Municipal Employees Retirement System of Michigan reduced its stake in shares of Silicon Laboratories, Inc. (NASDAQ:SLAB) by 15.5% during the second quarter, Holdings Channel reports. The fund owned 16,350 shares of the semiconductor company’s stock after selling 3,000 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Silicon Laboratories were worth $1,118,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in SLAB. Bronfman E.L. Rothschild L.P. increased its stake in shares of Silicon Laboratories by 3.0% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,685 shares of the semiconductor company’s stock valued at $124,000 after buying an additional 49 shares during the last quarter. Pier 88 Investment Partners LLC acquired a new position in Silicon Laboratories during the second quarter valued at about $187,000. Capstone Asset Management Co. acquired a new position in Silicon Laboratories during the first quarter valued at about $222,000. Oppenheimer Asset Management Inc. acquired a new position in Silicon Laboratories during the first quarter valued at about $224,000. Finally, LS Investment Advisors LLC boosted its position in Silicon Laboratories by 18.0% in the second quarter. LS Investment Advisors LLC now owns 3,355 shares of the semiconductor company’s stock valued at $229,000 after buying an additional 512 shares during the period. Hedge funds and other institutional investors own 88.64% of the company’s stock.
Shares of Silicon Laboratories, Inc. (SLAB) opened at 74.10 on Friday. Silicon Laboratories, Inc. has a 52 week low of $52.00 and a 52 week high of $79.15. The company has a 50-day moving average price of $71.42 and a 200 day moving average price of $71.78. The stock has a market capitalization of $3.15 billion, a PE ratio of 44.19 and a beta of 1.25.
Silicon Laboratories (NASDAQ:SLAB) last issued its quarterly earnings results on Wednesday, July 26th. The semiconductor company reported $0.79 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.08. Silicon Laboratories had a return on equity of 11.15% and a net margin of 9.88%. The firm had revenue of $190.10 million during the quarter, compared to analyst estimates of $186.46 million. During the same period last year, the company earned $0.75 EPS. Silicon Laboratories’s quarterly revenue was up 8.7% compared to the same quarter last year. Equities analysts forecast that Silicon Laboratories, Inc. will post $3.06 EPS for the current fiscal year.
Several research firms have recently issued reports on SLAB. B. Riley reissued a “buy” rating and set a $81.00 target price on shares of Silicon Laboratories in a research note on Tuesday, May 2nd. Zacks Investment Research raised Silicon Laboratories from a “hold” rating to a “buy” rating and set a $88.00 target price on the stock in a research note on Thursday, August 3rd. Stifel Nicolaus reissued a “buy” rating and set a $85.00 target price (up from $82.00) on shares of Silicon Laboratories in a research note on Thursday, July 27th. Needham & Company LLC reissued a “buy” rating and set a $85.00 target price (up from $80.00) on shares of Silicon Laboratories in a research note on Thursday, July 27th. Finally, Drexel Hamilton reissued a “buy” rating and set a $85.00 target price (up from $80.00) on shares of Silicon Laboratories in a research note on Saturday, April 29th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Silicon Laboratories presently has an average rating of “Buy” and an average price target of $80.70.
In other Silicon Laboratories news, CEO George Tyson Tuttle sold 75,000 shares of Silicon Laboratories stock in a transaction on Monday, June 5th. The stock was sold at an average price of $74.89, for a total transaction of $5,616,750.00. Following the completion of the sale, the chief executive officer now directly owns 208,592 shares of the company’s stock, valued at approximately $15,621,454.88. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director William P. Wood sold 5,000 shares of Silicon Laboratories stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $74.45, for a total value of $372,250.00. Following the sale, the director now directly owns 35,526 shares of the company’s stock, valued at $2,644,910.70. The disclosure for this sale can be found here. Insiders have sold a total of 98,500 shares of company stock valued at $7,322,125 over the last three months. 34.82% of the stock is owned by corporate insiders.
About Silicon Laboratories
Silicon Laboratories Inc is a provider of silicon, software and solutions for the Internet of Things (IoT), Internet infrastructure, industrial, consumer and automotive markets. The Company operates through mixed-signal analog intensive products segment. It provides analog-intensive, mixed-signal solutions for use in a range of electronic products in various applications for the IoT market.
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