Cohu, Inc. $COHU Stock Position Decreased by Tributary Capital Management LLC

Key Points

• Tributary Capital Management trimmed its Cohu stake by 7.5%, selling 56,810 shares and now holding 703,383 shares (about $16.37M), roughly 1.51% of the company and its 27th-largest position.
• Cohu missed quarterly EPS estimates (reported -$0.15 vs. $0.07 expected) while revenue rose 29.9% year-over-year to $122.23M, and the company remains unprofitable with analysts forecasting -$0.36 EPS for the fiscal year.
• Institutional ownership stands at 94.67%, with notable moves such as Tudor Investment starting a ~ $244M position and Invesco boosting its stake 478%; analyst coverage is mixed (five Buys, two Sells) with a consensus target of $34.

Tributary Capital Management LLC lessened its holdings in shares of Cohu, Inc. (NASDAQ:COHU - Free Report) by 7.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 703,383 shares of the semiconductor company's stock after selling 56,810 shares during the period. Cohu accounts for approximately 1.6% of Tributary Capital Management LLC's holdings, making the stock its 27th biggest position. Tributary Capital Management LLC owned 1.51% of Cohu worth $16,368,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Tudor Investment Corp ET AL bought a new position in Cohu in the 3rd quarter worth about $243,960,000. Vanguard Group Inc. grew its position in Cohu by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 4,303,546 shares of the semiconductor company's stock worth $87,491,000 after purchasing an additional 18,033 shares during the last quarter. Royce & Associates LP grew its position in Cohu by 4.7% in the 3rd quarter. Royce & Associates LP now owns 1,910,497 shares of the semiconductor company's stock worth $38,840,000 after purchasing an additional 85,662 shares during the last quarter. Invesco Ltd. grew its position in Cohu by 478.4% in the 2nd quarter. Invesco Ltd. now owns 1,175,282 shares of the semiconductor company's stock worth $22,612,000 after purchasing an additional 972,088 shares during the last quarter. Finally, Millennium Management LLC grew its position in Cohu by 111.1% in the 3rd quarter. Millennium Management LLC now owns 354,684 shares of the semiconductor company's stock worth $7,211,000 after purchasing an additional 186,632 shares during the last quarter. Institutional investors own 94.67% of the company's stock.

Insider Buying and Selling

In related news, SVP Christopher Bohrson sold 1,000 shares of the stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $38.00, for a total transaction of $38,000.00. Following the completion of the sale, the senior vice president directly owned 175,202 shares of the company's stock, valued at $6,657,676. This represents a 0.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 3.05% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have commented on COHU shares. TD Cowen upped their target price on shares of Cohu from $30.00 to $35.00 and gave the stock a "buy" rating in a research report on Friday, February 13th. B. Riley Financial decreased their target price on shares of Cohu from $35.00 to $33.00 and set a "buy" rating for the company in a research report on Friday, February 13th. Stifel Nicolaus upped their target price on shares of Cohu from $32.00 to $34.00 and gave the stock a "buy" rating in a research report on Wednesday, March 18th. Needham & Company LLC upped their target price on shares of Cohu from $30.00 to $33.00 and gave the stock a "buy" rating in a research report on Friday, February 13th. Finally, Evercore assumed coverage on shares of Cohu in a research note on Monday, March 16th. They issued an "outperform" rating and a $35.00 price target for the company. Five analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $34.00.

Cohu Trading Up 4.8%

Shares of NASDAQ:COHU opened at $41.26 on Friday. The company has a 50 day moving average of $31.60 and a 200-day moving average of $26.94. The firm has a market cap of $1.95 billion, a P/E ratio of -25.95 and a beta of 1.24. Cohu, Inc. has a twelve month low of $13.66 and a twelve month high of $42.17. The company has a current ratio of 6.88, a quick ratio of 5.69 and a debt-to-equity ratio of 0.36.

Cohu (NASDAQ:COHU - Get Free Report) last released its earnings results on Thursday, February 12th. The semiconductor company reported ($0.15) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.22). Cohu had a negative net margin of 16.40% and a negative return on equity of 3.76%. The business had revenue of $122.23 million for the quarter, compared to analyst estimates of $122.09 million. During the same period in the prior year, the company earned ($0.15) earnings per share. The firm's revenue for the quarter was up 29.9% on a year-over-year basis. As a group, analysts anticipate that Cohu, Inc. will post -0.36 earnings per share for the current fiscal year.

About Cohu

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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