Littelfuse (NASDAQ:LFUS) Shares Gap Up After Earnings Beat

Littelfuse, Inc. (NASDAQ:LFUS) gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $383.00, but opened at $402.06. Littelfuse shares last traded at $373.04, with a volume of 66,496 shares changing hands.

The technology company reported $5.79 earnings per share for the quarter, topping analysts’ consensus estimates of $4.97 by $0.82. The business had revenue of $795.20 million during the quarter, compared to analysts’ expectations of $792.49 million. The firm’s quarterly revenue was up 22.7% compared to the same quarter last year. During the same period in the prior year, the company earned $2.77 earnings per share.

Wall Street Analysts Forecast Growth

LFUS has been the subject of several recent analyst reports. Zacks Research cut shares of Littelfuse from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Weiss Ratings upgraded shares of Littelfuse from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, July 30th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $465.83.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new position in Littelfuse in the second quarter worth about $1,148,821,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of Littelfuse during the 2nd quarter valued at about $185,057,000. William Blair Investment Management LLC bought a new position in shares of Littelfuse in the 2nd quarter worth approximately $146,471,000. Bank of America Corp DE bought a new position in shares of Littelfuse in the 2nd quarter worth approximately $115,306,000. Finally, Jupiter Topco LLC purchased a new position in shares of Littelfuse in the second quarter worth approximately $94,552,000. Institutional investors own 96.14% of the company’s stock.

Littelfuse Stock Down 2.2%

The company has a market cap of $9.51 billion, a PE ratio of -755.41 and a beta of 1.48. The business’s fifty day moving average is $411.20 and its 200-day moving average is $397.09.

About Littelfuse

Littelfuse, Inc is a diversified industrial technology company that develops and manufactures products designed to protect, control and sense electrical energy. Its portfolio includes fuses and other circuit-protection devices, power semiconductor products, relays, switches, sensors and related electronic components.

The company serves customers in the automotive, commercial vehicle, industrial, electronics, energy and communications markets. Its products are used in applications such as vehicle electrification, battery systems, industrial equipment, power distribution, renewable energy systems, data infrastructure and consumer electronics.