Bank of New York Mellon Corp Acquires 9,991 Shares of Semtech Corporation $SMTC

Key Points

• Bank of New York Mellon increased its Semtech stake by 2.0% in the first quarter, buying 9,991 additional shares and bringing its total holding to 505,504 shares worth about $38.9 million.
• Semtech reported strong quarterly results, with earnings of $0.51 per share topping estimates and revenue of $291.02 million beating forecasts; revenue also rose 15.9% year over year.
• Despite the upbeat results and generally bullish analyst sentiment, Semtech shares were down 9.2%, while analysts’ average price target sits at $189.07 with a Moderate Buy consensus.

Bank of New York Mellon Corp grew its holdings in shares of Semtech Corporation (NASDAQ:SMTC - Free Report) by 2.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 505,504 shares of the semiconductor company's stock after purchasing an additional 9,991 shares during the period. Bank of New York Mellon Corp owned about 0.54% of Semtech worth $38,868,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Leonteq Securities AG grew its position in Semtech by 11.2% during the first quarter. Leonteq Securities AG now owns 1,171 shares of the semiconductor company's stock worth $90,000 after buying an additional 118 shares in the last quarter. Evergreen Capital Management LLC raised its holdings in Semtech by 2.3% in the 4th quarter. Evergreen Capital Management LLC now owns 5,945 shares of the semiconductor company's stock valued at $438,000 after acquiring an additional 136 shares in the last quarter. Stephens Inc. AR lifted its position in shares of Semtech by 3.3% during the 4th quarter. Stephens Inc. AR now owns 4,410 shares of the semiconductor company's stock valued at $325,000 after acquiring an additional 142 shares during the period. Captrust Financial Advisors lifted its position in shares of Semtech by 0.8% during the 4th quarter. Captrust Financial Advisors now owns 19,302 shares of the semiconductor company's stock valued at $1,422,000 after acquiring an additional 162 shares during the period. Finally, Cetera Investment Advisers grew its holdings in shares of Semtech by 1.5% during the 4th quarter. Cetera Investment Advisers now owns 11,737 shares of the semiconductor company's stock worth $865,000 after purchasing an additional 177 shares in the last quarter.

Semtech Stock Down 9.2%

Shares of NASDAQ SMTC opened at $125.92 on Friday. The company has a market cap of $11.73 billion, a price-to-earnings ratio of -322.87 and a beta of 2.31. The company has a current ratio of 2.37, a quick ratio of 1.62 and a debt-to-equity ratio of 0.86. Semtech Corporation has a 12 month low of $46.02 and a 12 month high of $177.35. The stock has a 50-day moving average price of $149.03 and a two-hundred day moving average price of $110.52.

Semtech (NASDAQ:SMTC - Get Free Report) last posted its quarterly earnings results on Tuesday, May 26th. The semiconductor company reported $0.51 earnings per share for the quarter, beating analysts' consensus estimates of $0.45 by $0.06. The company had revenue of $291.02 million for the quarter, compared to the consensus estimate of $283.53 million. Semtech had a negative net margin of 3.05% and a positive return on equity of 18.31%. The firm's quarterly revenue was up 15.9% compared to the same quarter last year. During the same period last year, the company posted $0.38 EPS. Semtech has set its Q2 2027 guidance at 0.590-0.630 EPS. As a group, analysts forecast that Semtech Corporation will post 1.81 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SMTC has been the topic of a number of recent analyst reports. Stifel Nicolaus raised their price target on Semtech from $157.00 to $188.00 and gave the stock a "buy" rating in a research report on Wednesday, May 27th. Citigroup lowered shares of Semtech from a "buy" rating to a "market perform" rating in a report on Tuesday, May 26th. Roth Capital boosted their target price on shares of Semtech from $102.00 to $190.00 and gave the company a "buy" rating in a research report on Wednesday, May 27th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Semtech in a report on Thursday, June 18th. Finally, Susquehanna increased their price target on shares of Semtech from $170.00 to $200.00 and gave the stock a "positive" rating in a research report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $189.07.

Insider Transactions at Semtech

In other news, CEO Hong Q. Hou sold 2,000 shares of the stock in a transaction on Friday, July 10th. The stock was sold at an average price of $133.00, for a total value of $266,000.00. Following the completion of the transaction, the chief executive officer directly owned 64,799 shares in the company, valued at approximately $8,618,267. This represents a 2.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul V. Walsh, Jr. sold 500 shares of the firm's stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $164.99, for a total value of $82,495.00. Following the sale, the director directly owned 28,100 shares in the company, valued at approximately $4,636,219. This trade represents a 1.75% 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. Over the last three months, insiders have sold 22,234 shares of company stock valued at $3,203,091. Corporate insiders own 0.44% of the company's stock.

Semtech Profile

Semtech Corporation is a leading supplier of high-performance analog and mixed-signal semiconductors and advanced algorithms. The company's products address a broad range of applications in the Internet of Things (IoT), data center and telecom, industrial, home automation, automotive, and aerospace markets. Semtech's portfolio includes power management, signal integrity, protection devices, wireless and sensing technologies that enable smarter, more connected systems worldwide.

A core offering from Semtech is its LoRa® technology, a low-power, long-range wireless communication platform that has become a de facto standard for global IoT deployments.

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