Ultra Clean (UCTT) Shares Down 10.6% Following Analyst Downgrade

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Ultra Clean Holdings Inc (NASDAQ:UCTT) shares traded down 10.6% during trading on Wednesday after Craig Hallum lowered their price target on the stock from $24.00 to $15.00. Craig Hallum currently has a buy rating on the stock. Ultra Clean traded as low as $10.14 and last traded at $10.30. 2,262,286 shares traded hands during trading, an increase of 118% from the average session volume of 1,038,610 shares. The stock had previously closed at $11.52.

A number of other research analysts have also commented on UCTT. BidaskClub upgraded Ultra Clean from a “sell” rating to a “hold” rating in a report on Tuesday, July 10th. TheStreet lowered Ultra Clean from a “b-” rating to a “c+” rating in a report on Tuesday, October 9th. Standpoint Research upgraded Ultra Clean from a “hold” rating to a “buy” rating in a report on Tuesday, August 28th. Finally, Zacks Investment Research lowered Ultra Clean from a “hold” rating to a “strong sell” rating in a report on Friday, August 3rd. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company’s stock. Ultra Clean presently has an average rating of “Hold” and an average price target of $23.20.

Several institutional investors and hedge funds have recently added to or reduced their stakes in UCTT. Palouse Capital Management Inc. bought a new stake in shares of Ultra Clean during the third quarter valued at approximately $128,000. Piedmont Investment Advisors LLC bought a new stake in shares of Ultra Clean during the second quarter valued at approximately $150,000. Baird Financial Group Inc. bought a new stake in shares of Ultra Clean during the second quarter valued at approximately $168,000. Aperio Group LLC bought a new stake in shares of Ultra Clean during the second quarter valued at approximately $205,000. Finally, Victory Capital Management Inc. increased its position in shares of Ultra Clean by 114.2% during the third quarter. Victory Capital Management Inc. now owns 16,426 shares of the semiconductor company’s stock valued at $206,000 after purchasing an additional 8,756 shares during the period. Institutional investors and hedge funds own 82.88% of the company’s stock.

The stock has a market cap of $448.53 million, a PE ratio of 4.26, a P/E/G ratio of 0.44 and a beta of 0.76.

Ultra Clean (NASDAQ:UCTT) last announced its quarterly earnings results on Tuesday, November 6th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.30. Ultra Clean had a return on equity of 20.53% and a net margin of 5.38%. The firm had revenue of $234.08 million for the quarter, compared to analysts’ expectations of $224.06 million. During the same period in the prior year, the business posted $0.62 earnings per share. The business’s revenue was down 3.5% compared to the same quarter last year. As a group, analysts expect that Ultra Clean Holdings Inc will post 1.87 earnings per share for the current fiscal year.

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Ultra Clean Company Profile (NASDAQ:UCTT)

Ultra Clean Holdings, Inc designs, develops, prototypes, engineers, manufactures, and tests production tools, modules, and subsystems for the semiconductor and display capital equipment industries primarily in North America, Asia, and Europe. It offers precision robotic systems that are used when accurate controlled motion is required; gas delivery systems, which include one or more gas lines consisting of small diameter internally polished stainless steel tubing products, filters, mass flow controllers, regulators, pressure transducers and valves, component heaters, and an integrated electronic and/or pneumatic control system; and various industrial and automation production equipment products.

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