Cubic (NYSE:CUB) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Cubic Corporation is the parent company of two major business segments: defense and transportation. The Cubic Defense Applications group is a world leader in realistic combat training systems, mission support services and defense electronics. Cubic Transportation Systems designs and manufactures automatic fare collection systems for public transit authorities. Cubic Transportation Systems designs, manufactures and integrates automatic fare collection systems for public transit projects throughout the world. This includes rail, bus and parking lot systems. The company supplies contactless smart cards; magnetic stripe cards; device software; and transit hardware including gates, ticket machines and card readers. Cubic Defense Applications provides realistic live combat training systems for military forces as well as virtual training systems, constructive simulation support, force modernization, battle command training and education and engineering & technical support. “
Other analysts have also recently issued research reports about the stock. Canaccord Genuity boosted their price objective on shares of Cubic from $72.00 to $76.00 and gave the stock a “buy” rating in a research note on Thursday, June 14th. Drexel Hamilton reissued a “buy” rating and issued a $85.00 price objective on shares of Cubic in a research note on Thursday, August 30th. ValuEngine raised shares of Cubic from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 8th. Finally, JPMorgan Chase & Co. upped their price target on shares of Cubic from $66.00 to $70.00 and gave the company a “neutral” rating in a research report on Friday, June 15th. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Cubic has a consensus rating of “Buy” and a consensus target price of $71.00.
Cubic (NYSE:CUB) last issued its quarterly earnings data on Wednesday, August 8th. The scientific and technical instruments company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.08). Cubic had a return on equity of 1.54% and a net margin of 0.57%. The business had revenue of $296.21 million during the quarter, compared to the consensus estimate of $280.33 million. During the same period in the prior year, the firm earned ($2.89) EPS. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. As a group, sell-side analysts predict that Cubic will post 1.1 earnings per share for the current fiscal year.
In other Cubic news, insider David H. Buss sold 2,917 shares of the company’s stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $74.00, for a total transaction of $215,858.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director David F. Melcher purchased 1,000 shares of the business’s stock in a transaction on Friday, September 14th. The shares were purchased at an average cost of $74.50 per share, for a total transaction of $74,500.00. Following the transaction, the director now directly owns 2,000 shares of the company’s stock, valued at approximately $149,000. The disclosure for this purchase can be found here. Corporate insiders own 7.90% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Advisors Asset Management Inc. raised its holdings in shares of Cubic by 9.5% during the second quarter. Advisors Asset Management Inc. now owns 37,690 shares of the scientific and technical instruments company’s stock valued at $2,420,000 after purchasing an additional 3,275 shares during the period. California Public Employees Retirement System raised its holdings in shares of Cubic by 3.7% during the second quarter. California Public Employees Retirement System now owns 57,700 shares of the scientific and technical instruments company’s stock valued at $3,704,000 after purchasing an additional 2,049 shares during the period. Castleark Management LLC acquired a new position in shares of Cubic during the second quarter valued at about $9,245,000. Waddell & Reed Financial Inc. raised its holdings in shares of Cubic by 11.2% during the second quarter. Waddell & Reed Financial Inc. now owns 148,500 shares of the scientific and technical instruments company’s stock valued at $9,534,000 after purchasing an additional 14,900 shares during the period. Finally, MetLife Investment Advisors LLC raised its holdings in shares of Cubic by 15.5% during the second quarter. MetLife Investment Advisors LLC now owns 12,509 shares of the scientific and technical instruments company’s stock valued at $803,000 after purchasing an additional 1,683 shares during the period. 97.02% of the stock is currently owned by institutional investors and hedge funds.
Cubic Corporation provides various integrated solutions worldwide. Its solutions enhance the situational understanding for transportation, defense, and training customers, as well as for command, control, communications, computers, intelligence, surveillance, and reconnaissance (C4ISR) customers. The company operates through four segments: Cubic Transportation Systems (CTS), Cubic Global Defense Systems (CGD Systems), Cubic Mission Solutions (CMS), and Cubic Global Defense Services (CGD Services).
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