Bank of America Corp DE cut its stake in shares of Cubic Corporation (NYSE:CUB) by 41.9% during the first quarter, Holdings Channel reports. The firm owned 48,777 shares of the scientific and technical instruments company’s stock after selling 35,111 shares during the period. Bank of America Corp DE’s holdings in Cubic Corporation were worth $2,575,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Meadow Creek Investment Management LLC increased its position in shares of Cubic Corporation by 11.3% in the first quarter. Meadow Creek Investment Management LLC now owns 2,006 shares of the scientific and technical instruments company’s stock valued at $106,000 after buying an additional 204 shares during the period. Ameritas Investment Partners Inc. bought a new stake in Cubic Corporation during the first quarter valued at about $115,000. State of Alaska Department of Revenue boosted its stake in Cubic Corporation by 2.2% in the first quarter. State of Alaska Department of Revenue now owns 2,750 shares of the scientific and technical instruments company’s stock valued at $145,000 after buying an additional 60 shares in the last quarter. Invictus RG bought a new stake in Cubic Corporation during the first quarter valued at about $231,000. Finally, Mason Street Advisors LLC boosted its stake in Cubic Corporation by 7.1% in the first quarter. Mason Street Advisors LLC now owns 5,831 shares of the scientific and technical instruments company’s stock valued at $308,000 after buying an additional 386 shares in the last quarter. Institutional investors and hedge funds own 90.69% of the company’s stock.
Cubic Corporation (CUB) traded up 6.59% during mid-day trading on Thursday, reaching $42.85. 55,039 shares of the company traded hands. The company’s market capitalization is $1.16 billion. The stock has a 50 day moving average price of $46.31 and a 200-day moving average price of $48.82. Cubic Corporation has a 52-week low of $39.50 and a 52-week high of $55.65.
Cubic Corporation (NYSE:CUB) last announced its quarterly earnings data on Thursday, August 3rd. The scientific and technical instruments company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by $0.86. The company had revenue of $361.87 million during the quarter, compared to analyst estimates of $383.47 million. Cubic Corporation had a negative return on equity of 4.74% and a negative net margin of 2.20%. The company’s revenue was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.17 EPS. Analysts expect that Cubic Corporation will post ($0.58) EPS for the current fiscal year.
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Several analysts recently issued reports on CUB shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $48.00 price target (down from $52.00) on shares of Cubic Corporation in a report on Wednesday. Canaccord Genuity cut their price target on shares of Cubic Corporation from $60.00 to $50.00 and set a “buy” rating on the stock in a report on Friday, August 4th. BidaskClub raised shares of Cubic Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Zacks Investment Research cut shares of Cubic Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, April 12th. Finally, J P Morgan Chase & Co raised shares of Cubic Corporation from a “neutral” rating to an “overweight” rating in a report on Thursday. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $53.50.
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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