Bayforest Capital Ltd Buys New Stake in Diodes Incorporated (NASDAQ:DIOD)

Key Points

• Bayforest Capital Ltd purchased 6,029 shares of Diodes Incorporated (NASDAQ:DIOD) in Q1, valued at approximately $260,000, highlighting increased institutional interest in the semiconductor company.
• Diodes reported a 10% increase in revenue year-over-year for the last quarter, with earnings per share of $0.19, surpassing the consensus estimate.
• The company's Board approved a $100 million stock repurchase program, indicating confidence in the stock's value and allowing the repurchase of about 5.4% of shares.

Bayforest Capital Ltd acquired a new stake in Diodes Incorporated (NASDAQ:DIOD - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,029 shares of the semiconductor company's stock, valued at approximately $260,000.

A number of other large investors have also recently added to or reduced their stakes in DIOD. Pitcairn Co. grew its holdings in shares of Diodes by 4.2% during the fourth quarter. Pitcairn Co. now owns 5,208 shares of the semiconductor company's stock worth $321,000 after buying an additional 208 shares during the last quarter. Summit Investment Advisors Inc. grew its holdings in shares of Diodes by 5.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 4,772 shares of the semiconductor company's stock worth $294,000 after buying an additional 262 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of Diodes by 1.9% during the first quarter. Nisa Investment Advisors LLC now owns 15,696 shares of the semiconductor company's stock worth $678,000 after buying an additional 297 shares during the last quarter. QRG Capital Management Inc. grew its holdings in shares of Diodes by 5.4% during the first quarter. QRG Capital Management Inc. now owns 6,290 shares of the semiconductor company's stock worth $272,000 after buying an additional 323 shares during the last quarter. Finally, Signaturefd LLC grew its holdings in shares of Diodes by 170.1% during the first quarter. Signaturefd LLC now owns 597 shares of the semiconductor company's stock worth $26,000 after buying an additional 376 shares during the last quarter. 99.23% of the stock is currently owned by institutional investors and hedge funds.

Diodes Stock Performance

Shares of DIOD stock traded down $0.46 during trading hours on Friday, reaching $48.91. 552,177 shares of the company's stock were exchanged, compared to its average volume of 372,044. The company's 50 day moving average is $51.76 and its two-hundred day moving average is $48.78. Diodes Incorporated has a 1 year low of $32.93 and a 1 year high of $72.76. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.43 and a quick ratio of 2.11. The company has a market cap of $2.27 billion, a P/E ratio of 88.93 and a beta of 1.47.

Diodes (NASDAQ:DIOD - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.18 by $0.01. Diodes had a net margin of 1.90% and a return on equity of 3.04%. The company had revenue of $332.11 million during the quarter, compared to the consensus estimate of $323.28 million. During the same period last year, the firm earned $0.28 EPS. The company's revenue for the quarter was up 10.0% on a year-over-year basis. Equities research analysts anticipate that Diodes Incorporated will post 1.82 EPS for the current fiscal year.

Diodes announced that its board has initiated a share buyback plan on Thursday, May 8th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the semiconductor company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

A number of research firms recently issued reports on DIOD. Baird R W raised Diodes from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Benchmark reissued a "buy" rating and set a $62.00 price target (up previously from $55.00) on shares of Diodes in a report on Friday, June 13th. Wall Street Zen raised Diodes from a "hold" rating to a "buy" rating in a report on Sunday. Finally, Robert W. Baird raised Diodes from a "neutral" rating to an "outperform" rating and set a $50.00 target price for the company in a research note on Monday, April 7th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $55.00.

About Diodes

Diodes Incorporated, together with its subsidiaries, manufactures and supplies application-specific standard products in the broad discrete, logic, analog, and mixed-signal semiconductor markets worldwide. The company offers discrete semiconductor products, such as MOSFETs, SiC MOSFETs; data line protection, power line protection, thyristers, USB Type-C protection, and transient voltage suppressors; Schottky, small signal switching, Zener, and SiC diodes; bridges, super barrier, Schottky, Schottky bridge, and fast/ultra-fast rectifiers; and bipolar, avalanche, gate driver, and pre-bias transistors.