Bank of New York Mellon Corp Sells 207,679 Shares of Semtech Corporation (NASDAQ:SMTC)

Bank of New York Mellon Corp decreased its holdings in Semtech Corporation (NASDAQ:SMTC - Free Report) by 25.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 607,283 shares of the semiconductor company's stock after selling 207,679 shares during the quarter. Bank of New York Mellon Corp owned 0.70% of Semtech worth $20,891,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in SMTC. Dunhill Financial LLC acquired a new stake in shares of Semtech during the 4th quarter worth about $31,000. NBC Securities Inc. increased its position in shares of Semtech by 104,700.0% during the 1st quarter. NBC Securities Inc. now owns 1,048 shares of the semiconductor company's stock worth $36,000 after purchasing an additional 1,047 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of Semtech during the 4th quarter worth about $52,000. Versant Capital Management Inc increased its position in shares of Semtech by 58.5% during the 1st quarter. Versant Capital Management Inc now owns 1,498 shares of the semiconductor company's stock worth $52,000 after purchasing an additional 553 shares in the last quarter. Finally, AlphaQuest LLC grew its holdings in Semtech by 173.5% during the 4th quarter. AlphaQuest LLC now owns 1,217 shares of the semiconductor company's stock worth $75,000 after acquiring an additional 772 shares during the last quarter.

Analyst Upgrades and Downgrades

SMTC has been the topic of a number of research analyst reports. UBS Group decreased their price objective on shares of Semtech from $60.00 to $55.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Stifel Nicolaus increased their price objective on shares of Semtech from $45.00 to $54.00 and gave the stock a "buy" rating in a report on Friday. Benchmark reissued a "buy" rating and set a $68.00 price objective on shares of Semtech in a report on Wednesday, May 28th. Needham & Company LLC reissued a "buy" rating and set a $54.00 price objective on shares of Semtech in a report on Wednesday, May 28th. Finally, Morgan Stanley set a $43.00 price objective on shares of Semtech in a report on Wednesday, May 28th. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $59.58.

Insider Activity

In other Semtech news, COO Asaf Silberstein sold 2,000 shares of the business's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $42.98, for a total transaction of $85,960.00. Following the completion of the transaction, the chief operating officer owned 105,996 shares of the company's stock, valued at approximately $4,555,708.08. The trade was a 1.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark Lin sold 999 shares of the business's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $43.84, for a total value of $43,796.16. Following the transaction, the chief financial officer directly owned 17,211 shares of the company's stock, valued at approximately $754,530.24. The trade was a 5.49% decrease in their position. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by insiders.

Semtech Stock Performance

Shares of Semtech stock traded down $0.56 during trading on Monday, reaching $53.06. The company's stock had a trading volume of 1,225,492 shares, compared to its average volume of 2,166,909. The business's 50-day moving average price is $42.05 and its 200-day moving average price is $42.68. The firm has a market cap of $4.60 billion, a PE ratio of -25.76 and a beta of 1.92. Semtech Corporation has a 52 week low of $24.05 and a 52 week high of $79.52. The company has a quick ratio of 1.81, a current ratio of 2.53 and a debt-to-equity ratio of 0.95.

Semtech (NASDAQ:SMTC - Get Free Report) last posted its quarterly earnings data on Tuesday, May 27th. The semiconductor company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.10. Semtech had a negative net margin of 12.52% and a positive return on equity of 19.66%. The business had revenue of $251.10 million during the quarter, compared to analysts' expectations of $249.79 million. During the same quarter in the prior year, the business posted $0.06 earnings per share. Semtech's revenue was up 21.8% compared to the same quarter last year. Equities analysts forecast that Semtech Corporation will post -0.02 earnings per share for the current year.

About Semtech

Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor and advanced algorithms. It provides signal integrity products, including a portfolio of optical data communications and video transport products used in various infrastructure, and industrial applications; a portfolio of integrated circuits for data centers, enterprise networks, passive optical networks, wireless base station optical transceivers, and high-speed interface applications; and video products for broadcast applications, as well as video-over-IP technology for professional audio video applications.