Meeder Asset Management Inc. decreased its position in shares of Semtech Co. (NASDAQ:SMTC) by 81.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,542 shares of the semiconductor company’s stock after selling 6,887 shares during the period. Meeder Asset Management Inc.’s holdings in Semtech were worth $74,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Chicago Equity Partners LLC acquired a new position in Semtech during the second quarter worth approximately $608,000. Swiss National Bank increased its position in Semtech by 2.1% during the second quarter. Swiss National Bank now owns 122,500 shares of the semiconductor company’s stock worth $5,886,000 after buying an additional 2,500 shares during the period. Stephens Investment Management Group LLC increased its position in Semtech by 3.1% during the second quarter. Stephens Investment Management Group LLC now owns 1,122,621 shares of the semiconductor company’s stock worth $53,942,000 after buying an additional 33,599 shares during the period. Stephens Inc. AR increased its position in Semtech by 10.2% during the second quarter. Stephens Inc. AR now owns 6,973 shares of the semiconductor company’s stock worth $335,000 after buying an additional 647 shares during the period. Finally, Saturna Capital CORP acquired a new position in Semtech during the second quarter worth approximately $290,000. 95.01% of the stock is currently owned by institutional investors.
In other Semtech news, EVP James Jungsup Kim sold 5,000 shares of the company’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $54.00, for a total transaction of $270,000.00. Following the completion of the sale, the executive vice president now directly owns 46,854 shares in the company, valued at $2,530,116. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Mark C. Costello sold 12,046 shares of the company’s stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $45.46, for a total value of $547,611.16. Following the sale, the vice president now owns 12,041 shares of the company’s stock, valued at $547,383.86. The disclosure for this sale can be found here. Insiders sold 79,333 shares of company stock valued at $3,802,175 over the last quarter. Insiders own 1.96% of the company’s stock.
Semtech (NASDAQ:SMTC) last released its earnings results on Wednesday, May 29th. The semiconductor company reported $0.34 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.16. The firm had revenue of $131.40 million during the quarter, compared to analyst estimates of $130.40 million. Semtech had a return on equity of 14.05% and a net margin of 10.18%. The business’s quarterly revenue was down 13.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.47 earnings per share. On average, equities research analysts anticipate that Semtech Co. will post 1.12 EPS for the current fiscal year.
Several research firms have commented on SMTC. Oppenheimer cut their price target on Semtech from $60.00 to $52.00 and set an “outperform” rating on the stock in a research report on Thursday, May 30th. BidaskClub lowered Semtech from a “sell” rating to a “strong sell” rating in a report on Wednesday. Zacks Investment Research raised Semtech from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 14th. Cowen started coverage on Semtech in a report on Tuesday, May 21st. They issued an “outperform” rating and a $56.00 target price on the stock. Finally, B. Riley dropped their target price on Semtech from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $55.00.
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.
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