Needham & Company LLC Lowers Cubic (CUB) Price Target to $77.00

Cubic (NYSE:CUB) had its target price reduced by Needham & Company LLC from $80.00 to $77.00 in a research note published on Monday morning, MarketBeat.com reports. They currently have a buy rating on the scientific and technical instruments company’s stock.

Other equities analysts have also recently issued reports about the stock. Zacks Investment Research cut shares of Cubic from a hold rating to a strong sell rating in a report on Monday, August 13th. Canaccord Genuity boosted their price target on shares of Cubic from $76.00 to $78.00 and gave the company a buy rating in a report on Thursday, August 9th. ValuEngine upgraded shares of Cubic from a buy rating to a strong-buy rating in a report on Wednesday, August 8th. Drexel Hamilton restated a buy rating and set a $85.00 price target on shares of Cubic in a report on Thursday, August 30th. Finally, JPMorgan Chase & Co. upgraded shares of Cubic from a neutral rating to an overweight rating and lowered their price target for the company from $75.00 to $73.00 in a report on Friday, November 30th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $74.50.

NYSE CUB opened at $56.03 on Monday. Cubic has a twelve month low of $52.25 and a twelve month high of $77.35. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.78 and a current ratio of 2.04. The company has a market cap of $1.53 billion, a price-to-earnings ratio of 87.55 and a beta of 1.09.

Cubic (NYSE:CUB) last posted its quarterly earnings data on Thursday, November 15th. The scientific and technical instruments company reported $0.80 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.27). Cubic had a return on equity of 2.79% and a net margin of 0.95%. The firm had revenue of $379.71 million for the quarter, compared to analysts’ expectations of $360.27 million. During the same quarter in the previous year, the firm posted $0.49 earnings per share. As a group, equities analysts expect that Cubic will post 2.4 earnings per share for the current year.

In related news, Director David F. Melcher purchased 1,000 shares of the stock in a transaction dated Friday, September 14th. The shares were acquired at an average cost of $74.50 per share, for a total transaction of $74,500.00. Following the acquisition, the director now directly owns 2,000 shares in the company, valued at approximately $149,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 7.90% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its stake in shares of Cubic by 2.8% in the 3rd quarter. BlackRock Inc. now owns 4,471,624 shares of the scientific and technical instruments company’s stock valued at $326,652,000 after purchasing an additional 123,737 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Cubic by 2.8% in the 3rd quarter. Vanguard Group Inc. now owns 2,466,422 shares of the scientific and technical instruments company’s stock valued at $180,171,000 after purchasing an additional 67,512 shares during the last quarter. Artisan Partners Limited Partnership lifted its stake in shares of Cubic by 16.5% in the 2nd quarter. Artisan Partners Limited Partnership now owns 342,216 shares of the scientific and technical instruments company’s stock valued at $21,970,000 after purchasing an additional 48,417 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Cubic by 3.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 310,181 shares of the scientific and technical instruments company’s stock valued at $22,660,000 after purchasing an additional 9,459 shares during the last quarter. Finally, Mesirow Financial Investment Management Equity Management acquired a new stake in shares of Cubic in the 3rd quarter valued at $17,899,000. 94.56% of the stock is owned by institutional investors and hedge funds.

Cubic Company Profile

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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