Assenagon Asset Management S.A. Sells 18,196 Shares of Cohu, Inc. $COHU

Key Points

• Assenagon Asset Management cut its Cohu position by 79.1% in the second quarter, selling 18,196 shares and retaining 4,821 shares valued at approximately $356,000. Institutional investors collectively own 94.67% of Cohu.
• Analysts remain broadly positive, with Cohu receiving an average “Buy” rating and a consensus price target of $68.75; several firms raised targets to as high as $74.
• Cohu’s latest quarterly results exceeded expectations, reporting $0.26 EPS versus $0.14 expected and $149 million in revenue, up 38.3% year over year. Shares opened at $59.30, versus a 52-week range of $18.67 to $74.60.

Assenagon Asset Management S.A. decreased its position in Cohu, Inc. (NASDAQ:COHU - Free Report) by 79.1% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,821 shares of the semiconductor company's stock after selling 18,196 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Cohu were worth $356,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Canandaigua National Bank & Trust Co. bought a new stake in Cohu during the second quarter valued at approximately $301,000. Pacific Excel Wealth Advisors Inc. purchased a new stake in shares of Cohu in the second quarter worth $237,000. Segall Bryant & Hamill LLC increased its stake in shares of Cohu by 125.5% in the first quarter. Segall Bryant & Hamill LLC now owns 955,344 shares of the semiconductor company's stock worth $29,253,000 after purchasing an additional 531,661 shares in the last quarter. Bank of America Corp DE raised its position in shares of Cohu by 2.2% during the 1st quarter. Bank of America Corp DE now owns 517,195 shares of the semiconductor company's stock valued at $15,837,000 after purchasing an additional 11,123 shares during the period. Finally, Amundi raised its position in shares of Cohu by 89.0% during the 1st quarter. Amundi now owns 36,844 shares of the semiconductor company's stock valued at $1,128,000 after purchasing an additional 17,345 shares during the period. 94.67% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Zacks Research upgraded Cohu from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 30th. B. Riley Financial raised their price target on Cohu from $65.00 to $69.00 and gave the company a "buy" rating in a report on Friday, July 31st. Robert W. Baird assumed coverage on Cohu in a research report on Wednesday, July 8th. They issued an "outperform" rating and a $65.00 price objective on the stock. Craig Hallum reaffirmed a "buy" rating and issued a $74.00 price objective on shares of Cohu in a research note on Friday, July 31st. Finally, Jefferies Financial Group reiterated a "buy" rating and set a $74.00 target price on shares of Cohu in a research report on Friday, July 31st. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $68.75.

Cohu Price Performance

Shares of COHU stock opened at $59.30 on Monday. The company's fifty day simple moving average is $56.75 and its two-hundred day simple moving average is $44.27. Cohu, Inc. has a 52 week low of $18.67 and a 52 week high of $74.60. The stock has a market cap of $2.81 billion, a P/E ratio of -71.44 and a beta of 1.59. The company has a quick ratio of 4.72, a current ratio of 5.74 and a debt-to-equity ratio of 0.37.

Cohu (NASDAQ:COHU - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The semiconductor company reported $0.26 earnings per share for the quarter, beating analysts' consensus estimates of $0.14 by $0.12. The firm had revenue of $149.00 million during the quarter, compared to analyst estimates of $144.20 million. Cohu had a negative return on equity of 1.96% and a negative net margin of 7.43%.The business's quarterly revenue was up 38.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.02 earnings per share. Analysts predict that Cohu, Inc. will post 0.47 EPS for the current fiscal year.

Insider Buying and Selling at Cohu

In other Cohu news, Director James A. Donahue sold 10,257 shares of Cohu stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $46.77, for a total value of $479,719.89. Following the sale, the director owned 3,578 shares of the company's stock, valued at $167,343.06. The trade was a 74.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Jeffrey D. Jones sold 13,000 shares of the company's stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $46.84, for a total value of $608,920.00. Following the sale, the chief financial officer directly owned 343,792 shares in the company, valued at $16,103,217.28. This trade represents a 3.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 97,975 shares of company stock worth $4,664,219 over the last three months. 3.05% of the stock is owned by company insiders.

About Cohu

Cohu, Inc is a global provider of semiconductor test and inspection solutions, offering a broad portfolio of products designed to support chip manufacturers, outsourced semiconductor assembly and test (OSAT) providers, and electronics original equipment manufacturers (OEMs). The company's product lineup includes automatic test handlers, wafer probers, test sockets, thermal subassembly systems and burn-in boards, all engineered to optimize throughput, accuracy and reliability in semiconductor production and final test.

Founded in 1947 and headquartered in Poway, California, Cohu has grown through both organic development and targeted acquisitions to become a recognized leader in test handling and interconnect technologies.

Want to see what other hedge funds are holding COHU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cohu, Inc. (NASDAQ:COHU - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source