Bank of America Corp DE Reduces Position in Diodes Incorporated (NASDAQ:DIOD)

Bank of America Corp DE decreased its stake in shares of Diodes Incorporated (NASDAQ:DIOD - Free Report) by 5.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 977,850 shares of the semiconductor company's stock after selling 61,507 shares during the quarter. Bank of America Corp DE owned about 2.11% of Diodes worth $60,304,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Diodes by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 5,910,766 shares of the semiconductor company's stock valued at $364,517,000 after purchasing an additional 102,263 shares during the last quarter. FMR LLC lifted its position in Diodes by 2.0% during the fourth quarter. FMR LLC now owns 5,902,006 shares of the semiconductor company's stock valued at $363,977,000 after purchasing an additional 116,872 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Diodes by 8.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,238,567 shares of the semiconductor company's stock valued at $138,053,000 after purchasing an additional 168,545 shares during the last quarter. Earnest Partners LLC lifted its position in Diodes by 0.4% during the fourth quarter. Earnest Partners LLC now owns 2,119,097 shares of the semiconductor company's stock valued at $130,685,000 after purchasing an additional 7,552 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its position in Diodes by 9.4% during the fourth quarter. Victory Capital Management Inc. now owns 1,907,509 shares of the semiconductor company's stock valued at $117,636,000 after purchasing an additional 163,374 shares during the last quarter. Institutional investors own 99.23% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have commented on DIOD. Benchmark lowered their price objective on shares of Diodes from $65.00 to $55.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Baird R W raised shares of Diodes from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Truist Financial reduced their target price on shares of Diodes from $63.00 to $53.00 and set a "hold" rating on the stock in a research note on Wednesday, February 12th. Finally, Robert W. Baird raised shares of Diodes from a "neutral" rating to an "outperform" rating and set a $50.00 target price on the stock in a research note on Monday, April 7th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $52.67.

Diodes Trading Up 0.3%

Shares of DIOD traded up $0.15 during midday trading on Friday, hitting $48.62. The stock had a trading volume of 411,594 shares, compared to its average volume of 425,668. Diodes Incorporated has a 1 year low of $32.93 and a 1 year high of $86.74. The firm has a market cap of $2.26 billion, a PE ratio of 51.18 and a beta of 1.37. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.26 and a quick ratio of 1.99. The stock's 50 day moving average is $41.13 and its 200 day moving average is $52.77.

Diodes (NASDAQ:DIOD - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.18 by $0.01. Diodes had a net margin of 3.36% and a return on equity of 3.28%. The company had revenue of $332.11 million for the quarter, compared to the consensus estimate of $323.28 million. During the same quarter last year, the firm posted $0.28 EPS. The firm's revenue was up 10.0% compared to the same quarter last year. As a group, analysts forecast that Diodes Incorporated will post 1.82 EPS for the current fiscal year.

Diodes announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 8th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the semiconductor company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board of directors believes its stock is undervalued.

Diodes Company Profile

Diodes Incorporated, together with its subsidiaries, manufactures and supplies application-specific standard products in the broad discrete, logic, analog, and mixed-signal semiconductor markets worldwide. The company offers discrete semiconductor products, such as MOSFETs, SiC MOSFETs; data line protection, power line protection, thyristers, USB Type-C protection, and transient voltage suppressors; Schottky, small signal switching, Zener, and SiC diodes; bridges, super barrier, Schottky, Schottky bridge, and fast/ultra-fast rectifiers; and bipolar, avalanche, gate driver, and pre-bias transistors.