The Manufacturers Life Insurance Company Purchases New Position in Silicon Laboratories, Inc. $SLAB

Key Points

• The Manufacturers Life Insurance Company acquired 24,851 shares of Silicon Laboratories in the second quarter, valued at approximately $5.4 million and representing about 0.07% of the company.
• Several major institutions also built positions, including BlackRock’s approximately $1.14 billion stake and significant increases by Thrivent Financial and AQR Capital Management.
• Analysts maintain a cautious outlook, with a consensus rating of “Reduce” and an average price target of $218. Silicon Laboratories slightly exceeded quarterly earnings and revenue estimates, while revenue rose 18.3% year over year.

The Manufacturers Life Insurance Company acquired a new stake in Silicon Laboratories, Inc. (NASDAQ:SLAB - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 24,851 shares of the semiconductor company's stock, valued at approximately $5,431,000. The Manufacturers Life Insurance Company owned approximately 0.07% of Silicon Laboratories at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. purchased a new stake in Silicon Laboratories in the second quarter valued at approximately $1,135,435,000. Norges Bank purchased a new position in shares of Silicon Laboratories during the fourth quarter worth approximately $56,008,000. Thrivent Financial for Lutherans increased its holdings in shares of Silicon Laboratories by 312.9% in the 4th quarter. Thrivent Financial for Lutherans now owns 467,958 shares of the semiconductor company's stock valued at $61,162,000 after acquiring an additional 354,621 shares during the period. AQR Capital Management LLC increased its holdings in shares of Silicon Laboratories by 1,970.7% in the 2nd quarter. AQR Capital Management LLC now owns 370,492 shares of the semiconductor company's stock valued at $54,516,000 after acquiring an additional 352,600 shares during the period. Finally, Bank of New York Mellon Corp purchased a new stake in Silicon Laboratories in the 2nd quarter valued at $45,699,000.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on SLAB. Weiss Ratings reiterated a "sell (d-)" rating on shares of Silicon Laboratories in a research note on Wednesday, June 24th. Zacks Research lowered shares of Silicon Laboratories from a "hold" rating to a "strong sell" rating in a research note on Tuesday, August 18th. Five analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Reduce" and an average target price of $218.00.

Silicon Laboratories Trading Up 0.2%

NASDAQ:SLAB opened at $219.05 on Tuesday. The firm has a market cap of $7.31 billion, a P/E ratio of -185.64 and a beta of 1.37. The stock's 50 day simple moving average is $218.17 and its 200-day simple moving average is $214.06. Silicon Laboratories, Inc. has a 12-month low of $115.50 and a 12-month high of $220.90.

Silicon Laboratories (NASDAQ:SLAB - Get Free Report) last issued its quarterly earnings results on Tuesday, August 11th. The semiconductor company reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.02. Silicon Laboratories had a negative return on equity of 0.66% and a negative net margin of 4.57%.The firm had revenue of $228.19 million during the quarter, compared to the consensus estimate of $227.99 million. During the same period last year, the company earned $0.11 earnings per share. The company's revenue for the quarter was up 18.3% on a year-over-year basis. Research analysts forecast that Silicon Laboratories, Inc. will post 0.52 EPS for the current fiscal year.

About Silicon Laboratories

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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