BlackRock Inc. Has $279.14 Million Position in Cubic Co. (CUB)
BlackRock Inc. increased its holdings in Cubic Co. (NYSE:CUB) by 4.1% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 4,347,887 shares of the scientific and technical instruments company’s stock after purchasing an additional 172,274 shares during the quarter. BlackRock Inc. owned approximately 0.16% of Cubic worth $279,135,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in Cubic in the second quarter worth approximately $340,000. Migdal Insurance & Financial Holdings Ltd. grew its position in Cubic by 35.0% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 71,073 shares of the scientific and technical instruments company’s stock worth $4,563,000 after acquiring an additional 18,426 shares during the period. Prudential Financial Inc. grew its position in Cubic by 2.1% in the first quarter. Prudential Financial Inc. now owns 42,496 shares of the scientific and technical instruments company’s stock worth $2,703,000 after acquiring an additional 870 shares during the period. Schwab Charles Investment Management Inc. grew its position in Cubic by 3.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 210,905 shares of the scientific and technical instruments company’s stock worth $13,414,000 after acquiring an additional 6,179 shares during the period. Finally, Thrivent Financial for Lutherans grew its position in Cubic by 8.8% in the first quarter. Thrivent Financial for Lutherans now owns 16,855 shares of the scientific and technical instruments company’s stock worth $1,072,000 after acquiring an additional 1,370 shares during the period. Institutional investors own 97.02% of the company’s stock.
CUB opened at $73.65 on Tuesday. Cubic Co. has a 52 week low of $44.45 and a 52 week high of $77.35. The firm has a market cap of $2.05 billion, a PE ratio of -179.27 and a beta of 1.05. The company has a quick ratio of 1.76, a current ratio of 2.22 and a debt-to-equity ratio of 0.33.
The company also recently declared a semiannual dividend, which was paid on Monday, September 10th. Stockholders of record on Thursday, August 30th were given a dividend of $0.135 per share. The ex-dividend date of this dividend was Wednesday, August 29th. This represents a dividend yield of 0.4%. Cubic’s dividend payout ratio is currently -65.85%.
In related news, Director David F. Melcher purchased 1,000 shares of the stock in a transaction that occurred on Friday, September 14th. The shares were purchased at an average price of $74.50 per share, with a total value of $74,500.00. Following the completion of the acquisition, the director now directly owns 2,000 shares in the company, valued at approximately $149,000. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider David H. Buss sold 2,917 shares of the firm’s stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $74.00, for a total value of $215,858.00. The disclosure for this sale can be found here. Company insiders own 7.90% of the company’s stock.
Several research analysts recently weighed in on the company. Zacks Investment Research upgraded Cubic from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 3rd. Canaccord Genuity increased their price objective on Cubic from $72.00 to $76.00 and gave the stock a “buy” rating in a research report on Thursday, June 14th. JPMorgan Chase & Co. increased their price objective on Cubic from $66.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, June 15th. Drexel Hamilton reiterated a “buy” rating and issued a $85.00 price objective on shares of Cubic in a research report on Thursday, August 30th. Finally, ValuEngine upgraded Cubic from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 8th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $71.00.
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).
Further Reading: Risk Tolerance and Your Investment Decisions
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