AQR Capital Management LLC Purchases 132,816 Shares of Ubiquiti Inc. $UI

Key Points

• AQR Capital Management increased its stake in Ubiquiti Inc. by 133.9%, owning approximately $70.52 million worth of shares after acquiring an additional 132,816 shares.
• Ubiquiti reported a net income of $3.54 EPS for the recent quarter, significantly exceeding analysts' expectations of $2.23 EPS, while revenue reached $759.15 million.
• The company announced a quarterly dividend increase to $0.80 per share, up from $0.60, which represents an annualized dividend of $3.20 and a yield of 0.6%.

AQR Capital Management LLC grew its position in shares of Ubiquiti Inc. (NYSE:UI - Free Report) by 133.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 232,015 shares of the company's stock after purchasing an additional 132,816 shares during the period. AQR Capital Management LLC owned approximately 0.38% of Ubiquiti worth $70,521,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in UI. Illinois Municipal Retirement Fund purchased a new position in Ubiquiti during the 1st quarter valued at approximately $571,000. Maverick Capital Ltd. bought a new position in shares of Ubiquiti during the 1st quarter valued at approximately $1,293,000. Federated Hermes Inc. purchased a new position in shares of Ubiquiti in the first quarter valued at $404,000. Entropy Technologies LP bought a new stake in Ubiquiti in the first quarter worth $327,000. Finally, SW Investment Management LLC increased its position in Ubiquiti by 7.4% in the first quarter. SW Investment Management LLC now owns 290,000 shares of the company's stock worth $89,941,000 after purchasing an additional 20,000 shares during the last quarter. 4.00% of the stock is currently owned by hedge funds and other institutional investors.

Ubiquiti Trading Up 1.5%

Shares of UI stock traded up $8.93 on Thursday, reaching $614.59. 158,503 shares of the company's stock were exchanged, compared to its average volume of 222,254. The company's fifty day simple moving average is $468.55 and its 200 day simple moving average is $392.32. Ubiquiti Inc. has a 52 week low of $198.08 and a 52 week high of $621.09. The stock has a market capitalization of $37.18 billion, a PE ratio of 52.22 and a beta of 1.42.

Ubiquiti (NYSE:UI - Get Free Report) last announced its quarterly earnings data on Friday, August 22nd. The company reported $3.54 EPS for the quarter, beating the consensus estimate of $2.23 by $1.31. Ubiquiti had a return on equity of 166.22% and a net margin of 27.66%.The company had revenue of $759.15 million for the quarter, compared to the consensus estimate of $618.80 million. During the same quarter in the prior year, the company posted $1.74 EPS. As a group, sell-side analysts predict that Ubiquiti Inc. will post 7.21 earnings per share for the current fiscal year.

Ubiquiti Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Tuesday, September 2nd were issued a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Tuesday, September 2nd. This is a positive change from Ubiquiti's previous quarterly dividend of $0.60. Ubiquiti's dividend payout ratio (DPR) is 27.19%.

Analyst Ratings Changes

A number of brokerages have commented on UI. BWS Financial lifted their price objective on shares of Ubiquiti from $440.00 to $600.00 and gave the stock a "buy" rating in a research note on Monday, August 25th. UBS Group set a $600.00 price target on shares of Ubiquiti in a report on Monday, August 25th. Finally, Barclays boosted their price objective on Ubiquiti from $247.00 to $299.00 and gave the stock an "underweight" rating in a research note on Friday, August 22nd. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $499.67.

About Ubiquiti

Ubiquiti Inc develops networking technology for service providers, enterprises, and consumers. The company 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 related software; and enterprise product platforms provide wireless LAN infrastructure, video surveillance products, switching and routing solutions, security gateways, door access systems, and other WLAN products.