Ultra Clean (NASDAQ:UCTT) Announces Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Ultra Clean (NASDAQ:UCTT) posted its quarterly earnings data on Thursday. The semiconductor company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.06, Briefing.com reports. Ultra Clean had a negative net margin of 0.46% and a positive return on equity of 2.60%. The business had revenue of $516.10 million during the quarter, compared to the consensus estimate of $490.06 million. During the same quarter in the prior year, the company posted $0.16 earnings per share. The company’s quarterly revenue was up 22.4% compared to the same quarter last year. Ultra Clean updated its Q3 guidance to $0.22-0.42 EPS and its Q3 2024 guidance to 0.220-0.420 EPS.

Ultra Clean Trading Up 1.5 %

UCTT traded up $0.68 during midday trading on Friday, reaching $45.81. 862,790 shares of the company were exchanged, compared to its average volume of 451,755. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.58 and a current ratio of 2.76. Ultra Clean has a one year low of $22.15 and a one year high of $56.47. The stock has a market capitalization of $2.05 billion, a P/E ratio of -55.87 and a beta of 2.13. The stock’s 50-day simple moving average is $48.57 and its 200 day simple moving average is $44.33.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Needham & Company LLC restated a “buy” rating and set a $56.00 price objective on shares of Ultra Clean in a report on Friday. TD Cowen increased their price objective on Ultra Clean from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Friday. Finally, Craig Hallum upped their target price on Ultra Clean from $52.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $58.67.

Insider Activity

In other Ultra Clean news, SVP Jamie J. Palfrey sold 5,744 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $43.50, for a total transaction of $249,864.00. Following the transaction, the senior vice president now owns 23,693 shares of the company’s stock, valued at approximately $1,030,645.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Jamie J. Palfrey sold 5,744 shares of the company’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $43.50, for a total transaction of $249,864.00. Following the completion of the sale, the senior vice president now directly owns 23,693 shares in the company, valued at approximately $1,030,645.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Sheri Savage sold 897 shares of the company’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $55.87, for a total value of $50,115.39. Following the sale, the chief financial officer now owns 51,678 shares of the company’s stock, valued at $2,887,249.86. The disclosure for this sale can be found here. Insiders have sold 110,314 shares of company stock worth $5,370,214 in the last 90 days. Corporate insiders own 2.20% of the company’s stock.

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.