Bank of New York Mellon Corp Makes New Investment in Silicon Laboratories, Inc. $SLAB

Key Points

• Bank of New York Mellon acquired 209,089 shares of Silicon Laboratories in the second quarter, a stake valued at approximately $45.7 million and representing 0.63% of the company.
• Several institutional investors significantly increased their SLAB holdings, including AQR Capital Management, HSBC Holdings, Thrivent Financial and Westfield Capital Management.
• Silicon Laboratories exceeded quarterly earnings and revenue estimates, with revenue up 18.3% year over year, but analyst sentiment remains cautious: the stock carries an average “Reduce” rating and a $218 price target.

Bank of New York Mellon Corp acquired a new stake in Silicon Laboratories, Inc. (NASDAQ:SLAB - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 209,089 shares of the semiconductor company's stock, valued at approximately $45,699,000. Bank of New York Mellon Corp owned 0.63% of Silicon Laboratories as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in SLAB. Norges Bank acquired a new stake in Silicon Laboratories during the fourth quarter worth approximately $56,008,000. Thrivent Financial for Lutherans raised its holdings in Silicon Laboratories by 312.9% in the 4th quarter. Thrivent Financial for Lutherans now owns 467,958 shares of the semiconductor company's stock valued at $61,162,000 after acquiring an additional 354,621 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Silicon Laboratories by 1,970.7% during the 2nd quarter. AQR Capital Management LLC now owns 370,492 shares of the semiconductor company's stock valued at $54,516,000 after acquiring an additional 352,600 shares during the period. Westfield Capital Management Co. LP lifted its position in shares of Silicon Laboratories by 59.9% during the 4th quarter. Westfield Capital Management Co. LP now owns 547,403 shares of the semiconductor company's stock valued at $71,546,000 after acquiring an additional 205,093 shares during the period. Finally, Hsbc Holdings PLC grew its holdings in shares of Silicon Laboratories by 1,752.1% during the 1st quarter. Hsbc Holdings PLC now owns 214,071 shares of the semiconductor company's stock worth $44,358,000 after purchasing an additional 202,513 shares in the last quarter.

Silicon Laboratories Price Performance

NASDAQ SLAB opened at $218.95 on Friday. The business has a fifty day moving average price of $218.21 and a two-hundred day moving average price of $213.88. The stock has a market capitalization of $7.31 billion, a PE ratio of -185.55 and a beta of 1.37. Silicon Laboratories, Inc. has a fifty-two week low of $115.50 and a fifty-two week high of $220.90.

Silicon Laboratories (NASDAQ:SLAB - Get Free Report) last issued its quarterly earnings results on Tuesday, August 11th. The semiconductor company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.02. Silicon Laboratories had a negative return on equity of 0.66% and a negative net margin of 4.57%.The company had revenue of $228.19 million for the quarter, compared to analyst estimates of $227.99 million. During the same quarter last year, the company posted $0.11 EPS. The company's revenue for the quarter was up 18.3% compared to the same quarter last year. As a group, sell-side analysts expect that Silicon Laboratories, Inc. will post 0.52 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Zacks Research cut Silicon Laboratories from a "hold" rating to a "strong sell" rating in a research report on Tuesday, August 18th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Silicon Laboratories in a research report on Wednesday, June 24th. Five investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Reduce" and an average price target of $218.00.

About Silicon Laboratories

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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