Bank of New York Mellon Corp Sells 1,584 Shares of Ubiquiti Inc. (NYSE:UI)

Bank of New York Mellon Corp decreased its position in Ubiquiti Inc. (NYSE:UI - Free Report) by 2.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 62,639 shares of the company's stock after selling 1,584 shares during the quarter. Bank of New York Mellon Corp owned 0.10% of Ubiquiti worth $19,427,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in UI. Illinois Municipal Retirement Fund purchased a new position in Ubiquiti during the 1st quarter worth $571,000. Sei Investments Co. purchased a new position in Ubiquiti during the 4th quarter worth $1,737,000. Raymond James Financial Inc. purchased a new position in Ubiquiti during the 4th quarter worth $1,246,000. BNP Paribas Financial Markets purchased a new position in Ubiquiti during the 4th quarter worth $484,000. Finally, Vanguard Group Inc. grew its stake in shares of Ubiquiti by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 94,505 shares of the company's stock worth $31,369,000 after purchasing an additional 2,294 shares during the period. Institutional investors and hedge funds own 4.00% of the company's stock.

Wall Street Analysts Forecast Growth

UI has been the topic of a number of research reports. BWS Financial reissued a "buy" rating and issued a $440.00 price objective on shares of Ubiquiti in a research note on Friday, July 11th. Barclays raised their target price on shares of Ubiquiti from $222.00 to $247.00 and gave the stock an "underweight" rating in a research report on Monday, May 12th.

Ubiquiti Trading Down 1.8%

UI stock traded down $8.26 during trading on Tuesday, hitting $439.58. The company had a trading volume of 91,082 shares, compared to its average volume of 89,110. Ubiquiti Inc. has a fifty-two week low of $156.94 and a fifty-two week high of $469.98. The firm has a market capitalization of $26.59 billion, a price-to-earnings ratio of 48.41 and a beta of 1.34. The business has a 50 day moving average of $406.48 and a 200 day moving average of $364.12.

Ubiquiti Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 27th. Investors of record on Monday, May 19th were given a $0.60 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $2.40 annualized dividend and a dividend yield of 0.55%. Ubiquiti's dividend payout ratio (DPR) is presently 26.43%.

Ubiquiti Profile

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.