Piermont Capital Management Inc. trimmed its holdings in shares of Semtech Co. (NASDAQ:SMTC) by 13.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,430 shares of the semiconductor company’s stock after selling 1,950 shares during the period. Piermont Capital Management Inc.’s holdings in Semtech were worth $485,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Miles Capital Inc. acquired a new stake in Semtech during the 1st quarter valued at $204,000. Campbell & CO Investment Adviser LLC acquired a new stake in Semtech during the 1st quarter valued at $232,000. Xact Kapitalforvaltning AB acquired a new stake in Semtech during the 4th quarter valued at $215,000. Elkfork Partners LLC acquired a new stake in Semtech during the 4th quarter valued at $215,000. Finally, Suntrust Banks Inc. acquired a new stake in Semtech during the 4th quarter valued at $237,000. 96.36% of the stock is owned by hedge funds and other institutional investors.
Shares of Semtech traded up $0.55, hitting $50.50, during midday trading on Thursday, according to MarketBeat Ratings. The stock had a trading volume of 474,500 shares, compared to its average volume of 621,325. The company has a debt-to-equity ratio of 0.30, a quick ratio of 3.51 and a current ratio of 4.09. Semtech Co. has a fifty-two week low of $31.30 and a fifty-two week high of $51.40. The stock has a market capitalization of $3.32 billion, a P/E ratio of 36.07, a price-to-earnings-growth ratio of 8.97 and a beta of 1.23.
Semtech (NASDAQ:SMTC) last announced its quarterly earnings data on Wednesday, May 30th. The semiconductor company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. Semtech had a return on equity of 12.05% and a net margin of 6.44%. The business had revenue of $151.90 million during the quarter, compared to analysts’ expectations of $150.33 million. During the same period in the previous year, the firm earned $0.44 earnings per share. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. equities research analysts forecast that Semtech Co. will post 1.12 earnings per share for the current fiscal year.
A number of research firms recently weighed in on SMTC. ValuEngine raised Semtech from a “hold” rating to a “buy” rating in a report on Tuesday, March 20th. BidaskClub cut Semtech from a “sell” rating to a “strong sell” rating in a report on Saturday, February 24th. Summit Insights raised Semtech from a “hold” rating to a “buy” rating in a report on Thursday, March 15th. Royal Bank of Canada raised Semtech from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, May 9th. They noted that the move was a valuation call. Finally, Needham & Company LLC reissued a “buy” rating and issued a $50.00 target price (up from $45.00) on shares of Semtech in a research note on Thursday, May 31st. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $47.00.
In related news, SVP Asaf Silberstein sold 1,500 shares of Semtech stock in a transaction on Thursday, April 5th. The stock was sold at an average price of $40.50, for a total transaction of $60,750.00. Following the completion of the sale, the senior vice president now directly owns 42,876 shares of the company’s stock, valued at $1,736,478. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP James Jungsup Kim sold 13,412 shares of Semtech stock in a transaction dated Tuesday, June 12th. The stock was sold at an average price of $50.39, for a total value of $675,830.68. Following the transaction, the senior vice president now owns 60,725 shares in the company, valued at $3,059,932.75. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 305,147 shares of company stock valued at $14,562,411. 2.30% of the stock is owned by insiders.
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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