Principal Financial Group Inc. increased its position in shares of Semtech Corp. (NASDAQ:SMTC) by 1.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 468,005 shares of the company’s stock after buying an additional 8,280 shares during the period. Principal Financial Group Inc. owned approximately 0.72% of Semtech Corp. worth $11,166,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Frontier Capital Management Co. LLC raised its position in shares of Semtech Corp. by 36.1% in the second quarter. Frontier Capital Management Co. LLC now owns 2,442,524 shares of the company’s stock worth $58,279,000 after buying an additional 648,271 shares in the last quarter. UBS Asset Management Americas Inc. raised its position in shares of Semtech Corp. by 841.3% in the first quarter. UBS Asset Management Americas Inc. now owns 420,048 shares of the company’s stock worth $9,236,000 after buying an additional 375,422 shares in the last quarter. Robeco Institutional Asset Management B.V. bought a new position in shares of Semtech Corp. during the second quarter worth approximately $5,778,000. Dimensional Fund Advisors LP raised its position in shares of Semtech Corp. by 10.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,780,185 shares of the company’s stock worth $42,475,000 after buying an additional 169,956 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Semtech Corp. by 213.0% in the second quarter. JPMorgan Chase & Co. now owns 208,042 shares of the company’s stock worth $4,964,000 after buying an additional 141,570 shares in the last quarter. 95.43% of the stock is currently owned by institutional investors and hedge funds.
Semtech Corp. (NASDAQ:SMTC) last released its quarterly earnings results on Wednesday, August 31st. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. The firm earned $135.90 million during the quarter. Semtech Corp. had a net margin of 5.55% and a return on equity of 8.89%. The firm’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.24 earnings per share.
A number of analysts have issued reports on the company. Zacks Investment Research lowered Semtech Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, August 3rd. Drexel Hamilton raised their target price on Semtech Corp. from $29.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, September 1st. MKM Partners reaffirmed a “hold” rating on shares of Semtech Corp. in a report on Thursday, June 23rd. Oppenheimer Holdings Inc. reaffirmed a “market perform” rating on shares of Semtech Corp. in a report on Monday, September 5th. Finally, B. Riley reaffirmed a “buy” rating and issued a $37.00 target price on shares of Semtech Corp. in a report on Thursday, October 6th. Five equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $27.33.
In related news, insider Mohan Maheswaran sold 1,500 shares of the company’s stock in a transaction on Wednesday, September 14th. The shares were sold at an average price of $26.40, for a total value of $39,600.00. Following the completion of the transaction, the insider now directly owns 183,367 shares in the company, valued at $4,840,888.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Rockell N. Hankin sold 6,795 shares of the company’s stock in a transaction on Thursday, October 6th. The stock was sold at an average price of $27.73, for a total transaction of $188,425.35. Following the completion of the transaction, the director now owns 166,735 shares of the company’s stock, valued at $4,623,561.55. The disclosure for this sale can be found here. Insiders own 2.10% of the company’s stock.
Semtech Corp. Company Profile
Semtech Corporation is a supplier of analog and mixed-signal semiconductor products. The Company’s product lines include Signal Integrity, Protection, Wireless and Sensing, and Power and High-Reliability. It designs, develops and markets a portfolio of optical communications, broadcast video, surveillance video, active cable transceiver and backplane products used in enterprise computing, industrial, communications and consumer applications.
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