Van ECK Associates Corp Acquires 11,092 Shares of Silicon Laboratories, Inc. $SLAB

Key Points

• Van ECK Associates increased its Silicon Laboratories stake by 70.6% in the second quarter, purchasing 11,092 additional shares and bringing its holdings to 26,811 shares valued at approximately $5.86 million.
• Several other institutional investors also added to or initiated positions, including BlackRock, which acquired a new stake valued at about $1.14 billion, and Pentwater Capital Management, which bought approximately $162.1 million in shares.
• Silicon Laboratories reported quarterly revenue of $228.19 million and EPS of $0.71, both slightly above expectations, while revenue rose 18.3% year over year. Despite the earnings beat, analysts maintain a consensus “Reduce” rating with a $218 target price, near the stock’s $220.23 price.

Van ECK Associates Corp lifted its stake in Silicon Laboratories, Inc. (NASDAQ:SLAB - Free Report) by 70.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,811 shares of the semiconductor company's stock after purchasing an additional 11,092 shares during the period. Van ECK Associates Corp owned 0.08% of Silicon Laboratories worth $5,860,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. bought a new stake in Silicon Laboratories during the second quarter valued at about $1,135,435,000. State Street Corp raised its stake in shares of Silicon Laboratories by 0.5% in the second quarter. State Street Corp now owns 1,517,813 shares of the semiconductor company's stock worth $223,665,000 after buying an additional 7,139 shares during the period. Invesco Ltd. lifted its position in shares of Silicon Laboratories by 12.9% during the 4th quarter. Invesco Ltd. now owns 852,493 shares of the semiconductor company's stock valued at $111,421,000 after buying an additional 97,351 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Silicon Laboratories by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 824,771 shares of the semiconductor company's stock valued at $107,814,000 after acquiring an additional 7,921 shares during the period. Finally, Pentwater Capital Management LP purchased a new stake in Silicon Laboratories in the 2nd quarter worth approximately $162,111,000.

Silicon Laboratories Stock Up 0.5%

NASDAQ SLAB opened at $220.23 on Thursday. Silicon Laboratories, Inc. has a twelve month low of $115.50 and a twelve month high of $220.90. The business has a 50-day moving average price of $218.22 and a 200-day moving average price of $214.24. The firm has a market cap of $7.35 billion, a price-to-earnings ratio of -186.64 and a beta of 1.36.

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

Wall Street Analysts Forecast Growth

SLAB has been the topic of a number of recent analyst reports. Weiss Ratings restated a "sell (d-)" rating on shares of Silicon Laboratories in a research note on Wednesday, June 24th. Zacks Research cut shares of Silicon Laboratories from a "hold" rating to a "strong sell" rating in a research note on Tuesday, August 18th. Five equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Reduce" and a consensus target price of $218.00.

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.

Want to see what other hedge funds are holding SLAB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Silicon Laboratories, Inc. (NASDAQ:SLAB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source