301.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 86.67% of the stock is currently owned by insiders.

UI has been the topic of a number of recent research reports. BWS Financial reiterated a “buy” rating and set a $200.00 price target on shares of Ubiquiti in a research note on Monday, December 30th. ValuEngine downgraded shares of Ubiquiti from a “hold” rating to a “sell” rating in a research note on Friday, February 7th. Barclays reiterated a “sell” rating on shares of Ubiquiti in a research note on Sunday, February 9th. Credit Suisse Group downgraded shares of Ubiquiti from a “neutral” rating to an “underperform” rating and set a $134.00 price target on the stock. in a research note on Wednesday, January 15th. Finally, Zacks Investment Research downgraded shares of Ubiquiti from a “strong-buy” rating to a “hold” rating and set a $167.00 price target on the stock. in a research note on Wednesday, February 12th. Four research analysts have rated the stock with a sell rating, one has issued a hold rating and one has issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $161.50.

Ubiquiti Profile

Ubiquiti Inc develops networking technology for service providers, enterprises, and consumers worldwide. It develops technology platforms for high-capacity distributed Internet access, unified information technology, and consumer electronics for professional, home, and personal use. Its service provider product platforms offer carrier-class network infrastructure for fixed wireless broadband, wireless backhaul systems, and routing; and enterprise product platforms provide wireless LAN infrastructure, video surveillance products, switching and routing solutions, security gateways, and other WLAN products, as well as offers consumer products under the Ubiquiti Labs brand name.

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Institutional Ownership by Quarter for Ubiquiti (NYSE:UI)

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