Pinnacle Associates Ltd. Boosts Holdings in Ultra Clean Holdings, Inc. (NASDAQ:UCTT)

Pinnacle Associates Ltd. increased its stake in Ultra Clean Holdings, Inc. (NASDAQ:UCTT) by 2.1% during the 3rd quarter, Holdings Channel.com reports. The fund owned 420,709 shares of the semiconductor company’s stock after buying an additional 8,471 shares during the period. Pinnacle Associates Ltd.’s holdings in Ultra Clean were worth $16,799,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in UCTT. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Ultra Clean by 6.4% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 860,798 shares of the semiconductor company’s stock worth $42,179,000 after purchasing an additional 52,075 shares during the period. Comerica Bank raised its holdings in Ultra Clean by 512.5% in the first quarter. Comerica Bank now owns 134,289 shares of the semiconductor company’s stock valued at $6,169,000 after buying an additional 112,366 shares during the period. Versor Investments LP purchased a new stake in Ultra Clean during the second quarter worth approximately $828,000. Assenagon Asset Management S.A. increased its position in shares of Ultra Clean by 454.2% in the third quarter. Assenagon Asset Management S.A. now owns 335,096 shares of the semiconductor company’s stock worth $13,380,000 after acquiring an additional 274,628 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of Ultra Clean in the 3rd quarter valued at $879,000. 96.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

UCTT has been the subject of several recent research reports. Oppenheimer began coverage on shares of Ultra Clean in a research report on Wednesday, September 25th. They issued an “outperform” rating and a $70.00 price objective for the company. TD Cowen cut their price objective on shares of Ultra Clean from $60.00 to $57.00 and set a “buy” rating on the stock in a report on Tuesday. Craig Hallum lifted their target price on Ultra Clean from $52.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Finally, Needham & Company LLC reduced their price target on Ultra Clean from $50.00 to $44.00 and set a “buy” rating for the company in a report on Tuesday. Four research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $57.75.

Ultra Clean Stock Performance

UCTT traded up $0.05 on Wednesday, hitting $35.17. 422,596 shares of the company’s stock were exchanged, compared to its average volume of 366,686. The company has a current ratio of 2.73, a quick ratio of 1.60 and a debt-to-equity ratio of 0.52. The stock has a fifty day moving average of $36.60 and a two-hundred day moving average of $42.03. Ultra Clean Holdings, Inc. has a twelve month low of $23.41 and a twelve month high of $56.47. The firm has a market cap of $1.57 billion, a PE ratio of -43.09 and a beta of 2.08.

Ultra Clean (NASDAQ:UCTT) last announced its quarterly earnings results on Monday, October 28th. The semiconductor company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.02. The company had revenue of $540.40 million during the quarter, compared to the consensus estimate of $515.88 million. Ultra Clean had a negative net margin of 0.46% and a positive return on equity of 2.59%. The company’s revenue for the quarter was up 24.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.03) earnings per share. On average, research analysts anticipate that Ultra Clean Holdings, Inc. will post 1.1 earnings per share for the current fiscal year.

Ultra Clean Profile

Ultra Clean Holdings, Inc develops and supplies critical subsystems, components and parts, and ultra-high purity cleaning and analytical services for the semiconductor industry in the United States and internationally. The company provides ultra-clean valves, high purity connectors, industrial process connectors and valves, pneumatic actuators, manifolds and safety solutions, hoses, pressure gauges, and gas line and component heaters; chemical delivery modules that deliver gases and reactive chemicals in a liquid or gaseous form from a centralized subsystem to the reaction chamber; and gas delivery systems, such as weldments, filters, mass flow controllers, regulators, pressure transducers and valves, component heaters, and an integrated electronic and/or pneumatic control system.