Cubic Corporation (CUB) Shares Up 13.6% Following Analyst Upgrade
Cubic Corporation (NYSE:CUB)’s share price shot up 13.6% during trading on Wednesday after Needham & raised their price target on the stock from $56.00 to $62.00. Needham & currently has a buy rating on the stock. Cubic Corporation traded as high as $64.35 and last traded at $60.75. 858,600 shares changed hands during trading, an increase of 526% from the average session volume of 137,246 shares. The stock had previously closed at $53.50.
Other equities research analysts also recently issued reports about the company. BidaskClub downgraded Cubic Corporation from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. ValuEngine downgraded Cubic Corporation from a “hold” rating to a “sell” rating in a research report on Friday, August 4th. Raymond James Financial, Inc. upgraded Cubic Corporation from a “market perform” rating to a “strong-buy” rating and upped their price objective for the company from $53.00 to $60.00 in a research report on Friday, September 22nd. Canaccord Genuity restated a “buy” rating and set a $50.00 price objective on shares of Cubic Corporation in a research report on Thursday, August 10th. Finally, J P Morgan Chase & Co upgraded Cubic Corporation from a “neutral” rating to an “overweight” rating and set a $53.00 price objective on the stock in a research report on Thursday, August 10th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company. Cubic Corporation currently has an average rating of “Buy” and an average target price of $59.17.
Hedge funds have recently modified their holdings of the business. Quantbot Technologies LP purchased a new stake in shares of Cubic Corporation in the third quarter worth approximately $106,000. Bessemer Group Inc. purchased a new stake in shares of Cubic Corporation in the second quarter worth approximately $125,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Cubic Corporation in the third quarter worth approximately $159,000. SG Americas Securities LLC purchased a new stake in shares of Cubic Corporation in the second quarter worth approximately $208,000. Finally, State of Alaska Department of Revenue raised its holdings in shares of Cubic Corporation by 78.9% in the second quarter. State of Alaska Department of Revenue now owns 4,919 shares of the scientific and technical instruments company’s stock worth $227,000 after buying an additional 2,169 shares during the period. Institutional investors and hedge funds own 86.52% of the company’s stock.
The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.41 and a current ratio of 1.65.
Cubic Corporation (NYSE:CUB) last issued its quarterly earnings results on Monday, November 20th. The scientific and technical instruments company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.35. Cubic Corporation had a negative return on equity of 1.66% and a negative net margin of 0.75%. The firm had revenue of $445.60 million for the quarter, compared to the consensus estimate of $436.76 million. During the same period in the prior year, the business posted ($0.28) earnings per share. The company’s revenue for the quarter was up 9.6% on a year-over-year basis. analysts forecast that Cubic Corporation will post 1.97 EPS for the current fiscal year.
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Cubic Corporation Company Profile
Cubic Corporation (Cubic) designs, integrates and operates systems, products and services that provide situational awareness for its customers in the transportation and defense industries. The Company operates in three business segments across the global transportation and defense markets, which include Cubic Transportation Systems (CTS), Cubic Global Defense (CGD) and Cubic Global Defense Services (CGD Services).
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