CIBC Asset Management Inc acquired a new position in shares of Semtech Co. (NASDAQ:SMTC) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 4,562 shares of the semiconductor company’s stock, valued at approximately $215,000.
A number of other hedge funds have also recently modified their holdings of the stock. BlackRock Inc. raised its holdings in Semtech by 3.3% during the first quarter. BlackRock Inc. now owns 8,584,787 shares of the semiconductor company’s stock worth $335,237,000 after purchasing an additional 276,394 shares during the last quarter. Frontier Capital Management Co. LLC increased its position in Semtech by 18.4% during the second quarter. Frontier Capital Management Co. LLC now owns 4,407,687 shares of the semiconductor company’s stock worth $207,382,000 after buying an additional 684,861 shares in the last quarter. Bank of New York Mellon Corp increased its position in Semtech by 7.2% during the second quarter. Bank of New York Mellon Corp now owns 1,756,434 shares of the semiconductor company’s stock worth $82,640,000 after buying an additional 118,194 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Semtech by 2.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,614,176 shares of the semiconductor company’s stock worth $63,034,000 after buying an additional 33,456 shares in the last quarter. Finally, Summit Trail Advisors LLC increased its position in Semtech by 4,098.9% during the first quarter. Summit Trail Advisors LLC now owns 1,232,755 shares of the semiconductor company’s stock worth $1,233,000 after buying an additional 1,203,396 shares in the last quarter. 96.60% of the stock is owned by hedge funds and other institutional investors.
SMTC has been the subject of several recent research reports. BidaskClub downgraded Semtech from a “buy” rating to a “hold” rating in a research report on Saturday, June 30th. Royal Bank of Canada raised Semtech from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, May 9th. They noted that the move was a valuation call. Stifel Nicolaus raised their price target on Semtech from $60.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, August 30th. Needham & Company LLC reissued a “buy” rating and set a $50.00 price target (up previously from $45.00) on shares of Semtech in a research report on Thursday, May 31st. Finally, Oppenheimer raised their price target on Semtech from $42.00 to $50.00 and gave the stock an “outperform” rating in a research report on Thursday, May 24th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company. Semtech currently has a consensus rating of “Buy” and a consensus target price of $57.70.
Shares of NASDAQ:SMTC opened at $58.65 on Thursday. The firm has a market capitalization of $3.96 billion, a PE ratio of 41.89, a price-to-earnings-growth ratio of 10.56 and a beta of 1.49. The company has a quick ratio of 3.62, a current ratio of 4.13 and a debt-to-equity ratio of 0.29. Semtech Co. has a 52 week low of $31.30 and a 52 week high of $60.05.
Semtech (NASDAQ:SMTC) last announced its quarterly earnings data on Wednesday, August 29th. The semiconductor company reported $0.55 EPS for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.01. The business had revenue of $163.20 million during the quarter, compared to the consensus estimate of $161.21 million. Semtech had a return on equity of 12.66% and a net margin of 8.48%. The business’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.48 earnings per share. research analysts anticipate that Semtech Co. will post 1.13 earnings per share for the current fiscal year.
In other news, Director Rockell N. Hankin sold 2,928 shares of Semtech stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $57.30, for a total value of $167,774.40. Following the completion of the sale, the director now owns 157,868 shares of the company’s stock, valued at $9,045,836.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Simon A. Brown sold 2,000 shares of Semtech stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $59.01, for a total value of $118,020.00. Following the completion of the sale, the vice president now directly owns 17,193 shares of the company’s stock, valued at approximately $1,014,558.93. The disclosure for this sale can be found here. In the last ninety days, insiders sold 94,609 shares of company stock valued at $4,683,248. Company insiders own 2.30% of the company’s stock.
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, communications, and high-end consumer applications; and a portfolio of integrated circuits for data centers, enterprise networks, passive optical networks, wireless base station optical transceivers, and high-speed interface applications.
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