Bank of New York Mellon Corp Sells 19,058 Shares of Diodes Incorporated (NASDAQ:DIOD)

Bank of New York Mellon Corp cut its stake in shares of Diodes Incorporated (NASDAQ:DIOD - Free Report) by 6.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. 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 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Principal Financial Group Inc. boosted its stake in Diodes by 2.6% during the first quarter. Principal Financial Group Inc. now owns 230,728 shares of the semiconductor company's stock worth $9,961,000 after acquiring an additional 5,931 shares in the last quarter. Teacher Retirement System of Texas bought a new position in Diodes during the first quarter worth $292,000. Allspring Global Investments Holdings LLC boosted its stake in Diodes by 2.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 263,695 shares of the semiconductor company's stock worth $11,360,000 after acquiring an additional 6,062 shares in the last quarter. Oppenheimer Asset Management Inc. boosted 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 in the last quarter. Finally, QRG Capital Management Inc. boosted its stake in 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 acquiring an additional 323 shares in the last quarter. 99.23% of the stock is owned by institutional investors.

Diodes Stock Down 3.5%

Shares of Diodes stock traded down $1.84 during trading hours on Thursday, reaching $50.65. The company's stock had a trading volume of 481,252 shares, compared to its average volume of 433,726. Diodes Incorporated has a one year low of $32.93 and a one year high of $81.88. The company has a market capitalization of $2.35 billion, a P/E ratio of 92.09 and a beta of 1.46. The stock's fifty day simple moving average is $51.33 and its two-hundred day simple moving average is $49.36. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.11 and a current ratio of 3.43.

Diodes (NASDAQ:DIOD - Get Free Report) last released its quarterly earnings data 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 net margin of 1.90% and a return on equity of 3.04%. The firm had revenue of $332.11 million for the quarter, compared to analyst estimates of $323.28 million. During the same period last year, the firm earned $0.28 earnings per share. The business's quarterly revenue was up 10.0% compared to the same quarter last year. On average, research analysts forecast that Diodes Incorporated will post 1.82 earnings per share for the current year.

Diodes declared that its board has authorized a share repurchase plan on Thursday, May 8th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the semiconductor company to purchase up to 5.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on DIOD. Benchmark reissued a "buy" rating and set a $62.00 target price (up from $55.00) on shares of Diodes in a research note on Friday, June 13th. Baird R W raised shares of Diodes from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Wall Street Zen raised shares of Diodes from a "hold" rating to a "buy" rating in a research note on Friday, July 18th. Finally, Robert W. Baird raised shares of Diodes from a "neutral" rating to an "outperform" rating and set a $50.00 price objective on the stock in a research note on Monday, April 7th. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus 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.