Engineers Gate Manager LP Takes Position in Ubiquiti Inc. $UI

Key Points

• Engineers Gate Manager LP acquired 3,757 shares of Ubiquiti valued at approximately $2.0 million during the second quarter. Other major investors, including Corient Private Wealth and BlackRock, also increased or initiated positions.
• Ubiquiti reported quarterly earnings of $4.73 per share, exceeding estimates of $4.03, while revenue reached $937.32 million versus the $850.50 million consensus forecast.
• The company raised its quarterly dividend to $1.00 per share, or $4.00 annually, producing a 0.7% yield. Analysts remain mixed, with the stock carrying a consensus “Hold” rating and an average price target of $734.50.

Engineers Gate Manager LP bought a new position in shares of Ubiquiti Inc. (NYSE:UI - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 3,757 shares of the company's stock, valued at approximately $2,006,000.

Other large investors also recently modified their holdings of the company. Corient Private Wealth LLC raised its position in Ubiquiti by 73,940.4% during the 4th quarter. Corient Private Wealth LLC now owns 1,113,568 shares of the company's stock valued at $616,193,000 after purchasing an additional 1,112,064 shares during the last quarter. BlackRock Inc. bought a new stake in shares of Ubiquiti in the 2nd quarter worth approximately $163,010,000. Arrowstreet Capital Limited Partnership grew its position in shares of Ubiquiti by 11.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 183,464 shares of the company's stock worth $101,520,000 after buying an additional 19,504 shares during the last quarter. Capital World Investors increased its stake in shares of Ubiquiti by 16.2% during the fourth quarter. Capital World Investors now owns 100,056 shares of the company's stock valued at $55,366,000 after buying an additional 13,970 shares during the period. Finally, Bank of New York Mellon Corp bought a new position in shares of Ubiquiti during the second quarter valued at approximately $30,086,000. 4.00% of the stock is owned by institutional investors.

Ubiquiti Stock Up 2.0%

UI opened at $564.08 on Wednesday. The stock has a market cap of $34.14 billion, a PE ratio of 35.59 and a beta of 1.31. The business has a 50 day moving average of $560.51 and a 200-day moving average of $677.14. Ubiquiti Inc. has a 52 week low of $500.23 and a 52 week high of $1,099.99.

Ubiquiti (NYSE:UI - Get Free Report) last released its quarterly earnings results on Friday, August 21st. The company reported $4.73 earnings per share for the quarter, beating the consensus estimate of $4.03 by $0.70. The company had revenue of $937.32 million for the quarter, compared to analyst estimates of $850.50 million. Ubiquiti had a return on equity of 85.57% and a net margin of 29.33%.During the same period in the previous year, the company posted $4.41 earnings per share. Equities analysts anticipate that Ubiquiti Inc. will post 15.53 EPS for the current year.

Ubiquiti Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 8th. Stockholders of record on Monday, August 31st were issued a dividend of $1.00 per share. This is a boost from Ubiquiti's previous quarterly dividend of $0.80. The ex-dividend date was Monday, August 31st. This represents a $4.00 dividend on an annualized basis and a dividend yield of 0.7%. Ubiquiti's dividend payout ratio (DPR) is presently 25.24%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on UI. BWS Financial reiterated a "buy" rating and issued a $980.00 price target on shares of Ubiquiti in a report on Thursday, August 27th. Barclays decreased their price objective on shares of Ubiquiti from $672.00 to $489.00 and set an "underweight" rating for the company in a report on Monday, August 24th. Weiss Ratings cut shares of Ubiquiti from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday, August 21st. Finally, Zacks Research lowered shares of Ubiquiti from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 14th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $734.50.

About Ubiquiti

Ubiquiti Inc develops and sells networking technology for businesses, service providers and consumers. Its products include wireless access points, routers, gateways, switches, security cameras, access-control systems and network management software.

The company markets its products through several technology platforms and brands, including UniFi for enterprise and small-business networking, and airMAX, LTU and related products for wireless internet service providers. Ubiquiti also offers consumer-focused networking products under the AmpliFi brand and operates software and services designed to help customers manage their networks.

Founded in 2003 by Robert Pera, Ubiquiti serves customers internationally through distributors, online channels and other sales partners.

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