Bank of America Corp DE Has $41.07 Million Stake in Silicon Laboratories, Inc. $SLAB

Key Points

• Bank of America reduced its Silicon Laboratories stake by 49.6% in the first quarter, selling 194,394 shares and retaining 197,317 shares valued at approximately $41.07 million.
• Silicon Laboratories reported quarterly EPS of $0.71, beating estimates by $0.02, while revenue rose 18.3% year over year to $228.19 million. The stock recently traded near $218.30, close to its 12-month high.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating and an average price target of $218; meanwhile, CEO Robert Matthew Johnson sold shares worth approximately $1.74 million.

Bank of America Corp DE cut its holdings in Silicon Laboratories, Inc. (NASDAQ:SLAB - Free Report) by 49.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 197,317 shares of the semiconductor company's stock after selling 194,394 shares during the quarter. Bank of America Corp DE owned about 0.60% of Silicon Laboratories worth $41,071,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. EverSource Wealth Advisors LLC lifted its position in shares of Silicon Laboratories by 66.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 225 shares of the semiconductor company's stock worth $47,000 after buying an additional 90 shares during the last quarter. California State Teachers Retirement System increased its position in Silicon Laboratories by 21.5% in the 1st quarter. California State Teachers Retirement System now owns 38,003 shares of the semiconductor company's stock valued at $7,910,000 after buying an additional 6,737 shares in the last quarter. Empowered Funds LLC increased its holdings in shares of Silicon Laboratories by 38.5% during the first quarter. Empowered Funds LLC now owns 4,082 shares of the semiconductor company's stock valued at $850,000 after acquiring an additional 1,134 shares in the last quarter. Quantinno Capital Management LP raised its holdings in shares of Silicon Laboratories by 22.5% in the 1st quarter. Quantinno Capital Management LP now owns 7,635 shares of the semiconductor company's stock worth $1,589,000 after purchasing an additional 1,400 shares during the period. Finally, Polar Asset Management Partners Inc. purchased a new position in shares of Silicon Laboratories during the 1st quarter valued at $1,041,000.

Silicon Laboratories Trading Down 0.2%

Shares of NASDAQ:SLAB opened at $218.30 on Friday. The stock's 50-day moving average price is $218.28 and its 200-day moving average price is $209.82. The stock has a market capitalization of $7.28 billion, a P/E ratio of -185.00 and a beta of 1.37. Silicon Laboratories, Inc. has a 12-month low of $115.50 and a 12-month high of $220.90.

Silicon Laboratories (NASDAQ:SLAB - Get Free Report) last posted its quarterly earnings data on Tuesday, August 11th. The semiconductor company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.69 by $0.02. The business had revenue of $228.19 million for the quarter, compared to analyst estimates of $227.99 million. Silicon Laboratories had a negative net margin of 4.57% and a negative return on equity of 0.66%. Silicon Laboratories's quarterly revenue was up 18.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.11 earnings per share. As a group, research analysts predict that Silicon Laboratories, Inc. will post 0.74 EPS for the current year.

Insider Activity at Silicon Laboratories

In other news, CEO Robert Matthew Johnson sold 8,024 shares of the company's stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $216.83, for a total value of $1,739,843.92. Following the completion of the transaction, the chief executive officer owned 80,519 shares of the company's stock, valued at $17,458,934.77. This represents a 9.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a "sell (d-)" rating on shares of Silicon Laboratories in a research note on Wednesday, June 24th. Five research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Reduce" and an average target price of $218.00.

About Silicon Laboratories

Silicon Laboratories NASDAQ: SLAB is a global semiconductor company that develops high-performance analog and mixed-signal integrated circuits, wireless system-on-chips (SoCs), microcontrollers, and radio frequency (RF) solutions. Its product portfolio is tailored to support the Internet of Things (IoT), infrastructure, industrial automation, consumer electronics, automotive, and energy markets. By combining silicon, software, and tools, Silicon Labs aims to accelerate development cycles and deliver low-power, highly integrated solutions that address demanding application requirements.

Founded in 1996 and headquartered in Austin, Texas, Silicon Labs has grown into a multinational organization with engineering and sales operations across North America, Europe, and Asia.

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