Fifth Third Bancorp Increases Stock Holdings in Silicon Laboratories, Inc. $SLAB

Key Points

• Fifth Third Bancorp dramatically increased its stake in Silicon Laboratories during the first quarter, boosting holdings by 2,797.7% to 7,621 shares worth about $1.59 million.
• Several other institutions also raised their positions, including Millennium Management and AQR Capital Management, signaling continued hedge fund interest in the semiconductor company.
• Silicon Laboratories reported better-than-expected quarterly earnings of $0.53 per share, though revenue slightly missed estimates; analysts currently rate the stock a consensus “Reduce” with an average price target of $177.50.

Fifth Third Bancorp boosted its stake in Silicon Laboratories, Inc. (NASDAQ:SLAB - Free Report) by 2,797.7% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 7,621 shares of the semiconductor company's stock after acquiring an additional 7,358 shares during the quarter. Fifth Third Bancorp's holdings in Silicon Laboratories were worth $1,586,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. AQR Capital Management LLC lifted its holdings in Silicon Laboratories by 43.7% during the first quarter. AQR Capital Management LLC now owns 17,892 shares of the semiconductor company's stock valued at $2,001,000 after purchasing an additional 5,439 shares in the last quarter. Millennium Management LLC increased its stake in shares of Silicon Laboratories by 2,804.1% during the first quarter. Millennium Management LLC now owns 99,842 shares of the semiconductor company's stock worth $11,239,000 after purchasing an additional 96,404 shares in the last quarter. Jones Financial Companies Lllp increased its stake in shares of Silicon Laboratories by 121.4% during the first quarter. Jones Financial Companies Lllp now owns 496 shares of the semiconductor company's stock worth $56,000 after purchasing an additional 272 shares in the last quarter. United Services Automobile Association acquired a new position in shares of Silicon Laboratories during the 1st quarter worth about $235,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in 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 buying an additional 1,679 shares in the last quarter.

Silicon Laboratories Stock Down 0.2%

Shares of SLAB opened at $216.76 on Friday. Silicon Laboratories, Inc. has a 52-week low of $115.50 and a 52-week high of $220.90. The stock has a market cap of $7.15 billion, a PE ratio of -141.67 and a beta of 1.36. The firm's fifty day moving average is $218.24 and its two-hundred day moving average is $202.36.

Silicon Laboratories (NASDAQ:SLAB - Get Free Report) last issued its earnings results on Tuesday, May 5th. The semiconductor company reported $0.53 EPS for the quarter, beating analysts' consensus estimates of $0.49 by $0.04. The business had revenue of $213.50 million during the quarter, compared to analysts' expectations of $214.02 million. Silicon Laboratories had a negative net margin of 6.13% and a negative return on equity of 2.18%. The company's quarterly revenue was up 20.1% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.08) earnings per share. As a group, research analysts anticipate that Silicon Laboratories, Inc. will post 0.74 earnings per share for the current year.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a "sell (d-)" rating on shares of Silicon Laboratories in a report on Wednesday, June 24th. Seven investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Reduce" and an average price target of $177.50.

Insider Transactions at Silicon Laboratories

In other Silicon Laboratories news, CEO Robert Matthew Johnson sold 8,024 shares of the stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $216.83, for a total value of $1,739,843.92. Following the completion of the sale, the chief executive officer owned 80,519 shares in the company, valued at approximately $17,458,934.77. This represents a 9.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.60% of the company's stock.

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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