Wellington Management Group LLP Takes $764,000 Position in Ubiquiti Inc. $UI

Wellington Management Group LLP acquired a new stake in Ubiquiti Inc. (NYSE:UI) in the 2nd quarter, Holdings Channel.com reports. The firm acquired 1,431 shares of the company’s stock, valued at approximately $764,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. North Star Asset Management Inc. purchased a new stake in Ubiquiti during the second quarter worth about $267,000. Empowered Funds LLC purchased a new position in Ubiquiti in the second quarter valued at about $252,000. United Capital Financial Advisors LLC purchased a new position in Ubiquiti in the second quarter valued at about $237,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Ubiquiti during the 2nd quarter valued at approximately $646,000. Finally, Corient Private Wealth LP acquired a new stake in shares of Ubiquiti during the 2nd quarter valued at approximately $3,165,000. Hedge funds and other institutional investors own 4.00% of the company’s stock.

Ubiquiti Stock Up 4.6%

Shares of NYSE:UI opened at $561.34 on Friday. The company has a market capitalization of $33.98 billion, a P/E ratio of 35.42 and a beta of 1.31. Ubiquiti Inc. has a 52-week low of $500.23 and a 52-week high of $1,099.99. The stock’s fifty day simple moving average is $559.38 and its 200-day simple moving average is $680.24.

Ubiquiti (NYSE:UI) last posted its quarterly earnings data on Friday, August 21st. The company reported $4.73 EPS for the quarter, topping analysts’ consensus estimates of $4.03 by $0.70. Ubiquiti had a return on equity of 85.57% and a net margin of 29.33%.The firm had revenue of $937.32 million during the quarter, compared to analysts’ expectations of $850.50 million. During the same quarter last year, the business posted $4.41 EPS. On average, sell-side analysts anticipate that Ubiquiti Inc. will post 15.53 earnings per share for the current year.

Ubiquiti Increases Dividend

The company also recently declared 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 represents a $4.00 dividend on an annualized basis and a dividend yield of 0.7%. This is a boost from Ubiquiti’s previous quarterly dividend of $0.80. The ex-dividend date was Monday, August 31st. Ubiquiti’s payout ratio is presently 25.24%.

Analyst Upgrades and Downgrades

UI has been the topic of a number of research reports. Weiss Ratings cut Ubiquiti from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, August 21st. Barclays reduced their price objective on Ubiquiti from $672.00 to $489.00 and set an “underweight” rating for the company in a report on Monday, August 24th. Zacks Research lowered Ubiquiti from a “strong-buy” rating to a “hold” rating in a report on Friday, August 14th. Finally, BWS Financial restated a “buy” rating and issued a $980.00 price target on shares of Ubiquiti in a research report on Thursday, August 27th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average 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.