Bank of New York Mellon Corp Buys Shares of 287,064 Cohu, Inc. $COHU

Key Points

• Bank of New York Mellon acquired 287,064 Cohu shares worth approximately $21.2 million, representing about 0.61% of the semiconductor company. 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 recently raised or set targets between $65 and $74.
• Cohu reported quarterly EPS of $0.26, beating estimates of $0.14, while revenue rose 38.3% year over year to $149 million. However, company directors sold shares under pre-arranged trading plans, and insiders have sold 30,307 shares worth about $1.63 million over the past three months.

Bank of New York Mellon Corp bought a new stake in shares of Cohu, Inc. (NASDAQ:COHU - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 287,064 shares of the semiconductor company's stock, valued at approximately $21,217,000. Bank of New York Mellon Corp owned about 0.61% of Cohu as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Cohu by 3.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,214 shares of the semiconductor company's stock worth $400,000 after acquiring an additional 905 shares in the last quarter. Caxton Associates LLP bought a new stake in Cohu during the 1st quarter valued at about $276,000. Jane Street Group LLC increased its stake in Cohu by 2,042.7% during the 1st quarter. Jane Street Group LLC now owns 162,674 shares of the semiconductor company's stock valued at $2,393,000 after purchasing an additional 155,082 shares in the last quarter. American Century Companies Inc. raised its holdings in Cohu by 4.9% in the second quarter. American Century Companies Inc. now owns 114,361 shares of the semiconductor company's stock worth $2,200,000 after buying an additional 5,297 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in Cohu by 478.4% in the second quarter. Invesco Ltd. now owns 1,175,282 shares of the semiconductor company's stock worth $22,612,000 after buying an additional 972,088 shares during the last quarter. 94.67% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on COHU shares. B. Riley Financial raised their price target on shares of Cohu from $65.00 to $69.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Jefferies Financial Group reaffirmed a "buy" rating and issued a $74.00 price objective on shares of Cohu in a research report on Friday, July 31st. Robert W. Baird started coverage on Cohu in a report on Wednesday, July 8th. They issued an "outperform" rating and a $65.00 target price for the company. Craig Hallum restated a "buy" rating and issued a $74.00 price target on shares of Cohu in a research note on Friday, July 31st. Finally, Needham & Company LLC increased their price objective on Cohu from $54.00 to $65.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Cohu presently has an average rating of "Buy" and a consensus target price of $68.75.

Insider Buying and Selling

In other news, Director Nina Richardson sold 3,055 shares of the firm's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $51.54, for a total value of $157,454.70. Following the transaction, the director owned 39,093 shares of the company's stock, valued at $2,014,853.22. This trade represents a 7.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Andrew M. Caggia sold 15,252 shares of Cohu stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $51.74, for a total value of $789,138.48. Following the transaction, the director directly owned 64,778 shares in the company, valued at approximately $3,351,613.72. The trade was a 19.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 30,307 shares of company stock valued at $1,630,573. 3.05% of the stock is owned by company insiders.

Cohu Stock Performance

COHU opened at $48.00 on Monday. The company's 50 day moving average is $55.26 and its 200 day moving average is $45.99. The company has a current ratio of 5.74, a quick ratio of 4.72 and a debt-to-equity ratio of 0.37. The company has a market cap of $2.27 billion, a price-to-earnings ratio of -57.83 and a beta of 1.59. Cohu, Inc. has a 12-month low of $18.67 and a 12-month high of $74.60.

Cohu (NASDAQ:COHU - Get Free Report) last announced its earnings results on Thursday, July 30th. The semiconductor company reported $0.26 EPS for the quarter, beating analysts' consensus estimates of $0.14 by $0.12. Cohu had a negative net margin of 7.43% and a negative return on equity of 1.96%. The business had revenue of $149.00 million during the quarter, compared to analysts' expectations of $144.20 million. During the same period in the prior year, the company earned $0.02 earnings per share. The firm's revenue was up 38.3% on a year-over-year basis. On average, equities research analysts predict that Cohu, Inc. will post 0.47 EPS for the current year.

Cohu Profile

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.

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