BlackRock Inc. lowered its holdings in Semtech Co. (NASDAQ:SMTC) by 15.7% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,080,614 shares of the semiconductor company’s stock after selling 1,510,604 shares during the period. BlackRock Inc. owned approximately 0.12% of Semtech worth $388,273,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in SMTC. AQR Capital Management LLC grew its holdings in Semtech by 1,022.5% during the 2nd quarter. AQR Capital Management LLC now owns 430,187 shares of the semiconductor company’s stock worth $20,670,000 after acquiring an additional 391,863 shares in the last quarter. Securian Asset Management Inc acquired a new position in Semtech during the 2nd quarter worth approximately $384,000. Laurion Capital Management LP acquired a new position in Semtech during the 2nd quarter worth approximately $495,000. Renaissance Technologies LLC grew its holdings in Semtech by 2.6% during the 2nd quarter. Renaissance Technologies LLC now owns 968,500 shares of the semiconductor company’s stock worth $46,536,000 after acquiring an additional 24,187 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Semtech during the 2nd quarter worth approximately $557,000. Hedge funds and other institutional investors own 96.41% of the company’s stock.
In other news, VP Alisair Fulton sold 709 shares of the company’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $49.38, for a total value of $35,010.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sylvia Summers sold 6,487 shares of the company’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $46.31, for a total transaction of $300,412.97. Following the completion of the transaction, the director now owns 20,000 shares of the company’s stock, valued at approximately $926,200. The disclosure for this sale can be found here. In the last 90 days, insiders sold 25,717 shares of company stock valued at $1,262,791. Company insiders own 1.96% of the company’s stock.
Semtech (NASDAQ:SMTC) last issued its earnings results on Wednesday, August 28th. The semiconductor company reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.03. Semtech had a net margin of 7.34% and a return on equity of 12.91%. The business had revenue of $137.10 million during the quarter, compared to analysts’ expectations of $134.85 million. During the same quarter in the prior year, the business posted $0.55 EPS. The company’s revenue for the quarter was down 16.0% on a year-over-year basis. On average, analysts forecast that Semtech Co. will post 1.06 earnings per share for the current fiscal year.
Several research firms have commented on SMTC. Cowen lowered their price target on shares of Semtech from $56.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, September 9th. B. Riley lowered their price target on shares of Semtech from $60.00 to $55.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Craig Hallum lowered their price target on shares of Semtech from $9.00 to $6.00 in a report on Monday, September 23rd. Stifel Nicolaus boosted their price target on shares of Semtech from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, September 27th. Finally, Wells Fargo & Co reiterated an “outperformer” rating and set a $60.00 price target (down previously from $65.00) on shares of Semtech in a report on Thursday, August 29th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $49.09.
Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor products and advanced algorithms. The company provides signal integrity products, including a portfolio of optical data communications and video transport products used in various enterprise computing, industrial, and communications applications; a portfolio of integrated circuits for data centers, enterprise networks, passive optical networks, wireless base station optical transceivers, and high-speed interface applications; and video products for broadcast applications, as well as video-over-IP technology for professional audio video applications.
Further Reading: Price to Earnings Ratio (PE) Basics
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