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

Shares of Ubiquiti Inc. (NYSE:UI) gapped up prior to trading on Friday after the company announced a dividend. The stock had previously closed at $390.57, but opened at $452.56. Ubiquiti shares last traded at $466.14, with a volume of 185,908 shares traded.

The newly announced dividend which will be paid on Monday, September 8th. Stockholders of record on Tuesday, September 2nd will be given a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 0.6%. This is a positive change from Ubiquiti’s previous quarterly dividend of $0.60. Ubiquiti’s payout ratio is currently 26.43%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Barclays boosted their price target on shares of Ubiquiti from $247.00 to $299.00 and gave the stock an “underweight” rating in a research report on Friday. BWS Financial reaffirmed a “buy” rating and set a $440.00 price target on shares of Ubiquiti in a research report on Friday, July 11th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $369.50.

Ubiquiti Stock Up 30.2%

The stock has a market capitalization of $30.77 billion, a price-to-earnings ratio of 56.01 and a beta of 1.35. The business’s 50 day simple moving average is $423.25 and its 200-day simple moving average is $373.02.

Ubiquiti (NYSE:UI) last posted its quarterly earnings results on Friday, August 22nd. The company reported $3.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.23 by $1.31. The company had revenue of $759.15 million for the quarter, compared to the consensus estimate of $618.80 million. Ubiquiti had a net margin of 23.65% and a return on equity of 217.49%. During the same period last year, the company posted $1.74 EPS. On average, analysts expect that Ubiquiti Inc. will post 7.21 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Golden State Wealth Management LLC acquired a new stake in Ubiquiti during the 1st quarter worth approximately $25,000. Brooklyn Investment Group increased its stake in shares of Ubiquiti by 78.8% in the 1st quarter. Brooklyn Investment Group now owns 93 shares of the company’s stock valued at $29,000 after acquiring an additional 41 shares in the last quarter. Cullen Frost Bankers Inc. increased its stake in shares of Ubiquiti by 1,075.0% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 94 shares of the company’s stock valued at $39,000 after acquiring an additional 86 shares in the last quarter. Main Street Group LTD bought a new stake in shares of Ubiquiti in the 2nd quarter valued at $41,000. Finally, Versant Capital Management Inc grew its position in Ubiquiti by 484.2% in the 1st quarter. Versant Capital Management Inc now owns 111 shares of the company’s stock valued at $34,000 after purchasing an additional 92 shares during the period. Institutional investors own 4.00% of the company’s stock.

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.