Ubiquiti (NYSE:UI) Shares Gap Up After Dividend Announcement

Ubiquiti Inc. (NYSE:UI)’s stock price gapped up before the market opened on Friday following a dividend announcement from the company. The stock had previously closed at $261.26, but opened at $283.47. Ubiquiti shares last traded at $310.03, with a volume of 23,664 shares traded.

The newly announced dividend which will be paid on Monday, November 25th. Shareholders of record on Monday, November 18th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 0.77%. The ex-dividend date of this dividend is Monday, November 18th. Ubiquiti’s payout ratio is 41.45%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on UI. BWS Financial lifted their price objective on Ubiquiti from $160.00 to $240.00 and gave the stock a “buy” rating in a research note on Monday, August 26th. Barclays cut their target price on Ubiquiti from $108.00 to $104.00 and set an “underweight” rating on the stock in a research report on Tuesday, August 27th. Finally, StockNews.com downgraded Ubiquiti from a “buy” rating to a “hold” rating in a research report on Tuesday, September 3rd.

Ubiquiti Trading Up 19.8 %

The stock has a market cap of $18.92 billion, a P/E ratio of 54.04 and a beta of 1.13. The company has a current ratio of 3.22, a quick ratio of 1.59 and a debt-to-equity ratio of 7.05. The company has a 50-day moving average price of $231.06 and a two-hundred day moving average price of $179.79.

Ubiquiti (NYSE:UI) last announced its quarterly earnings data on Friday, August 23rd. The company reported $1.74 EPS for the quarter, missing the consensus estimate of $1.91 by ($0.17). The business had revenue of $507.50 million during the quarter, compared to the consensus estimate of $538.23 million. Ubiquiti had a net margin of 18.15% and a return on equity of 3,321.33%. The firm’s revenue was up 3.3% on a year-over-year basis. On average, research analysts expect that Ubiquiti Inc. will post 7.09 EPS for the current fiscal year.

Institutional Investors Weigh In On Ubiquiti

Several hedge funds have recently made changes to their positions in UI. Millennium Management LLC lifted its stake in shares of Ubiquiti by 86.2% during the 2nd quarter. Millennium Management LLC now owns 58,349 shares of the company’s stock worth $8,499,000 after purchasing an additional 27,011 shares during the last quarter. SW Investment Management LLC lifted its stake in shares of Ubiquiti by 9.1% during the 2nd quarter. SW Investment Management LLC now owns 300,000 shares of the company’s stock worth $43,698,000 after purchasing an additional 25,000 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Ubiquiti by 24.1% during the 1st quarter. Vanguard Group Inc. now owns 97,817 shares of the company’s stock worth $11,332,000 after purchasing an additional 18,986 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Ubiquiti by 88.8% during the 2nd quarter. AQR Capital Management LLC now owns 23,546 shares of the company’s stock worth $3,372,000 after purchasing an additional 11,076 shares during the last quarter. Finally, Maverick Capital Ltd. increased its position in Ubiquiti by 76.3% during the 2nd quarter. Maverick Capital Ltd. now owns 19,093 shares of the company’s stock valued at $2,781,000 after buying an additional 8,264 shares in the last quarter. 4.00% of the stock is currently owned by hedge funds and other institutional investors.

Ubiquiti Company 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.