Bank of New York Mellon Corp Has $44.59 Million Holdings in Silicon Laboratories, Inc. $SLAB

Key Points

• Bank of New York Mellon trimmed its Silicon Laboratories stake by 2.7% in the first quarter, but still held 214,231 shares valued at about $44.6 million.
• Silicon Laboratories reported Q1 EPS of $0.53, beating estimates, while revenue came in at $213.5 million and rose 20.1% year over year.
• Analysts remain cautious: the stock has a consensus rating of “Reduce” with an average price target of $177.50, and CEO Robert Matthew Johnson also sold shares in May.

Bank of New York Mellon Corp cut its holdings in shares of Silicon Laboratories, Inc. (NASDAQ:SLAB - Free Report) by 2.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 214,231 shares of the semiconductor company's stock after selling 5,996 shares during the period. Bank of New York Mellon Corp owned about 0.65% of Silicon Laboratories worth $44,592,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SLAB. AQR Capital Management LLC grew its position in shares of Silicon Laboratories by 43.7% during the 1st quarter. AQR Capital Management LLC now owns 17,892 shares of the semiconductor company's stock worth $2,001,000 after buying an additional 5,439 shares during the period. Millennium Management LLC boosted its position in shares of Silicon Laboratories by 2,804.1% during the first quarter. Millennium Management LLC now owns 99,842 shares of the semiconductor company's stock worth $11,239,000 after purchasing an additional 96,404 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in shares of Silicon Laboratories by 121.4% in the 1st quarter. Jones Financial Companies Lllp now owns 496 shares of the semiconductor company's stock valued at $56,000 after buying an additional 272 shares during the period. United Services Automobile Association acquired a new position in shares of Silicon Laboratories in the 1st quarter valued at $235,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Silicon Laboratories by 1.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 97,156 shares of the semiconductor company's stock worth $10,937,000 after buying an additional 1,679 shares during the period.

Silicon Laboratories Stock Performance

Shares of NASDAQ:SLAB opened at $216.88 on Friday. Silicon Laboratories, Inc. has a 52-week low of $115.50 and a 52-week high of $220.90. The business's 50 day simple moving average is $218.24 and its two-hundred day simple moving average is $202.46. The firm has a market cap of $7.15 billion, a P/E ratio of -141.75 and a beta of 1.36.

Silicon Laboratories (NASDAQ:SLAB - Get Free Report) last issued its earnings results on Tuesday, May 5th. The semiconductor company reported $0.53 earnings per share for the quarter, topping analysts' consensus estimates of $0.49 by $0.04. The company had revenue of $213.50 million for the quarter, compared to analyst estimates of $214.02 million. Silicon Laboratories had a negative return on equity of 2.18% and a negative net margin of 6.13%.Silicon Laboratories's revenue for the quarter was up 20.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.08) earnings per share. On average, equities analysts forecast that Silicon Laboratories, Inc. will post 0.74 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a "sell (d-)" rating on shares of Silicon Laboratories in a research report on Wednesday, June 24th. Seven investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Reduce" and an average target price of $177.50.

Insider Transactions at Silicon Laboratories

In other news, CEO Robert Matthew Johnson sold 8,024 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $216.83, for a total transaction of $1,739,843.92. Following the completion of the transaction, the chief executive officer owned 80,519 shares in the company, valued at approximately $17,458,934.77. This represents a 9.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.60% of the stock is owned by corporate insiders.

Silicon Laboratories Company Profile

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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