Bank of America Corp DE Makes New Investment in Cohu, Inc. $COHU

Key Points

• Bank of America initiated a Cohu stake, purchasing 240,075 shares valued at approximately $17.7 million, while institutional investors collectively own 94.67% of the semiconductor equipment company.
• Analysts remain broadly positive, with Cohu receiving a “Moderate Buy” consensus rating and an average price target of $68.75; several firms recently raised their targets to as high as $80.
• Cohu reported quarterly EPS of $0.26, beating expectations of $0.14, while revenue rose 38.3% year over year to $149 million. The stock opened at $63.70, down 1.2%, after trading between $18.67 and $74.60 over the past year.

Bank of America Corp DE bought a new stake in shares of Cohu, Inc. (NASDAQ:COHU - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 240,075 shares of the semiconductor company's stock, valued at approximately $17,744,000. Bank of America Corp DE owned approximately 0.51% of Cohu at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Cohu in the 2nd quarter valued at approximately $545,932,000. The Manufacturers Life Insurance Company acquired a new position in Cohu during the 2nd quarter valued at approximately $77,814,000. Paradigm Capital Management Inc. NY purchased a new position in shares of Cohu in the second quarter worth $42,794,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Cohu in the second quarter worth $38,523,000. Finally, Segall Bryant & Hamill LLC lifted its stake in shares of Cohu by 125.5% during the first quarter. Segall Bryant & Hamill LLC now owns 955,344 shares of the semiconductor company's stock worth $29,253,000 after buying an additional 531,661 shares during the period. 94.67% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. TD Cowen boosted their price objective on shares of Cohu from $60.00 to $80.00 and gave the company a "buy" rating in a report on Tuesday, June 16th. Needham & Company LLC lifted their price target on Cohu from $54.00 to $65.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Stifel Nicolaus boosted their price target on Cohu from $50.00 to $70.00 and gave the company a "buy" rating in a research note on Friday, July 10th. Jefferies Financial Group restated a "buy" rating and issued a $74.00 price objective on shares of Cohu in a research note on Friday, July 31st. Finally, Robert W. Baird began coverage on Cohu in a research report on Wednesday, July 8th. They issued an "outperform" rating and a $65.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $68.75.

Cohu Trading Down 1.2%

NASDAQ COHU opened at $63.70 on Friday. Cohu, Inc. has a 1 year low of $18.67 and a 1 year high of $74.60. The company has a debt-to-equity ratio of 0.37, a current ratio of 5.74 and a quick ratio of 4.72. The company has a market capitalization of $3.02 billion, a PE ratio of -76.75 and a beta of 1.58. The company has a fifty day moving average of $52.75 and a 200 day moving average of $49.08.

Cohu (NASDAQ:COHU - Get Free Report) last released 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 business 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 company's revenue was up 38.3% on a year-over-year basis. During the same quarter last year, the business posted $0.02 EPS. Research analysts forecast that Cohu, Inc. will post 0.47 earnings per share for the current year.

Insider Buying and Selling

In other Cohu news, SVP Christopher Bohrson sold 10,000 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $55.82, for a total value of $558,200.00. Following the sale, the senior vice president owned 159,702 shares in the company, valued at approximately $8,914,565.64. This represents a 5.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Andrew Caggia sold 15,252 shares of the firm's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $51.74, for a total transaction of $789,138.48. Following the sale, the director directly owned 64,778 shares in the company, valued at $3,351,613.72. The trade was a 19.06% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 85,101 shares of company stock valued at $4,914,333 in the last ninety days. Insiders own 3.05% of the company's stock.

Cohu Company Profile

Cohu, Inc is a semiconductor test and inspection equipment company that develops products used throughout the semiconductor manufacturing process. Its portfolio includes semiconductor test handlers, test contactors, inspection and metrology systems, thermal-management solutions, and software for managing and analyzing test data.

The company's equipment helps semiconductor manufacturers and outsourced semiconductor assembly and test providers handle, connect, test, inspect, and characterize packaged semiconductor devices.

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.