Ultra Clean (NASDAQ:UCTT) Trading Down 5.6% Following Analyst Downgrade

Posted by Defense World Staff on Apr 28th, 2023

Ultra Clean Holdings, Inc. (NASDAQ:UCTT – Get Rating) shares traded down 5.6% during trading on Thursday after Needham & Company LLC lowered their price target on the stock from $39.00 to $35.00. The company traded as low as $26.68 and last traded at $26.86. 115,508 shares were traded during trading, a decline of 61% from the average session volume of 297,527 shares. The stock had previously closed at $28.46.

Other analysts have also issued reports about the company. TheStreet raised Ultra Clean from a “c” rating to a “b-” rating in a report on Wednesday, February 22nd. StockNews.com initiated coverage on Ultra Clean in a report on Thursday, March 16th. They issued a “hold” rating for the company. Craig Hallum lowered Ultra Clean from a “buy” rating to a “hold” rating and set a $32.00 target price for the company. in a report on Tuesday, January 10th. Finally, DA Davidson reaffirmed a “buy” rating on shares of Ultra Clean in a report on Tuesday, January 3rd. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Ultra Clean currently has a consensus rating of “Moderate Buy” and an average price target of $35.40.

Insider Activity

In related news, CFO Sheri Savage sold 8,071 shares of the company’s stock in a transaction that occurred on Wednesday, March 1st. The stock was sold at an average price of $32.30, for a total value of $260,693.30. Following the transaction, the chief financial officer now owns 77,028 shares in the company, valued at $2,488,004.40. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ultra Clean

Several institutional investors have recently bought and sold shares of UCTT. JPMorgan Chase & Co. lifted its stake in Ultra Clean by 61.5% in the first quarter. JPMorgan Chase & Co. now owns 239,081 shares of the semiconductor company’s stock valued at $10,134,000 after purchasing an additional 91,007 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Ultra Clean by 1.4% in the first quarter. Bank of New York Mellon Corp now owns 456,675 shares of the semiconductor company’s stock valued at $19,358,000 after purchasing an additional 6,451 shares during the last quarter. American Century Companies Inc. lifted its stake in Ultra Clean by 27.4% in the first quarter. American Century Companies Inc. now owns 25,827 shares of the semiconductor company’s stock valued at $1,095,000 after purchasing an additional 5,548 shares during the last quarter. Citigroup Inc. lifted its stake in Ultra Clean by 13.3% in the first quarter. Citigroup Inc. now owns 56,789 shares of the semiconductor company’s stock valued at $2,407,000 after purchasing an additional 6,662 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in shares of Ultra Clean by 60.3% during the first quarter. PNC Financial Services Group Inc. now owns 5,821 shares of the semiconductor company’s stock worth $247,000 after acquiring an additional 2,190 shares in the last quarter. Hedge funds and other institutional investors own 79.20% of the company’s stock.

Ultra Clean Trading Down 0.9 %

The stock has a market cap of $1.26 billion, a PE ratio of 32.40 and a beta of 1.99. The firm has a 50-day simple moving average of $31.05 and a 200-day simple moving average of $32.36. The company has a quick ratio of 1.68, a current ratio of 2.82 and a debt-to-equity ratio of 0.53.

Ultra Clean (NASDAQ:UCTT – Get Rating) last posted its earnings results on Wednesday, February 22nd. The semiconductor company reported $0.85 earnings per share (EPS) for the quarter. The firm had revenue of $566.40 million for the quarter, compared to the consensus estimate of $565.00 million. Ultra Clean had a return on equity of 18.22% and a net margin of 1.70%.

About Ultra Clean

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Ultra Clean Holdings, Inc engages in the development and supplying of critical subsystems, components and parts, and ultra-high purity cleaning and analytical services for the semiconductor industry. It operates through the Products and Services segments. The Products segment is involved in the design and manufacture of production tools, components, parts, and modules, and subsystems for the semiconductor and display capital equipment industry.