Quantbot Technologies LP has increased its investment in Ubiquiti Inc. (NYSE:UI) by an impressive 67.3% during the second quarter of 2023. According to the company’s latest filing with the Securities and Exchange Commission (SEC), Quantbot now holds a total of 6,762 shares, following the acquisition of an additional 2,719 shares in the period. The value of these holdings amounts to approximately $2.784 million.
Several other institutional investors have also adjusted their positions in Ubiquiti recently. Notably, Federated Hermes Inc. established a new stake worth $404,000 in the first quarter. Additionally, US Bancorp DE increased its holdings by 2.4%, bringing its total to 1,564 shares valued at around $485,000. Other contributors to the stock’s changing landscape include New Age Alpha Advisors LLC, which acquired a new position worth $92,000, and Invesco Ltd., which increased its stake by 8.1% to own 13,265 shares valued at approximately $4.114 million.
As of the latest data, institutional investors and hedge funds collectively own 4.00% of Ubiquiti’s stock. This growing interest reflects the robust performance of the company in recent quarters.
In insider trading news, Kevin Radigan, the Chief Accounting Officer, sold 350 shares on November 12, 2023. The shares were sold at an average price of $576.58, resulting in a transaction valued at $201,803. Following this sale, Radigan retains 2,768 shares, worth approximately $1.596 million, indicating an 11.23% decrease in his ownership.
Ubiquiti’s Stock Performance and Financial Results
Ubiquiti’s stock opened at $567.68 on the New York Stock Exchange on Friday. The company’s 50-day moving average stands at $656.32, while the 200-day moving average is $528.20. Over the past year, Ubiquiti’s shares have experienced significant volatility, with a 52-week low of $255.00 and a high of $803.59. The company currently boasts a market capitalization of $34.34 billion and a price-to-earnings ratio of 43.40, alongside a beta of 1.38.
On November 7, 2023, Ubiquiti released its latest quarterly earnings report, revealing earnings per share (EPS) of $3.46. This performance exceeded analysts’ expectations, which had estimated an EPS of $2.48. Revenue for the quarter reached $733.77 million, surpassing the forecast of $702.38 million. The company reported a return on equity of 132.71% and a net margin of 28.72%. Analysts predict that Ubiquiti will achieve an EPS of $7.21 for the current fiscal year.
Dividend Announcement and Corporate Overview
Ubiquiti also declared a quarterly dividend of $0.80 per share, which was paid out on November 24, 2023. Shareholders of record as of November 17, 2023, received this payment, marking an annualized dividend of $3.20 and a yield of 0.6%. The company’s dividend payout ratio stands at 24.46%.
Ubiquiti Inc. specializes in developing networking technology for various sectors, including service providers, enterprises, and consumers. The company offers a range of technology platforms aimed at high-capacity distributed Internet access and unified information technology. Its product lines include solutions for fixed wireless broadband, wireless backhaul systems, and a variety of consumer electronics designed for both professional and personal use.
As institutional investments continue to shift, Ubiquiti’s financial health and strategic initiatives will likely remain in the spotlight for investors and analysts alike.
