Ultra Clean (NASDAQ:UCTT) Shares Gap Down After Earnings Miss

Ultra Clean Holdings, Inc. (NASDAQ:UCTT)’s stock price gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $22.30, but opened at $19.09. Ultra Clean shares last traded at $19.68, with a volume of 115,323 shares changing hands.

The semiconductor company reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.03). Ultra Clean had a return on equity of 4.08% and a net margin of 0.18%. The business had revenue of $518.60 million during the quarter, compared to analysts’ expectations of $526.13 million. During the same period in the prior year, the company earned $0.27 earnings per share. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on UCTT shares. Needham & Company LLC decreased their price objective on shares of Ultra Clean from $40.00 to $26.00 and set a “buy” rating for the company in a report on Tuesday. TD Cowen cut their price target on Ultra Clean from $48.00 to $32.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, Oppenheimer decreased their target price on Ultra Clean from $60.00 to $30.00 and set an “outperform” rating on the stock in a research report on Friday, April 11th.

Insider Transactions at Ultra Clean

In related news, insider Bill Bentinck bought 3,000 shares of the company’s stock in a transaction on Friday, March 7th. The shares were acquired at an average price of $25.17 per share, with a total value of $75,510.00. Following the transaction, the insider now owns 60,695 shares of the company’s stock, valued at $1,527,693.15. The trade was a 5.20 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Ernest E. Maddock acquired 10,000 shares of the business’s stock in a transaction dated Friday, March 7th. The stock was purchased at an average cost of $24.29 per share, for a total transaction of $242,900.00. Following the transaction, the director now owns 11,000 shares in the company, valued at approximately $267,190. The trade was a 1,000.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Ultra Clean

Several institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. raised its position in shares of Ultra Clean by 2.3% in the 1st quarter. Principal Financial Group Inc. now owns 224,935 shares of the semiconductor company’s stock valued at $4,816,000 after purchasing an additional 5,114 shares during the last quarter. New World Advisors LLC purchased a new position in shares of Ultra Clean in the first quarter worth $259,000. Oppenheimer & Co. Inc. grew its holdings in shares of Ultra Clean by 23.3% during the first quarter. Oppenheimer & Co. Inc. now owns 48,548 shares of the semiconductor company’s stock valued at $1,039,000 after buying an additional 9,169 shares during the last quarter. Grace & White Inc. NY purchased a new position in Ultra Clean in the 1st quarter worth $1,257,000. Finally, Janney Montgomery Scott LLC lifted its position in Ultra Clean by 5.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 21,288 shares of the semiconductor company’s stock worth $456,000 after acquiring an additional 1,068 shares during the period. Institutional investors and hedge funds own 96.06% of the company’s stock.

Ultra Clean Stock Down 12.5 %

The business has a fifty day moving average price of $23.15 and a two-hundred day moving average price of $32.13. The firm has a market capitalization of $880.93 million, a price-to-earnings ratio of 242.84, a price-to-earnings-growth ratio of 0.51 and a beta of 2.14. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.75 and a quick ratio of 1.63.

About Ultra Clean

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.