Universal Electronics Up 30%, Hits 52-Week High (UEIC)

Shares of Universal Electronics Inc. UEIC are currently up 30.3% at $27.68 per share during Friday morning trading. Today's trading range for shares of Universal Electronics Inc has been between $24.54 and a 52-week high of $28.25 per share. The consensus price target of analysts covering the company's stock is $22.90 per share. Volume of 174,000 shares is already triple the daily average volume of 58,000 shares. Universal Electronics Inc. (UEIC) released financial results after the market closed on Thursday and also announced the acquisition of Chinese remote control company Enson Assets Limited from CG International Holdings Limited for a net purchase value of approximately $110 million. Universal Electronics Inc reported 3rd quarter earnings of 34 cents per share, on revenue of $79 million. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 34 cents per share, on revenue of $81.64 million. Universal Electronics Inc forecast 4th quarter earnings to be in the range of 43 cents to 49 cents per share. Chairman and CEO Paul Arling said, “We are pleased to report our third quarter results were generally in line with our expectations. Our business faced some headwinds in the developed markets, most specifically in North American consumer electronics, but fared particularly well in developing economies. Looking forward, we couldn't be more excited about the future of our company, due in large part to the acquisition of Enson Assets Limited, including its subsidiaries C.G. Development Limited and C.G. Technology Limited, which we also announced this afternoon.” Read more from Benzinga's Company news.