Semtech Corp. (SMTC) Issues Quarterly Earnings Results, Beats Estimates By $0.01 EPS
Semtech Corp. (NASDAQ:SMTC) announced its earnings results on Wednesday. The company reported $0.37 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.01. Semtech Corp. had a return on equity of 8.89% and a net margin of 5.55%. The firm had revenue of $137.20 million for the quarter, compared to the consensus estimate of $138.50 million. During the same period in the previous year, the business earned $0.19 EPS. The firm’s revenue for the quarter was up 21.7% on a year-over-year basis. Semtech Corp. updated its Q4 guidance to $0.33-0.37 EPS.
Shares of Semtech Corp. (NASDAQ:SMTC) traded down 0.71% during mid-day trading on Wednesday, hitting $28.10. The stock had a trading volume of 644,523 shares. The firm has a 50 day moving average price of $25.74 and a 200 day moving average price of $25.17. The firm has a market cap of $1.84 billion, a PE ratio of 66.75 and a beta of 1.39. Semtech Corp. has a 52-week low of $15.70 and a 52-week high of $28.75.
In related news, insider Mohan Maheswaran sold 1,500 shares of the company’s stock in a transaction on Wednesday, September 14th. The stock was sold at an average price of $26.40, for a total transaction of $39,600.00. Following the completion of the sale, the insider now owns 183,367 shares in the company, valued at $4,840,888.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Mark C. Costello sold 3,042 shares of the company’s stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $27.47, for a total value of $83,563.74. The disclosure for this sale can be found here. Corporate insiders own 2.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of SMTC. Morgan Stanley boosted its position in Semtech Corp. by 54.9% in the third quarter. Morgan Stanley now owns 449,649 shares of the company’s stock valued at $12,469,000 after buying an additional 159,459 shares in the last quarter. BlackRock Fund Advisors boosted its position in Semtech Corp. by 2.6% in the second quarter. BlackRock Fund Advisors now owns 4,287,613 shares of the company’s stock valued at $102,302,000 after buying an additional 108,453 shares in the last quarter. Visium Asset Management LP acquired a new position in Semtech Corp. during the second quarter valued at $2,008,000. Martingale Asset Management L P acquired a new position in Semtech Corp. during the second quarter valued at $1,213,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Semtech Corp. during the third quarter valued at $1,208,000. 95.36% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts recently weighed in on the company. B. Riley restated a “buy” rating and set a $37.00 target price on shares of Semtech Corp. in a research note on Saturday. Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of Semtech Corp. in a research note on Monday, September 5th. Drexel Hamilton reiterated a “buy” rating and set a $32.00 price target on shares of Semtech Corp. in a research note on Saturday, October 8th. Finally, Zacks Investment Research downgraded Semtech Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, August 3rd. Five investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Semtech Corp. presently has an average rating of “Buy” and an average price target of $27.33.
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About Semtech Corp.
Semtech Corporation is a supplier of analog and mixed-signal semiconductor products. The Company’s product lines include Signal Integrity, Protection, Wireless and Sensing, and Power and High-Reliability. It designs, develops and markets a portfolio of optical communications, broadcast video, surveillance video, active cable transceiver and backplane products used in enterprise computing, industrial, communications and consumer applications.
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