Connor Clark & Lunn Investment Management Ltd. Has $87.79 Million Stake in Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Taiwan Semiconductor Manufacturing Company by 60.6%, acquiring an additional 199,555 shares in the first quarter, bringing its total holdings to 528,878 shares valued at approximately $87.8 million.
• Wall Street analysts have a generally positive outlook on Taiwan Semiconductor, with several firms raising target prices, including Susquehanna's increase from $255 to $265 and Needham's $270 target.
• The company reported earnings of $2.47 per share for the last quarter, exceeding estimates by $0.34 and achieving a 44.4% year-over-year revenue growth to $30.07 billion.

Connor Clark & Lunn Investment Management Ltd. raised its stake in Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM - Free Report) by 60.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 528,878 shares of the semiconductor company's stock after acquiring an additional 199,555 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Taiwan Semiconductor Manufacturing were worth $87,794,000 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 TSM. City Holding Co. raised its holdings in Taiwan Semiconductor Manufacturing by 238.0% in the 1st quarter. City Holding Co. now owns 169 shares of the semiconductor company's stock valued at $28,000 after buying an additional 119 shares during the last quarter. Accredited Wealth Management LLC bought a new position in Taiwan Semiconductor Manufacturing in the 4th quarter valued at approximately $31,000. Signature Resources Capital Management LLC raised its holdings in Taiwan Semiconductor Manufacturing by 138.8% in the 1st quarter. Signature Resources Capital Management LLC now owns 191 shares of the semiconductor company's stock valued at $32,000 after buying an additional 111 shares during the last quarter. Graybill Wealth Management LTD. bought a new position in Taiwan Semiconductor Manufacturing in the 1st quarter valued at approximately $33,000. Finally, Vision Financial Markets LLC bought a new position in Taiwan Semiconductor Manufacturing in the 1st quarter valued at approximately $33,000. Institutional investors own 16.51% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on TSM. Barclays reiterated an "overweight" rating and issued a $240.00 price objective (up previously from $215.00) on shares of Taiwan Semiconductor Manufacturing in a report on Tuesday, June 3rd. Needham & Company LLC reiterated a "buy" rating and issued a $270.00 price objective on shares of Taiwan Semiconductor Manufacturing in a report on Thursday, July 17th. Susquehanna raised their price objective on shares of Taiwan Semiconductor Manufacturing from $255.00 to $265.00 and gave the company a "positive" rating in a report on Monday, July 14th. Finally, Citigroup reissued a "buy" rating on shares of Taiwan Semiconductor Manufacturing in a research report on Thursday, May 22nd. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $258.33.

Taiwan Semiconductor Manufacturing Trading Down 0.3%

NYSE:TSM traded down $0.71 on Friday, reaching $241.91. 10,540,805 shares of the stock traded hands, compared to its average volume of 12,379,486. The firm has a market capitalization of $1.25 trillion, a price-to-earnings ratio of 27.58, a price-to-earnings-growth ratio of 1.17 and a beta of 1.19. The company's 50 day moving average is $226.40 and its 200-day moving average is $196.73. The company has a current ratio of 2.37, a quick ratio of 2.15 and a debt-to-equity ratio of 0.18. Taiwan Semiconductor Manufacturing Company Ltd. has a 1-year low of $134.25 and a 1-year high of $248.28.

Taiwan Semiconductor Manufacturing (NYSE:TSM - Get Free Report) last released its earnings results on Thursday, July 17th. The semiconductor company reported $2.47 earnings per share for the quarter, beating analysts' consensus estimates of $2.13 by $0.34. The business had revenue of $30.07 billion during the quarter, compared to the consensus estimate of $28.50 billion. Taiwan Semiconductor Manufacturing had a net margin of 42.91% and a return on equity of 32.87%. The company's revenue for the quarter was up 44.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.48 EPS. Equities research analysts anticipate that Taiwan Semiconductor Manufacturing Company Ltd. will post 9.2 EPS for the current fiscal year.

Taiwan Semiconductor Manufacturing Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Tuesday, September 16th will be given a dividend of $0.6499 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $2.60 annualized dividend and a dividend yield of 1.1%. Taiwan Semiconductor Manufacturing's dividend payout ratio (DPR) is 28.16%.

Taiwan Semiconductor Manufacturing Profile

Taiwan Semiconductor Manufacturing Company Limited, together with its subsidiaries, manufactures, packages, tests, and sells integrated circuits and other semiconductor devices in Taiwan, China, Europe, the Middle East, Africa, Japan, the United States, and internationally. It provides a range of wafer fabrication processes, including processes to manufacture complementary metal- oxide-semiconductor (CMOS) logic, mixed-signal, radio frequency, embedded memory, bipolar CMOS mixed-signal, and others.