Paul D. Arling, CEO of Universal Electronics Inc. (NASDAQ:UEIC), recently sold 12,820 shares of the company's common stock. The transaction, dated December 12, was executed at a price of $11.38 per share, totaling approximately $145,891. The sale occurred as the stock trades near $11.68, showing a remarkable 38% gain over the past year despite challenging market conditions. According to InvestingPro analysis, the company appears undervalued based on its Fair Value metrics. Following this sale, Arling holds 270,795 shares indirectly through the Arling Family Trust. In addition to these, he directly owns 1,800 shares and indirectly owns 1,000 shares by his spouse. This transaction highlights Arling's current stake and involvement with Universal Electronics, a company known for its household audio and video equipment. With a market capitalization of $152 million and a current ratio of 1.61, InvestingPro data shows the company maintains strong liquidity despite recent challenges. Subscribers can access 6 additional ProTips and a comprehensive Pro Research Report for deeper insights into UEIC's financial health and growth prospects.
In other recent news, Universal Electronics has reported Q3 2024 financial results, showing net sales of $102 million and earnings per share (EPS) of $0.10. B.Riley has upgraded the company's stock rating from Neutral to Buy, reflecting a positive outlook on the company's recent developments and future prospects. Universal Electronics has been advancing in several areas, including the final testing phase of the TIDE Dial smart thermostat and securing design wins from Hunter Douglas and Somfy.
The company has also diversified its product offerings by introducing a Zigbee smart thermostat and entering into a national distribution agreement for its professional security sensors. Furthermore, Universal Electronics is strengthening its relationships with entertainment customers and optimizing its manufacturing footprint, positively impacting the gross margin in the third quarter.
In terms of future expectations, Universal Electronics projects Q4 2024 sales to range from $99 million to $109 million, with EPS between $0.10 and $0.20. These projections are driven by new projects in the connected home channel. Additionally, the company has successfully reduced its line of credit by over $15 million, further improving its financial position. These are the recent developments for Universal Electronics.
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