Comerica Bank Sells 110,253 Shares of Silicon Laboratories, Inc. $SLAB

Key Points

• Comerica Bank sharply cut its Silicon Laboratories stake, selling 110,253 shares in the fourth quarter and reducing its position by 93.2% to just 8,009 shares worth about $1.05 million.
• Silicon Laboratories reported better-than-expected earnings for the latest quarter, posting $0.53 EPS versus the $0.49 estimate while revenue rose 20.1% year over year to $213.5 million.
• Wall Street sentiment remains cautious, with the stock carrying an average “Hold” rating and an average price target of $167.78, even after several firms raised targets or downgraded the shares.

Comerica Bank reduced its position in Silicon Laboratories, Inc. (NASDAQ:SLAB - Free Report) by 93.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,009 shares of the semiconductor company's stock after selling 110,253 shares during the quarter. Comerica Bank's holdings in Silicon Laboratories were worth $1,047,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of SLAB. AQR Capital Management LLC increased its holdings in Silicon Laboratories by 43.7% in the 1st quarter. AQR Capital Management LLC now owns 17,892 shares of the semiconductor company's stock valued at $2,001,000 after buying an additional 5,439 shares during the period. Millennium Management LLC increased its holdings in Silicon Laboratories by 2,804.1% in the 1st quarter. Millennium Management LLC now owns 99,842 shares of the semiconductor company's stock valued at $11,239,000 after buying an additional 96,404 shares during the period. Jones Financial Companies Lllp increased its holdings in 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 stake in shares of Silicon Laboratories in the 1st quarter valued at approximately $235,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Silicon Laboratories by 1.8% in 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 valued at $10,937,000 after purchasing an additional 1,679 shares in the last quarter.

Silicon Laboratories Trading Down 0.1%

SLAB opened at $217.45 on Friday. The company's 50 day moving average is $208.98 and its 200-day moving average is $168.64. Silicon Laboratories, Inc. has a 1-year low of $112.78 and a 1-year high of $218.68. The company has a market cap of $7.17 billion, a P/E ratio of -142.12 and a beta of 1.40.

Silicon Laboratories (NASDAQ:SLAB - Get Free Report) last posted its earnings results on Tuesday, May 5th. The semiconductor company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.49 by $0.04. Silicon Laboratories had a negative net margin of 6.13% and a negative return on equity of 2.18%. The business had revenue of $213.50 million for the quarter, compared to the consensus estimate of $214.02 million. During the same period last year, the company earned ($0.08) EPS. The firm's revenue was up 20.1% compared to the same quarter last year. On average, equities analysts forecast that Silicon Laboratories, Inc. will post 0.71 EPS for the current year.

Analyst Ratings Changes

A number of research firms have recently weighed in on SLAB. Needham & Company LLC downgraded shares of Silicon Laboratories from a "buy" rating to a "hold" rating in a research note on Wednesday, February 4th. Benchmark downgraded shares of Silicon Laboratories from a "buy" rating to a "hold" rating in a research note on Wednesday, February 4th. Citigroup raised their price target on shares of Silicon Laboratories from $135.00 to $231.00 and gave the company a "neutral" rating in a research note on Friday, February 6th. Royal Bank Of Canada raised their price target on shares of Silicon Laboratories from $160.00 to $205.00 and gave the company a "sector perform" rating in a research note on Thursday, February 5th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Silicon Laboratories in a research note on Friday, March 27th. One equities research analyst has rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $167.78.

Silicon Laboratories 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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