Bank of New York Mellon Corp Cuts Stake in Diodes Incorporated (NASDAQ:DIOD)

Bank of New York Mellon Corp decreased its holdings in Diodes Incorporated (NASDAQ:DIOD - Free Report) by 6.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 297,880 shares of the semiconductor company's stock after selling 19,058 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.64% of Diodes worth $12,859,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Principal Financial Group Inc. lifted its position in shares of Diodes by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 230,728 shares of the semiconductor company's stock worth $9,961,000 after buying an additional 5,931 shares during the last quarter. Oppenheimer Asset Management Inc. raised its stake in Diodes by 19.7% during the first quarter. Oppenheimer Asset Management Inc. now owns 18,768 shares of the semiconductor company's stock worth $810,000 after acquiring an additional 3,092 shares during the period. GAMMA Investing LLC lifted its holdings in Diodes by 4,211.7% in the first quarter. GAMMA Investing LLC now owns 35,313 shares of the semiconductor company's stock worth $1,524,000 after acquiring an additional 34,494 shares during the last quarter. SG Americas Securities LLC bought a new position in Diodes in the first quarter worth about $952,000. Finally, Vanguard Group Inc. lifted its holdings in Diodes by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 5,910,766 shares of the semiconductor company's stock worth $364,517,000 after acquiring an additional 102,263 shares during the last quarter. Institutional investors and hedge funds own 99.23% of the company's stock.

Diodes Trading Down 1.6%

Shares of Diodes stock traded down $0.88 during trading on Tuesday, hitting $54.38. 321,287 shares of the company were exchanged, compared to its average volume of 450,358. Diodes Incorporated has a 1-year low of $32.93 and a 1-year high of $84.03. The firm has a market capitalization of $2.52 billion, a P/E ratio of 98.87 and a beta of 1.46. 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 firm's fifty day moving average price is $50.94 and its 200 day moving average price is $49.47.

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 for the quarter, beating analysts' consensus estimates of $0.18 by $0.01. Diodes had a return on equity of 3.04% and a net margin of 1.90%. The firm 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 company earned $0.28 earnings per share. The business's revenue was up 10.0% compared to the same quarter last year. As a group, sell-side analysts expect that Diodes Incorporated will post 1.82 earnings per share for the current fiscal year.

Diodes declared that its Board of Directors has initiated a stock repurchase program on Thursday, May 8th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the semiconductor company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

DIOD has been the topic of a number of recent analyst reports. Baird R W raised Diodes from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Wall Street Zen raised Diodes from a "hold" rating to a "buy" rating in a report on Friday. Robert W. Baird raised Diodes from a "neutral" rating to an "outperform" rating and set a $50.00 price target on the stock in a report on Monday, April 7th. Finally, Benchmark reiterated a "buy" rating and set a $62.00 price objective (up previously from $55.00) on shares of Diodes in a research note on Friday, June 13th. 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. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $55.00.

Diodes Profile

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.